There are several instances of this variable throughout the program, so be sure to change them all. The system is applied only to a daily chart. If yesterday's closing price was higher than the opening price bullish candle you will be shorting today. Good Broker for 30 min. To add comments, please log in or register. There will not be trades every day, but back testing shows anywhere from trades per month.
A SELL Slingshot™ setup occurs when price goes quite far above the EMAs quickly (but the EMAs do not cross) and starts falling again. Stop Loss Below low pullback (for buy or above high of pullback (for a sell).
The purple line shows the open of the daily candle and as you can see, price moved around 40 pips away from this purple line, and in the meantime when this happens, we need to place our pending order. So here the trend is UP, so we place our pending buy order Now you see what happens a few hours later Our order gets filled and we ride with the profits.
You can do it as well. The last part of this method is the setting up of your stoploss and takeprofit levels. Both of these levels has been left as they are very discretionary. You can use any kind of money management method with the system which you deem good to make the system become a winner. As far as the method is concerned, the system should be working fine as it is and you should be able to get out with good profits most of the times. And during bad moves, you will be getting out breakeven as well if you move your stoploss to breakeven each time the trade are in profit for a few dozen of pips.
So, take some time to learn and practice the method on a demo account before deciding to do anything other with it. As with any free method, you can bring modification and improvement to it and it will be much appreciated if you can share it with us.
All thanks goes to the original sharers of this method. Just leave MT4 running and if you decide to close a trade manually, be sure to remove the EA and re-apply it the following day. The system is applied only to a daily chart. If the range from high to low of the previous day's candle is greater than or equal to 20 pips, it is a valid setup candle indicating that a trade setup will be looked for today.
The setup is as follows:. If yesterday's closing price was higher than the opening price bullish candle you will be shorting today. An entry may only occur between and GMT. In order to enter a trade, today's high must exceed yesterday's high, even if only by one pip. If that part doesn't happen, there will be no trade today. Once it does, the next signal is the cuurent price dropping below yesterday's closing price.
The short trade is entered at one pip below yesterday's closing price, with a stop loss equal to one pip above today's high. If that price comes before GMT, the entry will be at as long as the price at that time is still under yesterday's closing price. In order to allow a little volatility and because I trade with IBFX and they have a minimum pip range for SL if the daily high is less than 10 pips higher than the entry price, it is automatically set to 10 pips above the entry price.
If yesterday's closing price was below the opening price bearish candle , everything is simply reversed. You must wait for today's low to be at least one pip lower than yesterday's low, then the trade is entered long at one pip above yesterday's closing price, with the stop loss being one pip below today's low or 10 pips below the entry price, whichever is less.
The EA has a semi-trailing stop included so that whenever you are in profit 50 pips, the stop loss is moved 50 pips lower for short trades, higher for long trades. The performance is good enough not to complicate the EA with a pip-by-pip actual trailing stop. Once the trade is entered it runs until the next candle and then closes.
In practical use, I sometimes manually close the trade around GMT that's around 6 am for me, when I'm getting ready for work. I've found times that if I took profit then, I was better off than letting the trade run until candle close when it turned into a loss. Even if you don't do this, the back testing is overall profitable. But it does seem to be reliable in callin near highs and lows in the week.
Or pivot points in the market. You have a pretty cool site for people to help and share there i reeally like it. The simple methods are best. Price action , properly used , is all you need. Indicators tell you where you've been ,. 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. This simple method would be ideal for 30 minute Binary Option trades. Do a Google or Yahoo search. Good Broker for 30 min.
Stay away from brokers located in Cyprus. 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!
The Sling Shot indicator can be applied to the Stocks, Options, Futures and Forex markets. The Sling Shot Indicator works in conjunction with Tradestation. ATTENTION MEMBERS: Active members can purchase the Sling Shot Indicator for only $ Try This SLING SHOT NinjaTrader indicator in your NT platform. This can also be known as SLING SHOT indicator. Look at our tutorial article on installing NinjaTrader indicators if you are not sure how to add this SLING SHOT into your NT platform. Slingshot template - place in your MT4/templates folder. NOT the experts/templates folder. Open MT4 and bring up the chart you'll be trading (I'm only trading GBP/USD on a mini account for now) and apply the slingshot template.