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Slingshot-30 Min. PA System 394 replies

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

  • Post #361
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  • Edited at 8:50am Feb 11, 2009 8:42am | Edited at 8:50am
Quoting Tqo23
Hi Ron.

Can you just clarify what the take profit parameters should be for each pair please.

Just been reading though various posts and suddenly realised that I was only setting a stop loss, not a take profit.

Looked at post 1 but cannot see a mention of TP.

Also what are your "best times" to trade.

Thanks in advance.

Nigel
TQO23
Greetings, Nigel:

I first went with the TP set the same as SL (from Post 1), and that was okay last evening...but before bedtime early AM (Pacific time USA), I remove any TP (NO TP, per original strategy and method in Post 1), and it allowed the EA to take a few greater profits (when the price action could get there). So that's all I know at this point on that.

I currently am using the recommended trading times (6 / 19) with my broker GMT offset of 2. But If Gary and you folks see the advantage, I would like to trade the Asian with certain pairs, the London, and NY with their own (some of course would cross-over). And I personally would like and see advantage to set the "windows" of times for each session. And also nice to shut down in front (ahead) of news at times.

Regards,

Ron
Hi Nigel -

Only set a SL and let the ea close the trade. No TP is necessary per post #1. I was using a TP in my earlier trades that was equal to the SL in post #1 but that is NOT part of the system as damonl describes it in post #1. The ea will will wait until the trade is breakeven or profitable or the SL is hit. Remember the SL is moved to just above or below the entry bar if profit < 0 at the close of the entry bar. Bottom line - set the SL in the ea parameter settings to the correct value per post #1 but leave the TP at the default value of zero. Hope this helps clear up some of the confusion caused by some of my earlier posts.

The recommended trading times per post #1 is 06:00:00 to 19:59:59 GMT - in the parameter settings the first trade time should be 6 (start of trading window) and the second time should be 19 (this will close the trading window at 19:59:59). Don't forget to enter the GMT Offset which depends on your particular broker - I use ForexMeta and the offset is +2 hours.

Gary

Quoting Tqo23
Hi Ron.

Can you just clarify what the take profit parameters should be for each pair please.

Just been reading though various posts and suddenly realised that I was only setting a stop loss, not a take profit.

Looked at post 1 but cannot see a mention of TP.

Also what are your "best times" to trade.

Thanks in advance.

Nigel
TQO23
Hi Gary..

I think I had pretty much the same results as other posted on here for the EA yesterday..

Could there be an option to place only one trade per pair at a time .. IE if a pair already has on order triggered due to one filter.. a 2nd should not be opened..

Or maybe.. an option that only places a trade when all fliters set up simultaneously.. rather than individually.. there ,aybe less trades, but they maybe better quality?

just thinking out loud..
sorry.. i just noticed there is already that option!

Im a dumb ass.
Hi Ron -

It is not particularly difficult to add trading time options and will be happy to do so with a caveat. I'm trying to get this ea to trade the system as damonly has outlined for us in post #1. Any option which enhances that system I will be happy to try my best to get that option into the code. In other words I don't want to drift away from using this ea to trade damonl's system. I do see merit to your suggestion - if I understand the basic premise that certain pairs are best traded in specific time windows and these pair specific windows may coincide, overlap, or be separate of one another and you would like the option of specifying the trading window for each pair. It would also give you the option of skipping news periods. Is that correct? damonl - what'cha think? If I misunderstood you, please try again, so I can get your idea through my sometimes very thick skull!

I have had the idea of adding to the code so the trading window closes down on Friday earlier as described in post #1.

Gary



Quoting ronrhodes
After I filtered out some confusion I had about TP settings, and other, such as times to trade, the recent performance of SS, from last evening on the main pairs and TFs in Post 1, until now, is 53 wins and 3 losses. This would be in the mid 90% at this point.

Gary, when you add trading times for user input, would you consider perhaps *3* sets of times there?

In addition, also could we consider perhaps times *not* to trade (either *instead* of times *to* trade...or even *within* the times to trade! ...for best control - like when there is news,...
Quoting Mr Benn
Hello folks,

I'm new to this forum and new to Forex as well. Perhaps someone can point in the right direction to what I'm doing wrong?

I have a live account with FxPro and have all five currency pairs open in both 30m and 1h timeframes. I have attached the Slingshot 2.1 EA to each one and have downloaded and opened the Max Macd colour indicator for each pair too.

The only things I have changed myself have been the SL's (as per post #1), GMT offset to 2, Time to trade1 6 and Time to trade2 19. Everything else is default. (one filter trade is...
FxPro is a 5 digit broker if I remember correctly, The extra digit might have some effect on the EA, llambert3 mentioned it to me earlier...
I seem to go in spurts, get a few orders then nothing for a time but I figure I just need some more time observing the ea working to completely understand.
Quoting Pavatar
Hi Nigel -

Only set a SL and let the ea close the trade. No TP is necessary per post #1. I was using a TP in my earlier trades that was equal to the SL in post #1 but that is NOT part of the system as damonl describes it in post #1. The ea will will wait until the trade is breakeven or profitable or the SL is hit. Remember the SL is moved to just above or below the entry bar if profit <...
Thanks Gary, clears that one up for me.

It doesn't matter how many times I read something I still seem to miss something!! Guess it's an age thing!

Up $110 today with +$99 open trades.

Nigel
Nigel,

Many thanks for your reply!

Just one thing. I have loaded the template as suggested and as you said, it loads the table with all 3 indicators already there. What I'd like to know is, do you have to set the Slingshot parameters to 'True' for all 3? Or can I just set it to true for 1 indicator (MACD) even though the 2 others are being displayed as well?

Thanks a lot guys.
Quoting Pavatar
Hi Ron -

It is not particularly difficult to add trading time options and will be happy to do so with a caveat....
You nailed it, Gary. You understand pur-fect-ly (this time!)

But it is obviously down the list / not to distract (I think) from getting the method (damonl's / SlingShot) perfected in it's essence.

Thank you, gentlemen!

Ron
just add,

today in the past 2 hours 6 trades all positive for + $113 ( 1.0 lot mini ) 3 closed by SL but small positive.

no open trades now.
Hi Mr Been -
First, if your new to trading forex and have not yet had a chance to understand this ea, I highly recommend you do NOT trade live using this ea. This ea is still being tested and bugs being worked out. Set it up on a demo account and get to know the ea, help test it out.

It takes a bit of time for the ea to figure out the trends. Therefore you need to let the ea run for a while before it will start trading. Make sure your GMT Offset is correct for your broker, don't just use +2 because I've used that as an example in earlier posts. I'm not sure what the offset is for FxPro but maybe someone else on the thread can let us know what the GMT Offset is for this broker.

If you have the happy face then you should start getting trades once the trends are determined by the ea. Again, please try this on a demo account for now until we know that this trading system works and that the ea is correctly trading according to the rules of the system as set forth by damonly.

If you do not get any trades today, let us know and we'll try to help you.

Gary

Quoting Mr Benn
Hello folks,

I'm new to this forum and new to Forex as well. Perhaps someone can point in the right direction to what I'm doing wrong?

I have a live account with FxPro and have all five currency pairs open in both 30m and 1h timeframes. I have attached the Slingshot 2.1 EA to each one and have downloaded and opened the Max Macd colour indicator for each pair too.

The only things I have changed myself have been the SL's (as per post #1), GMT offset to 2, Time to trade1 6 and Time to trade2 19. Everything else is default. (one filter trade is...
tommyd,

Noted, cheers!

Well, I'll attach the EA as planned and see what happens. Will let you guys know as soon as .

Thanks for your help!
Pavatar,

Yes, I have set up a demo account so I'll use that one and report back with how it goes.

GMT offset is indeed +2 (for anyone who wants to know) for FxPro.

Fingers crossed I can come back with good news!

Cheers.
If you only trade the first option (TradeUsingMMF) then the only indicator you may want to monitor is the MACD_inColor indicator. The indicators are only there to help understand why a particular trade is taken. The indicator has to be in the indicator folder for the ea to work but the indicator does not have to be displayed on the chart. Hope this helps a bit.

Gary

Quoting Mr Benn
Nigel,

Many thanks for your reply!

Just one thing. I have loaded the template as suggested and as you said, it loads the table with all 3 indicators already there. What I'd like to know is, do you have to set the Slingshot parameters to 'True' for all 3? Or can I just set it to true for 1 indicator (MACD) even though the 2 others are being displayed as well?

Thanks a lot guys.
Quoting Mr Benn
Nigel,

Many thanks for your reply!

Just one thing. I have loaded the template as suggested and as you said, it loads the table with all 3 indicators already there. What I'd like to know is, do you have to set the Slingshot parameters to 'True' for all 3? Or can I just set it to true for 1 indicator (MACD) even though the 2 others are being displayed as well?

Thanks a lot guys.
Hi Mr. B

OK lots of options on this one. You can set the EA to trade if ONE of the "One Filter Trades" filters is true, or if ONE of the "Two Filter Trades" are true or indeed if the "Three Filter Trades" is set to true.
This in effect gives you 7 different options.

Initially I set every option to true and got loads of trades. For instance if all the 3 filters were confirming the same direction you could get 3 individual trades, one per filter, 3 dual filter trades, and indeed 1 trade where all 3 filters concurred.

Problem with this is that you do not know which filter performs the best, or worst for that matter.

What you need to do in my humble opinion is to choose a pair and timeframe and set the EA with one of the filters. Then repeat for each filter(s) combination. Choose a high volatility pair such as the EURUSD. Keep a record of what filter performed best. Then move on to another pair.

Sounds long winded but as Gary has just pointed out in his recent post this is still in development stage and the Team can use all the feedback they can get.

Regards

Nigel
TQO23
Nigel,

Thanks for your assistance; I'll give that a go.

One thing I have noticed. I'm getting this message in the 'Experts' folder of my terminal:

"2009.02.11 23:30:02 Cannot open file 'Crogram FilesFxPro MetaTraderexpertsindicatorsMACD_inColor.ex4' on the GBPUSD,M30"

This message is repeated many times over for each currency pair as well by the looks of things.

Anyway, the MACD idicator appears to be functioning properly so I'm a bit baffled by this. Is this a problem that has reared its ugly head before?

Cheers guys.
First on the 5 digit broker I think the indicators have to be set up for them as well or it may not work. Maybe that is not the case, but I am sure the code has to be modified some before it trades. I had downloaded FXPro as a demo to test, but I've given up on it.

Gary, regarding the stop I think we want 1 pip below the low when we buy and 1 pip above the high plus spread as the stop when we sell, so I think the code below just needs to be modified in red..

if (OrderType()==OP_BUY)
{
dblStop = Low[index]-1*Point;
dblTightestStop = Bid - MarketInfo(Symbol(),MODE_STOPLEVEL) * Point;
if ( dblStop > dblTightestStop && Stoploss>0)
dblStop = OrderOpenPrice()-Stoploss*Point;

if (dblStop < OrderOpenPrice() && dblStop != OrderStopLoss() && dblStop < dblTightestStop)
OrderModify(OrderTicket(),OrderOpen Price(),dblStop,OrderTakeProfit(),0 ,Green);
}
else if (OrderType()==OP_SELL)
{
dblStop = High[index]+(MarketInfo(Symbol(),MODE_SPREAD)* Point)+1*Point; //MarketInfo(Symbol(),MODE_SPREAD)*Po int+
dblTightestStop = Ask + MarketInfo(Symbol(),MODE_STOPLEVEL) * Point;
if ( dblStop < dblTightestStop && Stoploss>0)
dblStop = OrderOpenPrice()+Stoploss*Point;
Quoting llambert3
First on the 5 digit broker I think the indicators have to be set up for them as well or it may not work. Maybe that is not the case, but I am sure the code has to be modified some before it trades. I had downloaded FXPro as a demo to test, but I've given up on it.

Gary, regarding the stop I think we want 1 pip below the low when we buy and 1 pip above the high plus spread as the stop when we sell, so I think the code below just needs to be modified in red..

if (OrderType()==OP_BUY)
{
dblStop = Low[index]-1*Point;
dblTightestStop...
I agree.
There is no point in subtracting the spread from the low of a bar/candle since that is quoted as the Bid price already, whereas the spread does need to be added to the high since we are then interested in the Ask price.

Ian
Quoting Mr Benn
Nigel,

Thanks for your assistance; I'll give that a go.

One thing I have noticed. I'm getting this message in the 'Experts' folder of my terminal:

"2009.02.11 23:30:02 Cannot open file 'Crogram FilesFxPro MetaTraderexpertsindicatorsMACD_inColor.ex4' on the GBPUSD,M30"

This message is repeated many times over for each currency pair as well by the looks of things.

Anyway, the MACD idicator appears to be functioning properly so I'm a bit baffled by this. Is this a problem that has reared its ugly head before?

Cheers guys.
Hi Mr. B.

OK that looks like the MACD_incolor.ex4 is not in the correct directory. Have you double checked that it's there?

Are you running this on your demo account and is that in a different directory?

You need to have all the files in the right directories for each version of MetaTrader that you are running.


Nigel
everyone elses gains just get nearly wiped out on a few trades there on the 30 min?
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