Slingshot-30 Min. PA System

In my mind, there is ambiguity. Some of the posted results (in the Slope Trend EA thread) seemed fruitful, others unsuccessful. Damon reported he was taking a vacation, not that he was abandoning the effort because it wasn't working. Gary (Pavatar) hasn't been around either.

Steve

Dear Friends,
I read the slingshot thread and I've come across and idea I want to share. I want someone to back test if it is possible.

I’ve been trading for about six months, I think it is better said I’m learning. I’ve seen quite a few indicators and read on price action. I find myself to be inexperienced to follow a discretionary method. So I’m trying to device a trade method that works on price movement (not indicators).

I want help of forum members for the same to make the get more precise rules for the system. I'm writing blue print, we can make fine tune it to make it more robust.
TF: Daily
It happens on rare occasions that previous day’s close = Today’s Low / Today’s High. Mostly, price moves on both sides of the previous day's close.
a. Trend continuation: If there is an uptrend, Price moves dips below today’s close and then it continues the trend and if it is downtrend vice versa.
b. Trend reversal: In case of reversal after an uptrend, price first moves in upward direction (continues trend for few pips) and then it falls down to close as bearish bar. The close is well below previous day’s close.

I was thinking how to make a strategy to capture the big move on at least on one side of previous day's close the either side of the previous day’s closing price, as the closing price happens to be an important price point.

I had one plan,
1. If price moves 20 pips on one side of the PC (Previous day’s close) then place entry order on the other side of the previous day’s close at close +20 points.
2. When entry point is triggered, scale out ½ position size on 30 points and BE rest of the position and put a trailing stop loss.
3. To cover Negative up-bars / Positive down-bars, if price reaches the High / Low, trigger entry at 20 points i.e. High + 20 - Buy order/ Low – 20 points – Sell order.
Negative up-bar is a bar which makes HH (compared to previous bar, but closes below previous bar’s close) classic e.g is Pin bar and positive down bar is vice versa.
Buccas13

My appologies go out to BILLBSS for being late. Found this thread by googling it. That pig with the lipstick on is smiling at you. It sounds to me that it is a wild boar.

Any ways, I might have a fix for this problem. Simple solution too.

If RR is up for 1 more program change let me know.

I tried Damon's Singshot 2 without much success.

I really like this method, and just found this EA. Is anyone still trading this with any success?

Hi All,
I have coded an EA but not getting good results on 6 months historic backtest n let me know if any corrections on the strategy.
Pls do find the code below

//+------------------------------------------------------------------+
//| Price_action_trader_v11.mq4 |
//| muzamil |
//| contact mail [email protected] |
//+------------------------------------------------------------------+
#property copyright "muzamil"
#property link "http://www.metaquotes.net"
#include <WinUser32.mqh>
#define MAGICMA 20050610


extern int STP=50;
extern int TP = 200;
extern int DST = 10;
extern int TIME = 30;
extern double Lot_size = 1;
bool Trade_flag = 0;
bool sell_flag = 0;
bool buy_flag = 0,new_candle=0,stop_trading_flag = 0 ,BE_flag;
int ticket_no;
double rates_d1[5][6];
double open0,close0,high0,low0,open,close,high,low,open1,close1,high1,low1,open2,close2,high2,low2,open3,close3,high3,low3,risk_amount,risk_points;
double stop_loss,take_profit;

//+------------------------------------------------------------------+
//| expert initialization function |
//+------------------------------------------------------------------+
int init()
{

Comment("EA initialised!");

//----
return(0);
}
//+------------------------------------------------------------------+
//| expert deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
Comment("EA deinitialised!");
//----
return(0);
}
//+------------------------------------------------------------------+
//| expert start function |
//+------------------------------------------------------------------+

int start()
{
int Timer;

check_pattern(TIME);

}


void check_pattern(int Time_frame)

{
new_candle = copy_rate(Time_frame); //copies the OHLC values of cureent & previous candles of the specified time & returns 1 when a new candle arrives

/*closing the opened orders on arrival of a new candle*/
if((new_candle==1)&&(OrdersTotal()>0))
{
OrderSelect(0, SELECT_BY_POS, MODE_TRADES);
ticket_no = OrderTicket();
if((OrderType() == OP_SELL))
OrderClose( ticket_no, Lot_size, Ask, 3,CLR_NONE);
if((OrderType() == OP_BUY))
OrderClose( ticket_no, Lot_size, Bid, 3,CLR_NONE);


}
/*resetting flags on arrival of a new candle*/

if((new_candle==1)&&(OrdersTotal()==0))
{

Trade_flag = 0;
BE_flag = 0;
buy_flag = 0;
sell_flag = 0;

}
/*copying the current candle values*/
stop_loss = 0;
take_profit = 0;

if((Trade_flag == 0)&&((high-low)>=(150*Point))&& (Hour()>7)&&(Hour()<21))//cheking for no open trades previously & validating the previous candle length to be min 15 pips & time between active london session
{
if((low0<(low))&&(open>close))//checking the break of previous low & validating the previous candle to be bearish
buy_flag = 1;

if((buy_flag == 1)&&(close0>(close+DST*Point))) // if previous condition is met wait for the price to go above previous close
{
stop_loss = low0-STP*Point; //calculating stop to be below the current candles low - 2 pips
take_profit = Ask+TP*Point;
ticket_no=OrderSend(Symbol(),OP_BUY,Lot_size,Ask,3,stop_loss,take_profit ,"",MAGICMA,0,Red);//placing buy on validating the above condition
Trade_flag = 1;
buy_flag = 0;
}

if((high0>(high))&&(open<close))
sell_flag = 1;

if((sell_flag == 1)&&(close0<(close-DST*Point)))
{
stop_loss = high0+STP*Point;
take_profit = Bid-TP*Point;

ticket_no=OrderSend(Symbol(),OP_SELL,Lot_size,Bid,3,stop_loss,take_profit ,"",MAGICMA,0,Red);
Trade_flag = 1;
sell_flag = 0;
}
}

}





/*function returns 1 on arrival of a new candle & copies the current & previous candle values in to given variables */
bool copy_rate(int Time_frame1)

{
bool same_candle_flag = 0;
ArrayCopyRates(rates_d1, Symbol(), Time_frame1);
if((close == rates_d1[1][4]) && (open == rates_d1[1][1]) && (high == rates_d1[1][3]) && (low == rates_d1[1][2]))
{
same_candle_flag = 1;
}
open0 = iOpen(Symbol(),Time_frame1,0);
high0 = iHigh(Symbol(),Time_frame1,0);
low0 = iLow(Symbol(),Time_frame1,0);
close0 = iClose(Symbol(),Time_frame1,0);

close = rates_d1[1][4];
open = rates_d1[1][1];
high = rates_d1[1][3];
low = rates_d1[1][2];

close1 = rates_d1[2][4];
open1 = rates_d1[2][1];
high1 = rates_d1[2][3];
low1 = rates_d1[2][2];

close2 = rates_d1[3][4];
open2 = rates_d1[3][1];
high2 = rates_d1[3][3];
low2 = rates_d1[3][2];

close3 = rates_d1[4][4];
open3 = rates_d1[4][1];
high3 = rates_d1[4][3];
low3 = rates_d1[4][2];
if(same_candle_flag == 1)
return(0);
else
return(1);
}

thanks for the EA. Which TF you tested ? in my view this works well on higher timeframes. may be daily

logic is simple. current bar broke the prev bar low but failed to go down and instead reversed and even crossed the prev close. so its a failed breakout or false breakout. we hope to catch the reversal.

but with any PA startegy just one signal is not enough. need to check the long tern trend, fibs, trendlines, support/res lines, big round numbers, news etc. on daily timeframe, take this signal and look for some more signals and then trade

Hi i back tested it with all time frames like 30M, 1H & daily TF.
I dint mixed this with any other signal just tested the raw strategy since i too thought it as a good idea, but the results are really bad. But as per the strategy we are just targeting one candle profit not targeting the big trend moves so i think trends & other indicators has nothing to do with current price action since our target with the strategy is one candle movement profit.
but i think some more tuning is required like TF or SL or other things.
because this works when trend actually reverses.
if the price is reversing then i think no need to check weather its Support or resistance because the reversal point itself will act as Support/Resistance thats basic logic of this strategy & i feel no indicator is needed moreover if you look in detail we are trading against the trend because this strategy picks up patterns like Bearish / bullish engulfing which are trend reversal patterns.
let me know if any other things you know from your side.

regds
Muzamil

Hi All,

Pls do find this new EA along with trailing stoploss feature incorporated.
hope this will help you all.
regds
Muzamil



//+------------------------------------------------------------------+
//| Price_action_trader_v11.mq4 |
//| muzamil |
//| contact mail [email protected] |
//+------------------------------------------------------------------+
#property copyright "muzamil"
#property link "http://www.metaquotes.net"
#include <WinUser32.mqh>
#define MAGICMA 20050610


extern int STP=40; //variable holding stop loss deviation position above or below the current candle high/low(4pips default)
extern int TP = 200; // take profit from the entry price (20 pips)
extern int DST = 10; //pips to be crossed above/below the previous candle high/low(1pip default)
extern int DST1 = 10; //pips to be crossed above/below the previous candle close(1pip default)
extern int TIME = 30; // time frame (30 mins default)
extern int MOV_BE = 40; //moving stop loss to breakeven once market moves the specified pips profit(4 pips default)
extern int TLS = 40; //trailing stop loss(4 pips)
extern int candle_length = 150; //minimum previous candle length(15 pips default)
extern int Trd_STRT_TME = 8; //trading initiating time(default 8 london open)
extern int Trd_END_TME = 20; //trades halting time(default 20)
extern bool EN_TLS = TRUE; //enable/disable the trailing stoploss(Enabled Default)



extern double Lot_size = 1;
bool Trade_flag = 0;
bool sell_flag = 0;
bool buy_flag = 0,new_candle=0,stop_trading_flag = 0 ,BE_flag;
int ticket_no;
double rates_d1[5][6];
double open0,close0,high0,low0,open,close,high,low,open1,close1,high1,low1,open2,close2,high2,low2,open3,close3,high3,low3,risk_amount,risk_points;
double stop_loss,take_profit,LBOL,UBOL,BE_val,ask,TL;

//+------------------------------------------------------------------+
//| expert initialization function |
//+------------------------------------------------------------------+
int init()
{

Comment("EA initialised!");

//----
return(0);
}
//+------------------------------------------------------------------+
//| expert deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
Comment("EA deinitialised!");
//----
return(0);
}
//+------------------------------------------------------------------+
//| expert start function |
//+------------------------------------------------------------------+

int start()
{
if((Hour()>=Trd_STRT_TME)&&(Hour()<=Trd_END_TME)) //validating trading session
check_pattern(TIME);
else
return(0);

}


void check_pattern(int Time_frame)

{
new_candle = copy_rate(Time_frame); //copies the OHLC values of cureent & previous candles of the specified time & returns 1 when a new candle arrives

/*closing the opened orders on arrival of a new candle*/
if((new_candle==1)&&(OrdersTotal()>0))
{
OrderSelect(0, SELECT_BY_POS, MODE_TRADES);
ticket_no = OrderTicket();
if((OrderType() == OP_SELL))
OrderClose( ticket_no, Lot_size, Ask, 3,CLR_NONE);
if((OrderType() == OP_BUY))
OrderClose( ticket_no, Lot_size, Bid, 3,CLR_NONE);


}
/*resetting flags on arrival of a new candle*/

if((new_candle==1)&&(OrdersTotal()==0))
{

Trade_flag = 0;
BE_flag = 0;
buy_flag = 0;
sell_flag = 0;

}
/*copying the current candle values*/
stop_loss = 0;
take_profit = 0;
LBOL = iBands(Symbol(),Time_frame,20,2,0,PRICE_LOW,MODE_LOWER,1);
UBOL = iBands(Symbol(),Time_frame,20,2,0,PRICE_LOW,MODE_UPPER,1);


if((Trade_flag == 0)&&((high-low)>=(candle_length*Point)))//cheking for no open trades previously & validating the previous candle length to be min 15 pips
{
if((low0<(low-DST1*Point))&&(open>close))//&&(close<LBOL))//checking the break of previous low & validating the previous candle to be bearish
buy_flag = 1;

if((buy_flag == 1)&&(close0>(close+DST*Point))) // if previous condition is met wait for the price to go above previous close
{
stop_loss = low0-STP*Point; //calculating stop to be below the current candles low - 2 pips
take_profit = Ask+TP*Point;
ticket_no=OrderSend(Symbol(),OP_BUY,Lot_size,Ask,3,stop_loss,take_profit ,"",MAGICMA,0,Red);//placing buy on validating the above condition
Trade_flag = 1;
buy_flag = 0;
}

if((high0>(high+DST1*Point))&&(open<close))//&&(close>UBOL))
sell_flag = 1;

if((sell_flag == 1)&&(close0<(close-DST*Point)))
{
stop_loss = high0+STP*Point;
take_profit = Bid-TP*Point;

ticket_no=OrderSend(Symbol(),OP_SELL,Lot_size,Bid,3,stop_loss,take_profit ,"",MAGICMA,0,Red);
Trade_flag = 1;
sell_flag = 0;
}
}
MOV_BE_fun();
}

void MOV_BE_fun()
{
if(OrdersTotal()>=1)
{

OrderSelect(ticket_no, SELECT_BY_TICKET);

if(OrderType() == OP_SELL)
{

if(((OrderOpenPrice()-Ask)>=MOV_BE*Point)&&(BE_flag == 0))
{
BE_val = OrderOpenPrice()-20*Point;
OrderModify( ticket_no, 0,BE_val, take_profit, 0, CLR_NONE);
BE_flag = 1;
ask = Ask;
}

if((BE_flag == 1)&&(Ask<ask)&&(EN_TLS == 1))
{
TL = Ask + (TLS*Point);
if(TL<BE_val)
OrderModify( ticket_no, 0,TL, take_profit, 0, CLR_NONE);
ask = Ask;
}

}
if(OrderType() == OP_BUY)
{
if(((Bid - OrderOpenPrice())>=MOV_BE*Point)&&(BE_flag == 0))
{
BE_val = OrderOpenPrice()+20*Point;
OrderModify( ticket_no, 0, BE_val, take_profit, 0, CLR_NONE);
BE_flag = 1;
ask = Bid;
}
if((BE_flag == 1)&&(Bid>ask)&&(EN_TLS == 1))
{
TL = Bid - TLS*Point;
if(TL>BE_val)
OrderModify( ticket_no, 0,TL, take_profit, 0, CLR_NONE);
ask = Bid;
}
}
}
}
/*function returns 1 on arrival of a new candle & copies the current & previous candle values in to given variables */
bool copy_rate(int Time_frame1)

{
bool same_candle_flag = 0;
ArrayCopyRates(rates_d1, Symbol(), Time_frame1);
if((close == rates_d1[1][4]) && (open == rates_d1[1][1]) && (high == rates_d1[1][3]) && (low == rates_d1[1][2]))
{
same_candle_flag = 1;
}
open0 = iOpen(Symbol(),Time_frame1,0);
high0 = iHigh(Symbol(),Time_frame1,0);
low0 = iLow(Symbol(),Time_frame1,0);
close0 = iClose(Symbol(),Time_frame1,0);

close = rates_d1[1][4];
open = rates_d1[1][1];
high = rates_d1[1][3];
low = rates_d1[1][2];

close1 = rates_d1[2][4];
open1 = rates_d1[2][1];
high1 = rates_d1[2][3];
low1 = rates_d1[2][2];

close2 = rates_d1[3][4];
open2 = rates_d1[3][1];
high2 = rates_d1[3][3];
low2 = rates_d1[3][2];

close3 = rates_d1[4][4];
open3 = rates_d1[4][1];
high3 = rates_d1[4][3];
low3 = rates_d1[4][2];
if(same_candle_flag == 1)
return(0);
else
return(1);
}

It looks simple but an efective strategy
quote=billbss;2457624]I got this system, free, in an email from a guy named Martin Alexander. You can probably find him by searching for "Martin Alexander" Slingshot.

I won't post his link, because I think he's probably a system seller.
I've looked it over and made a few trades and it looks good.

Pairs- EUR/USD, GBP/USD, USD/CHF, USD/JPY

TF- 30M

Trade times - 7:00 GMT - 20:00 GMT


In the descriptions below, the "previous bar" must have a H-L range of, at least, 15 pips.

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.[/quote]

We ran with this for a while. Another step to get us where we are today

People still trading this system?

Any update on this system? Thanks.

Regarding the slingshot strategy, im doing some serious back testing with forex tester 2. I've also recorded back testing vids & uploaded them to my youtube channel under my name Tyrone Archer. I will only trade this on daily, weekly & monthly bars. Results look good through all market conditions. So far every pair I've tested produces profits. Don't get me wrong. There are plenty of losses but on the long run the account is up.
If anyone is trading this strategy too, give us look up. Maybe we can improve this strategy between all who trade this.

regardless Bar A is a red or green candle?

pic totally different than what happened here. Trade so you get tiny bit of profit even invert. RR. rmember Bars1 must be >15 pips so get it wrong once you lose >16 pips think about that.