SlingShot Method A
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thread: SlingShot Method A

  1. #1

    SlingShot Method A

    Tested on GBPUSD

    THe procedure is so easy even a caveman can do it! (ahem)

    Method goes like this.

    1. Notice the Current Trend
    2. See Opening price of daily candle around 5PM EST based on broker )
    3. If Trend is up and price Reaches -30 pips from open, set a BUYLIMIT @ Opening price 15 Pips.

    So if price closes at 1.9230, price drops into 1.9200, set order at 1.9230 15 = 1.9245.

    TP Exit is discretionary, My exit is dependent on Average daily range for final 10 or so candles, if candles are doing average of 120 pips a day, then depart would be 120-(30 15)= 75 pips away from entry. In addition, I watch momentum and time period charts for departure.

    TP Exit is discretionary, SL is normally 30 pips away from open.

    I don't advise going against the tendency even though occasionally it works. It just happens that trading with the tendency have a higher Prospect of succeeding

  2. #2
    Hey Don, where have you been? Have not seen your postings.

    Don, do you have a picture with this method?

  3. #3
    But the more volatile the pair that the simpler the slingshot.

    And like I saidit works better when commerce is at the direction of this trend

  4. #4
    Ok this is a technique in the making. A direvative of trading.

    My notion is that if the daily candle opens and leaves a new low or high for the day THEN retraces back to open and moves the opening price then there's a high likelihood it will continue in this direction


    Eg: gbpjpy opens at 236.40....Moves DOWN to 236.00 retraces to 236.40 subsequently passing it to move like 236.45. . .then we go LONG as the price slingshots pass the unlocks.... It brings back afterward releases departure the opening price to go higher.

    Same for a market except price would proceed higher first then retrace

    consider this chart

  5. #5
    We must use a threshold of approximately 40 or 30 pips to the low/high to receive a legitimate slingshot. Anything less may be market noise

  6. #6
    any thoughtsgt;? .

  7. #7
    some other thoughtsgt;? .
    Certainly appears to be a good methodology!

    I feel the hackers have been able to distrupt matters somewhat lately.

    Perhaps more charts with recent cases will attract participation!

    Please,keep at it!

    Good Trading!


    FXS

  8. #8
    Simplicity is the way

  9. #9
    Member niko's Avatar
    56
    I believe this resembles the big ben system.
    Appear to have dropped the pdf.... If I could find it I can post it. .
    Here it's.... http://www.accrete.com/fx-gbp/BB_Strategy.pdf

  10. #10
    I think this is similar to the big ben system.
    Appear to have dropped the pdf.... I will post it if I could find it again. .
    Here it is.... Http://www.accrete.com/fx-gbp/BB_Strategy.pdf
    yes I agree, except my egy is somewhat different. Once price drops into a low and retraces to open, typically momentum is left to it to go higher pass open.
    It is that easy.

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