Complex trading system #18 (SlingShot 30M)
Submitted by User on May 31, 2011 - 07:00.
Submitted by Charlie Johnson
I wanted to share something with you and was hoping you might post it somehow, I would love to get some feed back on it. First the the entry is articulated on a youtube video called "the sling shot trade" posted by user "forexautoscalper". This is a shot video and i hope that you will watch it Please. This is the entry for the strategy. This guy says it much clearer than i possibly could in an email.
Time frame: 30 min
Indicators: none
Currency pairs: suggested - EUR/USD, GBP/USD, USD/CHF, USD/JPY
Trading hours: 7:00am GMT to 20:00 GMT
Part 1
Part 2
However I disagree with him on the time frame I like the 4 and the 8 charts on the metatrader. So that is what i use.
Next I on these time frames I use the 20 and 62 simple moving average and the standard Macd setting 12-26-9
Every sling shot trade is taken with the moving averages, UNLESS of course there is convergence in mcad and price. Then it will usually carry you through both moving averages and change trend for a while. or atleast make a sizeable retracement. And further more on this point is.. dial down to the 15 minute time frame when the sling shot or convergence is happening on the 4 or 8 hour chart. This helps to tighten the stops up to usually 30 pips.
I also watch the high and low points of the week if the sling shoot happens at these times it seems it is a reversal for the week and can be taken for what would be the weekly range averages.(which i dont know how to determine by the way) i usually call it about 2.5-3 full basis points, or in terms of pips 250-300. So, i would love to hear from you and others as far as trying to hammer ths into a a solid mechanical system i could use as well as others.
The sling shot appears to be nothing more than a hook reversal, as we used to call it in the grain trading. But it does seem to be reliable in callin near highs and lows in the week. Or pivot points in the market.
Thank you Ed.. also I hope that you can get what i am saying here and post this for people to look at and respond to. You have a pretty cool site for people to help and share there i reeally like it.
God Bless You much and often.
Charlie Johnson
Edward Revy,
http://forex-strategies-revealed.com/
Copyright © Forex Strategies Revealed
Hi everyone,
read some of the comments,
just found this page,
I'm always on the lookout for new strategy's.
This seems "solid", cant wait to build my version of the tactic in full automated EA trading.
Thank you for posting this,
Kind regards,
StudentOfTheFinancialArts
Mr. User -
Indicators are useless. Price action , properly implemented is ALL you need .
You're welcome.
Jason
OOOPs.....never mind.
George
Why weren't my comments re Slingshot and a similar system accepted ?
George
Hi everyone !
Do you have an indicator for this strategy ? It would save a lot of time.
Regards,
Hi everyone -
Good hints here to enhance Slingshot , especially for trading Binary Options.
binaryoptionsda.../?mingleforumaction=search
scroll down to search box and type in -
promising system
click on the first forum on list.
see Page 1 , showing Slingshot bars. Also , other pages, but especially
Page 7. Good hints for entering Binary Option trades , but also spot trading.
George
Welcome back , Edward !
Glad to hear you are doing well.
If you can find the time , maybe you can take a closer look at the Slingshot , which seems to be in limbo of late . There appears to be a wide divergence of opinion , pro and con , on this Forum regarding whether it is viable or not .
Thanks ,
Paul
Hi Paul, Stuart, Jason and everybody,
thank you for your concern, I'm doing well. Trading goes fine, no changes in that regard. The life, however, brings new challenges (mostly positive, which is great), but it takes its toll on the ability to commit as much as I did 3-5 years ago. Nevertheless, I enjoy the process as much as before and I'm closely following every comment and reply whenever I can, though if a question requires more in-depth research, then it's usually put on hold till further review.
I'm also glad to see that traders are supporting other traders on the site. This means that we're moving in the right direction.
Best regards,
Edward
Hey Edward !
I hope you are okay , " 'cause this here Forum is slowly adyin "
Paul
EDWARD -
WHERE ARE YOU ?
Stuart
Is this topic dead ? If so, let's bury it !
Jason
Martin Alexander 's chart examples use only the color green on all of the OHLC bars.
So , use green for the up bars, and red for the down bars .
Enter a trade , using the basic rules , but only if the bar color on the bar you are watching has changed from the
previous bars color .
Paul
Hi Paul,
Sorry for the silence, I'm traveling since mid summer, will be back by the end of November.
Best regards,
Edward
Where are you , Edward ? We need your input on this .
Paul
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