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
Currency pairs: suggested - EUR/USD, GBP/USD, USD/CHF, USD/JPY
Trading hours: 7:00am GMT to 20:00 GMT
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.