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

I'll take that one!!!

Hi All -

I'll hang in if folks still want to keep testing. I'll start by seeing if I can find a .mq4 file for the hma's don't repaint.

Gary

Hey Gary -

I think this will work as well and it does not repaint. Almost exactly as the HMA.

Damon

Hello everyone,

Here is a good indicator for any time frame to determine the trend.

Regards,
Jeff

Thanks Jeff...Hope all is well.

Damon

I had two trades trigger today based on the HMA.

Came out +1 pip. However, our winning trade did move quite some distance and then came back over 1/2 of that. I think it is time to incorporate a t/p method.

I will start with 50 pips and see how that works. I am using the straight up ATR as my s/l setting


See you tomorrow....Damon

Hi All -

Forgot to change my filter to hma until it was too late......so I'm posting a GBPUSD M30 chart using the ma filter. It had one opporunity to trade, which it took and ended up as a +23 pip winner. The ea worked just fine.

Gary

Thank you Jeff!

I'll give them a whirl!

Gary

Thanks Damon -

Will give it a try tonight as I didn't get to trade the hma today until it was too late!

Gary

Hi Everybody,

I have been following this thread and the previous one for quite awhile now and especially would like to thank Damon, Time Freedom, and Pavatar for their tremendous efforts and it would really be a shame to allow this EA to go by the wayside when it is so close to "PERFECTION"

I have been on hold for sometime trying to get validated by FF until I had to change the email address - same as BlackWolf -

"Hello All,

I have been silently following this thread from the start (actually, I started following it from back when 'billbss' began the original first thread) but could never get Forex Factory to send me the email verification link after registering in order to post. Very frustrating to only be able to watch but not contribute to the cause, let me tell you. They finally did, so I guess I can communicate at last!"

Gary,

The only thing that this EA needs is to be regulated by the VSA (Volume Spread Analysis Indicator) as per the post by Black Wolf.

Seriously, it really does work and has the ability to be able to capture the big moves before hand.

I am certain if the EA was to use VSA as its main indicator there would be almost all wins and very few losses, if any.

Here's some notes about how to use VSA to ones advantage, originally derived from the VSA thread under Rookie Discussions and all credit should go to the originator of the thread.

Up-bars: Weakness manifests itself on up-bars, especially when spreads are narrow, with volume less than the previous two bars


The Buying Climax

The buying climax only comes along on rare occasions. It is hallmarked by a very wide spread up to close well off the highs on ultra-high volume.
Brief Definition: An imbalance of supply and demand causing a bull market to transform into a bear market. Explanation: If the volume is seen to be exceptionally high, accompanied by narrow spreads into new
high ground, you can be assured that this is a ‘buying climax’.


Up-Thrusts

Up-thrusts can be recognised as a wide spread up during the day (or during any timeframe), accompanied by high volume, to then close on the low.


The Selling Climax

A selling climax is indicated by ultra-wide spreads down, with exceptionally high volume, usually closing on or near the highs of the day. Add more bullishness if the news is bad!
Brief Definition: An imbalance of supply and demand causing a bear market to transform into a bull market. Explanation: This is the exact opposite of a buying climax. The volume will be extremely high on
down-moves, accompanied by narrow spreads, with the price entering fresh low ground.

• High volume shows that selling has swamped any demand and tends to appear at the beginning of any distribution phase.

• Low volume shows that no demand is present, and tends to appear at the end of a distribution phase.

A decreasing amount of volume on any down-bar indicates that
there is no professional interest to the downside


Testing Supply

Testing is by far the most important of the low volume buy signals.
Usually, a successful test (on low volume) tells you that the market is ready to rise immediately, whilst a higher volume test usually results in a temporary up-move, and will be subject to a re-test of the same price area again at a later time. This action sometimes results in a “W” shape.

A high volume up-day into new high ground with the next day level or down is an indication of weakness.


Effort versus Results

Effort to go up is usually seen as a wide spread up-bar, closing on the highs, with increased volume – this is
bullish. The volume should not be excessive, as this will show that there is also supply involved in the move (markets do not like very high volume on up-bars).
Conversely, a wide spread down-bar, closing on the lows, on increased volume is bearish, and represents effort to go down.

Remember, it takes accumulation or distribution on the highs or lows to create an imbalance of supply and demand. Once this process has taken place the move is then weighted to go to the edges of the established
trend channel.


How to Recognise the Likely Market Top

Assume we have already seen substantial rises in the market and that the prices are now into new high ground (i.e. there is nothing higher on your chart to the left). Then we observe high volume appearing, with a narrow spread, on an up-day – this is a strong sign of weakness.

So, the essential ingredients for this bearish indication are:

• An up-day, on high volume, with a narrow spread, into new high ground. Each element is essential for an accurate signal.

Let us break things down:

1. The volume tells you that there is a lot of trading going on.
2. The narrow spread demonstrates that the prices have been ‘compressed’, which should be a warning to you, when accompanied by the high volume.
3. The new high ground shows that the volume of trading has not been influenced by other traders that are locked into the market. What we are seeing is the market-makers telling us their bearish views of
the market by the narrow spread, on high volume, on an up-day. Professional money will be selling to such an extent that higher prices will now be impossible.


What are the Main Signs of Weakness?

The main signs of weakness are:

1. A buying climax.
2. An up-thrust.
3. A no-demand day (or bar).
4. A narrow spread, on an up-day (or bar), which is into new high ground, on very high volume. High volume present on an up-day (or bar), whilst the market falls on the next day (or bar), and this is no demand after signs of weakness.


What are the Main Signs of Strength?

The primary signs of strength that you should look for at the bottom of a market are:

1. Testing is one of the best indications of strength. The prices will be marked down rapidly during the day, (or any other timeframe), but the price then recovers to close on the high of the day, and will be accompanied by low volume.
2. Any reaction back down into an area that had previously shown high volume, and is now showing low volume, is also a sign of strength (supply has disappeared in both cases).
3. Stopping volume is another good sign of strength – it results from huge blocks of buy orders that are large enough to stop a down-move, and is seen as a high volume down-day, usually closing on the highs.
4. A shake-out will also stop a down-move. Here, prices have gapped down and fallen alarmingly after a bearish move has already taken place. If the market gaps-up on the following day (or bar), you have all the signs of a shake-out, and a good sign of strength.

Oh God, silverngold, now you've gone and done it. I would tend to agree with a lot of what you're saying but I think Damon is sick of hearing about my rantings on VSA. He's taking a different approach I think. Sorry for lighting that fire, Damon, please forgive me?

Now that you're finally onboard the good ship "SS Forex Factory" (wasn't easy for you to get in either, was it?), I look forward to seeing your insights on the VSA thread! Who knows, maybe VSA will find it's way into this one some day?

Hi Black Wolf and all Sling Shot Fans,


Okay, maybe there is no True Volume indication for 4x overall, but it does exist and even better, it works!

The Sling Shot EA has one of the best potentials of all the EAs if it is not given up on.

Unfortunately, I am not programmer for EAs, (my next line of study to be sure), but I can try to help move this forward.

I am hoping to hear from Gary soon, so he can tell me what he needs to get the right direction flowing.

So Gary, any ideas to help "Get R Done"?

hey sng.....

I know that you spent a lot of time writing that, but honestly I don't understand a word of it, and I am sure it has nothing to do with your writing abilities .

I have spent a little time in the VSA thread, but not enough for me understand it and that thread is so long already anyway. I know that black wolf would like an EA written for it and that might be a good idea.

I do understand that VSA is supposed to represent true market sentiment which you are right, would be a good thing for slingshot. That is one of the reasons that Gary and I are specifically testing just the MA and the HMA settings at the moment as they to are more reminescent about what is happening with the market.

As for the programming end of things, you would need to convince gary and not me. He is the genious in that aspect and maybe if I could find an easy way to understand VSA without having to read through so many posts, i would help to.

Gary and I have a few small things going at the moment, but most things are in the testing and tweaking and bug removal phase at the moment.

The question is how can VSA help make the slingshot EA a better robot?

Damon

1. Gary and I have decided that the two best filters for slingshot is the MA and the HMA. The HMA repaints and I have asked him to instead use the Slope Direction Line which does not repaint and is almost identical.

2. I have switched to FXDD which matchers Gary's broker which should help us out more for testing purposes. I will most likely be using FXDD exculsively for everything from here on out unless I don't

3. I and I hope Gary will as well check in nightly to post our results and if we start to see a high winning %, then we plan on doing some optimization to get to the settings that are working the best.

So that is it. Now you know what I know....

Oh yeah, I am using the s/l settings as the 1st post, but am using a t/p of 50 pips for gbpusd. which is all I will be trading tomorrow. Will update on the rest of the settings as I learn more.

Damon

Damon,

Glad to see that we are still trying to breath life back into this as well. Especially since so much time was spent on it. As for VSA, if you have time, Damon, read just the first few pages of the PDF docs uploaded on the VSA thread to gain an insight as to why so many are excited about it. Those first few pages will explain why silverngold (and I) are now VSA "addicts". Gary can also enlighten you a bit on it as well as he's looked at it too.

Hi Damon,


Yes, I saw in an earlier post that you had provided a couple of HMA indicators and someone had supplied one that did not repaint.

AND yes, there is A LOT to read in understanding volume versus spread. I will try to to find something that explains it simpler so there is not so much to take in at once.


That sounds great that you guys are still working on it!

Thanks silverngold!

I have been reading VSA and, once I get a handle on it, will give it a try as a filter.......lots to read and understand. Welcome to the group.....we're hanging in and still working

Gary

Very nice summary silverngold Its appreciated and will definitely help the learning curve.

Gary

Hi All -

Below I've posted todays results in chart form using the ma filter......another nice day with ma The ea worked great.....I had seven trades, 5 winners, 2 losers with a net gain of 41 pips.

I going to change the hma (repaint issues) to the slope indie supplied by Damon and will post the revised ea as soon as I get it done. For tonight I will trade with the ma again.....the only change will be to set the tp = 50.

Gary