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Slingshot 30M & 1H - The 2nd Coming......

  • #81
  • Jan 25, 2009 2:33pm Jan 25, 2009 2:33pm
Hello Damonl,

Many thanks for sharing these results with us. Regarding #2 not impossible to make into an ea. A programmer could do it but it would take a very talented one to do it.

Regards,
Jeff

Quoting damonl
I went ahead and did a back test for the other 2 methods I am looking at so we can compare results. Here is where we are at to date for the last two weeks.

Original Method:

141 for 173 for an 82% win rate and a pip gain of +1105 pips

MACD Advanced Method:

105 for 120 for an 88% win rate and a pip gain of +1499

3rd Unpublished Method:

[color=blue]108 for 117 for an 92% win rate and a pip gain of +1795, In fact, trading GbpUsd for this method of the last two weeks was 39/39 for...
  • #82
  • Jan 25, 2009 3:02pm Jan 25, 2009 3:02pm
looks interesting thread but i have not understood it properly
could you plz explain it with a chart

when it goes high and then goes below the close of previous bar you enter immediately when it is going below the close of previous bar or you wait for that candle to be closed and then decide your entry
would be very nice if you give a chart explaination
thx and many regards
  • #83
  • Jan 25, 2009 5:52pm Jan 25, 2009 5:52pm
Hi damonl -
Happy your enjoying the trend filter indi. I've having a bit of a "duh" moment and need a bit of clarification concerning the 3 methods. I'd like to help test them and compare results.

Is the following correct? The "Original Method" is your modified method described in post one including the use of the macd momentum/trend filter. The "MACD Advanced Method" is the original method + the 5 additional rules described at the bottom of post one. The "3rd Unpublished Method" is the original method + the 5 rules + the slingshot bar indi.

Thanks - Gary


Quoting damonl
I went ahead and did a back test for the other 2 methods I am looking at so we can compare results. Here is where we are at to date for the last two weeks.

Original Method:

141 for 173 for an 82% win rate and a pip gain of +1105 pips

MACD Advanced Method:

105 for 120 for an 88% win rate and a pip gain of +1499

3rd Unpublished Method:

[color=blue]108 for 117 for an 92% win rate and a pip gain of +1795, In fact, trading GbpUsd for this method of the last two weeks was 39/39 for...
  • #84
  • Jan 25, 2009 9:44pm Jan 25, 2009 9:44pm
Actually, the 2nd method is just another way of using the MACD, which is a little more complicated then the 1st method and the 3rd method uses the ZZI indicator which has a much better relationship with price action.

I will try to get the thread up to date with what I am testing. Maybe I will post a chart tomorrow evening with the trades. That might be the best way to describe the systms.

I have already incorporated 3 of the rules into the system as "rules for the system" and have updated post 1 regarding these rules.
"Keep your eyes on the helpers" - Mr. Rogers
  • #85
  • Jan 26, 2009 12:27am Jan 26, 2009 12:27am
hi damonl,

Im new here and really like the system.

I did not see you talking about USDCHF pair..why? I thought the system also recommend this pair. Personally i do not really like usdjpy pair on this system... it seem not really consistent... but i don't know for sure yet.. will continue to look at it...

Alpe
  • #86
  • Jan 26, 2009 6:46am Jan 26, 2009 6:46am
Thanks damonl -
Look forward to the update - I think its helpful to trade along with each other and compare results. I appreciate your efforts.

Gary
  • #87
  • Jan 26, 2009 3:30pm Jan 26, 2009 3:30pm
Only had time for late morning (EST) trading today for a couple of hours. Results from using the system as described in post #1.

USDJPY (1 for 2) -8 pips;
EURUSD (1 for 1) +8 pips;
GBPUSD (1 for 1) +45 pips;
NET: +45 pips for a couple of hours of "work"

Gary
  • #88
  • Jan 26, 2009 3:52pm Jan 26, 2009 3:52pm
I think this is a modified pin bar system that works well off the 30 TF and even better off a 1 hr TF. Very seldom do I wait for the close of the bar to exit.

USD/JPY 3 for 3
USD/CHF 1 for 2
EUR/USD 10 for 10
GBP/USD 1 for 1

Total of 70 pips http://www.forexfactory.com/images/icons/icon14.gif
  • #89
  • Jan 26, 2009 4:04pm Jan 26, 2009 4:04pm
Quoting asyi
I think this is a modified pin bar system that works well off the 30 TF and even better off a 1 hr TF. Very seldom do I wait for the close of the bar to exit.

USD/JPY 3 for 3
USD/CHF 1 for 2
EUR/USD 10 for 10
GBP/USD 1 for 1

Total of 70 pips http://www.forexfactory.com/images/icons/icon14.gif

Hi Asyi.

Could post a chart on your EURO trades. I am trying to understand this system, but I can not see the 10 for 10 on the EURO.

Thanks,

AZ
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #90
  • Jan 26, 2009 4:22pm Jan 26, 2009 4:22pm
Look at a 30 min bar chart. And then read the rules for entry. The PA (price action) takes place within the bar and must be executed at the appropriate signal. Posting a chart really won't help. I don't have any indicators only PA.

Entry Exit
10:07 Sell 10:12 4.9 pips
10:15 Sell 10:18 5.3 pips
10:24 Sell 10:24 4.1 pips
10:32 Sell 10:32 4 pips
10:20 Sell 10:35 3.9 pips
10:49 Sell 10:50 5.3 pips
10:47 Sell 10:54 3.7 pips
10:57 Sell 10:57 6.4 pips
11:01 Sell 11:02 5.4 pips
11:00 Sell 11:06 4.1 pips
  • #91
  • Jan 26, 2009 5:49pm Jan 26, 2009 5:49pm
OK, I guess i'm not understanding the system.

1) 30 min chart - Right?
2) Take trade only in the dirrection of the MACD trend - Right?
So all trades today (Euro) would have been longs only - Right?
3) Close trade at the end of 30 min trigger candle - Right?

If I am not doing this right please correct me.

I only show 4 for 4 on the Euro for a total of 29 pips - Right?

Thanks for any help!

AZ

Q; Is the MACD that you are using the standard one or a custom one?
I do not use Metatrader, so I cannot download any Indis, that is why I am asking.
Attached Image (click to enlarge)
Click to Enlarge Name: Slingshot 30 Min.gif Size: 31 KB
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #92
  • Jan 26, 2009 6:10pm Jan 26, 2009 6:10pm
As for Cable, I also show longs only for today - Right?

2 for 3 for a total of 108 pips

Again, any feed back for anyone please.

Thanks,

AZ
Attached Image (click to enlarge)
Click to Enlarge Name: Slingshot 2.gif Size: 29 KB
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #93
  • Jan 26, 2009 7:59pm Jan 26, 2009 7:59pm
Hi AZ -
damonl is much more qualified to answer but I'll share my opinion. Both the eurusd and gbpusd only traded long for the day using the macd filter. Using the trading hours of 0700 - 2000 GMT, I show 3 long trades for the eur (all winners at 0930, 1130 and 1600 GMT) and 3 long trades for the gbp ( first two are winners (0900 and 1330 GMT), the last was a loser at 1800 GMT). I didn't check the pips values. Hopes that helps a bit.

Gary



Quoting AZ-Heat
As for Cable, I also show longs only for today - Right?

2 for 3 for a total of 108 pips

Again, any feed back for anyone please.

Thanks,

AZ
  • #94
  • Jan 26, 2009 11:28pm Jan 26, 2009 11:28pm
OK, I guess i'm not understanding the system.

1) 30 min chart - Right? 30M or H1
2) Take trade only in the dirrection of the MACD trend - Right? Yes, or however you determine trend
So all trades today (Euro) would have been longs only - Right? I'll give the results later
3) Close trade at the end of 30 min trigger candle - Right? no..please re-read the first post

If I am not doing this right please correct me.

I only show 4 for 4 on the Euro for a total of 29 pips - Right?

Thanks for any help!

AZ

Q; Is the MACD that you are using the standard one or a custom one?
I do not use Metatrader, so I cannot download any Indis, that is why I am asking. I don't think that it is the standard one, but you can use it...using stochastic would also work. Trade breakouts in the direction of the stochastice breakouts and continuations in the direction of the stochastic continuations.
"Keep your eyes on the helpers" - Mr. Rogers
  • #95
  • Edited Jan 27, 2009 12:24am Jan 26, 2009 11:36pm | Edited Jan 27, 2009 12:24am
Okay...it is late and so I won't get to any charts tonight.

Here is the resutls today from the 3 trading methods I am testing on both the M30 and H1 TF's.

Original Method:

EuuUsd - 4/4 +63 pips
GbpUsd - 3/5 +50 pips
UsdJpy - 5/8 +43 pips
GbpJpy - 4/6 +222 pips
EurJpy - 4/7 -12 pips

Totals: 20/30 +366 pips

Advanced Method:

EurUsd - 4/4 +63 pips
GbpUsd - 3/4 +50 pips
UsdJpy - 4/6 +56 pips
GbpJpy - 4/6 +222 pips
EurJpy - 4/7 -12 pips

Totals: 19/27 +379 pips

ZZI Method:

EurUsd - 3/4 +18 pips
GbpUsd - 3/6 +48 pips
UsdJpy - 3/5 +14 pips
GbpJpy - 1/3 +4 pips
EurJpy - 1/2 -28 pips

Totals: 11/20 +56 pips

Trading method 3 had a rough day with 1&2 almost identical. Well see what happens tommorrow.
"Keep your eyes on the helpers" - Mr. Rogers
  • #96
  • Jan 27, 2009 6:31am Jan 27, 2009 6:31am
Hi,
Thanks for sharing your ideas. My EA is not working. i attached. it is displayed. i never open a trade from 3 days. please can post how add and change. Please please.

Thanks,
Pad
Quoting damonl
Hey RR....yes, I have been using MACD Momentum as the filter and it has worked good. I just have not put it in post #1 yet.....I will go and do that now. Whichever way momentum says, we trade.
  • #97
  • Jan 27, 2009 6:40am Jan 27, 2009 6:40am
Quoting ravulapalli
Hi,
Thanks for sharing your ideas. My EA is not working. i attached. it is displayed. i never open a trade from 3 days. please can post how add and change. Please please.

Thanks,
Pad
It is not an EA it is an indicator for determining the direction to place your trade.
"Keep your eyes on the helpers" - Mr. Rogers
  • #98
  • Jan 27, 2009 6:42am Jan 27, 2009 6:42am
The indicator appears to be working as it should....appreciate that greatly
"Keep your eyes on the helpers" - Mr. Rogers
  • #99
  • Jan 27, 2009 6:46am Jan 27, 2009 6:46am
Quoting damonl
Additional Trading Rules for the system:

  1. On Friday's stop trading at 17:00 GMT rather than 20:00 GMT
  2. For a long trade, if after the close of the entry bar you are not in profit, move s/l to 1 pip below the low of that bar and vice versa for a short trade.
  3. To not trade US session during a US bank holiday and to not trade European session during a European bank holiday.

on #2 above, if the trade is not in profit and you move the stop to 1 pip below the low/high, are you waiting another 30 minutes to get out or are you exiting whenever it goes 1 pip in profit?
  • #100
  • Jan 27, 2009 1:50pm Jan 27, 2009 1:50pm
damonl wrote in post 11 the following:
"We close the trade at the 1st bar that either puts us at B/E break even or in profit...this bar could be 5 bars into the trade..."

I've interpreted this as meaning that as soon as you can get out of an extended trade that has gone beyond the entry bar, take your BE or profit whether the extended bar has closed or not (= the conservative approach).
Gary

Quoting llambert3
on #2 above, if the trade is not in profit and you move the stop to 1 pip below the low/high, are you waiting another 30 minutes to get out or are you exiting whenever it goes 1 pip in profit?
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