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Slingshot-30 Min. PA System

  • #361
  • Feb 5, 2009 6:45pm Feb 5, 2009 6:45pm
Quoting tcmm
Ron, here's something that happens if you came across it. When the bar closes at the very top or bottom and the next bar opens, it gets in the trade right away, because its right there and hits the high or low and it goes negative fast and hits the stop. With the EA on is there anything to prevent that. even if you do it manually that always produces more stoploss. Can anything be done about it.
I have not noticed trades opened based on the situation you described above. But logically, these kinds of trade hit the stop very fast!!
I think evern Martin will avoid such kind of setups. The currency is bound to move up and down few pips and will for sure cause the trade to hit stoploss.

Thanks for bringing up the situation...I will include in my EA, a code to ignore such kind of situations. Losing few trades(not a big deal).

other way to circumvent this situation is to wait for few minutes like say five and let the M30 bar have enough history. But again you will lose few pips here as you waited. on the other hand the code will start having too many checks...no longer a KISS system.
  • #362
  • Feb 6, 2009 5:49am Feb 6, 2009 5:49am
Quoting brk15brk15
I have not noticed trades opened based on the situation you described above. But logically, these kinds of trade hit the stop very fast!!
I think evern Martin will avoid such kind of setups. The currency is bound to move up and down few pips and will for sure cause the trade to hit stoploss.

Thanks for bringing up the situation...I will include in my EA, a code to ignore such kind of situations. Losing few trades(not a big deal).

other way to circumvent this situation is to wait for few minutes like say five and let the M30 bar have enough history....
Hi BRK15BRK15.

Long post, please bear with me.

Firstly can you clarify something for me please re the owner of this EA. Is it you or Ronald Raygun or has it be co-written?

OK moving on and forgive for repeating something here but I'm desperately trying to understand how this EA has been coded.

On the 4th Feb @ 07:10 forum time, I asked if Ronalds EA followed the entry rules as per Martin Alexander's original email outlining the system. Ron responded:-

The EA was designed to follow these rules:
Long entry-
Bar goes below the Low of previous bar.
Then
Goes above the Close of the previous bar.
Enter 1pip + spread above the Close of previous bar.
SL- 1 pip below Low of current bar.
Exit at close of current bar.
Short entry-
Bar goes above the High of previous bar.
Then
Goes below the Close of the previous bar.
Enter 1pip below the Close of previous bar.
SL- 1 pip + spread above the High of current bar.
Exit at close of current bar.

The rules look perfect but I responded to say that there should be 2 conditions before a trade is opened (see post 5th feb @ 04:48):-

1. Setup bar MUST have a minimum difference of 15 pips between high and low to be a valid setup bar.
2. Open of next bar MUST BE BELOW close of the setup bar (for a long trade) , even 1 pip.

I haven't received a reply yet but I think that Ron is working on the problem where trades are opened when the closing price is at the very top or bottom of the bar.

This morning I have another example of a losing trade, SELL, where the entry rules do not appear to have been followed (see chart).

In this example the GBPUSD trade entered at 1.4626, closed at 1.4630, loss of 4 pips.

If the rules had been followed the trade would have entered at 1.4635, closed at 1.4626, a profit of 9 pips.

I actually had another example but screwed up on saving the screenshot!!

Can you just enlighten me please how this should work for entry and can you repost the latest version of your EA if it is different to Ronalds' please.

I've just printed off the code for Ron's EA, don't know what I'm looking for but intend to have a coffee and see if I can make anything of it, got to start somewhere!!

Many thanks.
Nigel
TQO23

By the way thanks for responding re alternate trades, I confused 2 trading systems!!
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  • #363
  • Feb 6, 2009 7:12am Feb 6, 2009 7:12am
Quoting Tqo23
Hi BRK15BRK15.

Long post, please bear with me.

Firstly can you clarify something for me please re the owner of this EA. Is it you or Ronald Raygun or has it be co-written?

Many thanks.
Nigel
TQO23

By the way thanks for responding re alternate trades, I confused 2 trading systems!!
You are using Ronald's EA I think....
I have my own, I have coded by myself like I said in the previous post.

u r welcome.....
  • #364
  • Feb 6, 2009 9:54am Feb 6, 2009 9:54am
Oh boy you guys are picky =P

This part below:

2. Open of next bar MUST BE BELOW close of the setup bar (for a long trade) , even 1 pip.

Was not mentioned in the rules I put up for the EA. Do you really expect the EA to follow that if I didn't put up a new version yet?

The trade entry was off by 9 pips. Are you absolutely sure that wasn't caused by the spread?
  • #365
  • Feb 6, 2009 10:07am Feb 6, 2009 10:07am
Quoting Ronald Raygun
Oh boy you guys are picky =P

This part below:

2. Open of next bar MUST BE BELOW close of the setup bar (for a long trade) , even 1 pip.

Was not mentioned in the rules I put up for the EA. Do you really expect the EA to follow that if I didn't put up a new version yet?

The trade entry was off by 9 pips. Are you absolutely sure that wasn't caused by the spread?
Thanks Ronald.

Certainly wasn't being picky. I'm new to this and as stated before just trying to understand how these EA's get coded.

If it wasn't in your code then my question has been answered.

Good point about the spread, might well have been a factor. Another lesson learnt!

Thanks

Nigel
  • #366
  • Feb 16, 2009 7:36pm Feb 16, 2009 7:36pm

I am not conversant with writing an EA but I have back tested and forward tested (in real time) Slingshot and I have found these things that may contribute to making the system very profitable.
1. Add an additional entry qualification. Enter when the signal bar close is in the upper/lower 25% of the bar. This keeps you out of those pesky losers.
2. Set the Stoploss level at the current bar Low that exists at the time the trade is entered.
3. Associate a maximum number of pips with the Stoploss. I am using 12 on the EURUSD.
4. Exit the trade at the Open of the new bar as it occurs at its first tick.

Maybe these can help.

Regards,
KeithN.
  • #367
  • Feb 18, 2009 2:19pm Feb 18, 2009 2:19pm
Like many, I received the email about Martin Alexander's Slingshot system and watched his video. I didn't try it out as I'm concentrating on other trading strategies.

However, by curious chance, today I was also watching a video from a Mark Jones about another product (completely separate, and not related to forex).

And there's the thing.

In each, both presenters introduced themselves as 1) Martin Alexander, and 2) Mark Jones. But it was the same person - same voice inflections, tone, manner. Highly professional, but clearly the same person.

So Martin Alexander/Mark Jones: are you simply a voice actor, or are you a genuine forex trader? If you lie to us about your name, why should we trust your product?
  • #368
  • Feb 20, 2009 2:53am Feb 20, 2009 2:53am
Quoting primestop
So Martin Alexander/Mark Jones: are you simply a voice actor, or are you a genuine forex trader? If you lie to us about your name, why should we trust your product?
Because it's free...you're not losing anything by trying his methods out
  • #369
  • Feb 21, 2009 12:04pm Feb 21, 2009 12:04pm
Just because it's free doesn't make it okay for (if he is) a fake to peddle their wares to the unsuspecting. I get a regular stream of emails from Martin Alexander, each claiming this latest system is the holy grail. I think it's reasonable if he's at least open and up front about what his actual name is!
  • #370
  • Feb 21, 2009 12:20pm Feb 21, 2009 12:20pm
Quoting primestop
Just because it's free doesn't make it okay for (if he is) a fake to peddle their wares to the unsuspecting. I get a regular stream of emails from Martin Alexander, each claiming this latest system is the holy grail. I think it's reasonable if he's at least open and up front about what his actual name is!
He's taking time to come up with his own systems (I think) and then giving most of them away for free. Even if most of them don't work, what have you got to lose except a demo account? He's not forcing you to buy anything to use his products. In the end it's up to the user to decide whether his systems are legit or not
  • #371
  • Feb 21, 2009 2:03pm Feb 21, 2009 2:03pm
Quoting primestop
Just because it's free doesn't make it okay for (if he is) a fake to peddle their wares to the unsuspecting. I get a regular stream of emails from Martin Alexander, each claiming this latest system is the holy grail. I think it's reasonable if he's at least open and up front about what his actual name is!
do you trade every EA live that comes your way. no i doubt it well i watched his video and he said people were asking for a mechanical method of trading. and he said heres what i got. i havent payed anything yet for any of his EAs and you always follow rules about your EAs too. for me i have to understand how its trading and i demo till i double my account before i ever use an EA.
the markets moving, time to get in!
  • #372
  • Feb 21, 2009 3:12pm Feb 21, 2009 3:12pm
Quoting primestop
Just because it's free doesn't make it okay for (if he is) a fake to peddle their wares to the unsuspecting. I get a regular stream of emails from Martin Alexander, each claiming this latest system is the holy grail. I think it's reasonable if he's at least open and up front about what his actual name is!
If you're looking for truth in a forex vendor, you'll be looking for a long, long time.
  • #373
  • Feb 21, 2009 5:01pm Feb 21, 2009 5:01pm
Quoting billbss
If you're looking for truth in a forex vendor, you'll be looking for a long, long time.
I'm not lol

I was just saying that people seem to be hating on the guy's system because he's a "vendor" like you said, without giving his system a fair chance. I know this doesn't apply to everyone
  • #374
  • Feb 23, 2009 7:38pm Feb 23, 2009 7:38pm
Has this system bit the dust?
  • #375
  • Feb 23, 2009 11:33pm Feb 23, 2009 11:33pm
Probably. The concept is sound, but when people here that there is another thread with "Version 2" of the system out there, naturally they think that Version 1 is obsolete.
  • #376
  • Mar 12, 2009 12:37am Mar 12, 2009 12:37am
I am not sure the view expressed in posts 364 and 365 is correct, namely that the price of the trade bar has to "open" above or below the high or low of the setup bar. The original trading logic says that price has to move (but not open) above or below the high or low of the setup bar, and then rebound (slingshot) back to the close of the previous bar to enter a trade. If one is trading intra-day, the close of the setup bar is likely to be the same or very close to the open of the next bar. Comments and clarifications welcome.

Steve
  • #377
  • Jun 8, 2009 9:30am Jun 8, 2009 9:30am
I don't understand why this thread died, as well as its subsequent branch offs?!

Martin Alexander is now sending e-mails for subscription of some type in order to get his latest EA shortcut order system...

NOW he wants to get paid, but NOT by me!!
  • #378
  • Jun 8, 2009 9:35am Jun 8, 2009 9:35am
Quoting MIWeiser
I don't understand why this thread died, as well as its subsequent branch offs?!

Martin Alexander is now sending e-mails for subscription of some type in order to get his latest EA shortcut order system...

NOW he wants to get paid, but NOT by me!!
It died because it's no good.

The branch off died because it tried to put lipstick on a pig and wound up with a pig.
  • #379
  • Jun 8, 2009 9:38am Jun 8, 2009 9:38am
Quoting billbss
It died because it's no good.

The branch off died because it tried to put lipstick on a pig and wound up with a pig.
WOW, thank you very much for your quick response Bill!

I did however notice that Damon has been MIA since April, think that has anything to do with it in general?
  • #380
  • Jun 8, 2009 9:42am Jun 8, 2009 9:42am
Quoting MIWeiser
WOW, thank you very much for your quick response Bill!

I did however notice that Damon has been MIA since April, think that has anything to do with it in general?
I don't know where he is.
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