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Complex trading system #18 (SlingShot 30M)

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

The simple methods are best. Price action , properly used , is all you need . Indicators tell you where you've been ,

NOT where you should be going .

What say you all , out there ?

Paul

Simple and logical . No indicators - good- they are not needed . Larry Williams had something similar eons ago called " Oops " . The best traders I have ever met use price action only.

Care to comment , Edward, or anyone ??

Stuart

This simple method would be ideal for 30 minute Binary Option trades. ( Do a Google or Yahoo search.)

Good Broker for 30 min. Binaries is my24option.com , based in London . Stay away from brokers located in Cyprus

George

Charlie what would be your minimum pips high-low range to define a setup day on the 4 and 8 hour charts?
Also how long have you, or anybody else, traded with the longer time frames and what were the results?
Thanks for the site guys, just discovered it!

thanks, sounds great. I will test this sling shot 30 method for a week or two, starting on Monday, June 6. Will trade the major forex pairs only. Let's see how it will perform.

Greetings from Germany

You might want to check the following link:
http://www.forexfactory.com/showthread.php?t=143819 (Slingshot-30 Min. PA System)
As I understood the strategy was not profitable. At least not on the M30 and H1 timeframe.

i believe that it takes at least 100 trades to find out if a strategy is profitable. most novice traders come across a new strategy but if the first couple of trades are losers they say that the strategy is no good and move on to the next strategy, hoping to find the holy grail there.

regards

is anybody tested/traded using this method (not modified) just strictly following the rules? I'm trying for 2 days only (about 12 trades on demo is not enough to say it's good, of course). It would be nice to know if somebody took 200+ trades. May be there is an EA coded already?