This week I had 6 inside bar or counter trend trades to engulfing bars with mid point entries of the body of the candle close. 5 in profit and 1 at a loss giving a net gain of 108 pips. I have a further 7 trades open on the basis I describe (daily charts) 4 in profit, 3 currenly running at a loss but with a net profit of 284 pips. I was tempted to close these trades, as more often than not, profits can turn to losses over a weekend. I was mainly, but not exclusively, looking at engulfing and inside bars, with none of the trades being triggered until Thursday (8th May).
Hi Daxter,
Great info on journal but I would rather stick to the slingshot trades on this thread so as not to confuse anyone who reads through. What would be nice is if you could open a journal positing the rules you showed me & we can all post setups & trade journal info.
Thanks for contribution though. I do appreciate your enthusiasm.
Hi Tyron, How about your Ea? Any improve from these day?
Hi Tyrone,
I was also thinking that I should start a thread elsewhere. I will continue to try slingshot but on a daily or 4 hour time frame. It certainly has some merit and is not so far from what I am looking at.
Regards
What EA? I donāt have an EA or use an EA. You will have to enlighten me.
Yes definitely open a thread. I opened one under Catapult to try some rules out but I still need to work on this a little for more confidence. I just made up the name āCatapultā for this strategy as its similar to the slingshot except going in the direction of the bar as opposed to going against.
As for trading the slingshot on daily/240, I did try daily, but donāt have the time to watch charts all day/night. I kept missing setups etc. Thatās the only reason I trade weekly/monthly bars. So far I have not missed a single setup. I would love to trade the daily but until im a full time trader, that isnāt going to happen. As for the methods you showed me, I could trade daily or even 240. More testing before I go live though.
The fastest way to test anything is to code an ea. If your systems are 100% mechanical I can probably code it up for you fairly quickly and find out what the long term result would be. I have coded several mechanical trading systems to work on daily charts including a donchian channel ea with multiple entries and various moving average based systems.
Slingshot update 12 may 2014 - Slingshot live account update 11 may 2014 - YouTube
[B]Balance $332
Floating $362[/B]
Continuing with the EURUSD back test. I completed 2008 with 90% profit - Slingshot EURUSD 2008 Weekly bar back test Profit 90% - YouTube
Hereās all the data so far:
[B]GBPUSD[/B]
2001 - 75% Profit
2002 - 18.25% Loss
2003 - 10.5% Loss
2004 - 173% Profit
2005 - 162% Loss
2006 - 93% Profit
2007 - 85% Profit
2008 - 66% Loss
2009 - 171% Profit
2010 - 51% Loss
2011 - 78% Loss
2012 - 49% Loss
2013 - 44% Win - END OF DATA - 31 oct 2013.
[B]TOTAL PROFIT 206.25%
AVERAGE PROFIT PER YEAR 15.86%[/B]
[B]EURUSD[/B]
2001 - Profit 53%
2002 - Loss 85%
2003 - Loss 46%
2004 - Profit 63%
2005 - Loss 66%
2006 - Loss 20%
2007 - Loss 57%
2008 - Profit 90%
2009 - Profit 135%
[B]TOTAL PROFIT SO FAR 67%
AVERAGE PROFIT PER YEAR 7.4%[/B]
[I]I still have 4 years to complete before drawing any conclusions in the EURUSD[/I]
Hi Tyrone. Can I ask you a few questions? What do you estimate your average monthly pip gain is on the live account? Are you trading 11 pairs on that? Do you find there are pairs that are more stable earners than others?
I am trading 11 pairs over the weekly & monthly time frames but its far to early to answer any of your questions. Maybe near the end of the year.
Ok thx. I figured when trading such high TFs you may not be able to answer them. I may whip up an EA to trade this on some of the lower TFs. Anything above M30 seems fair game for this strategy.
Interesting Strategy. For me is not revisited, but brand new and a bit confuseā¦
Im currently working with a friend on an EA. Then I will just let this play out with the EA running live whilst testing lower time frames.
There is an old thread here back from 2007 that was started. My filters are different to which set up bar is valid. The principle is the same.
Hi fellow traders.
There has been a bit of a change to the current journal. Although it is going extremely well, I have decided to run an EA which has been built by a friend here on Babypips ādannyroseā.
What this has enabled me to do is back test monthly/weekly/daily/240/60 min time frames & collect plenty of data in a short space of time.
The results so far show the daily & 240 to be the best profit makers & much smoother on the profit curve. The weekly is also good for very long term investing, but profits are slow.
I will also cease the Turtle journal as we will have a new trend strategy that has better profits then the turtle strategy. This is currently still under test. However this is a joint strategy & I will not journal the results for this EA unless we decide together to do this in the future.
The only Journal will be the Slingshot EA right here. The EA is not available as you could call this a live bĆŖte test of this EA. There is no point in sharing something that has not been thoroughly tested live.
With that said:
I will run 3 live accounts to test the Slingshot EA on Weekly, Daily & 240 Time frames. All will be recorded here on this thread.
This video will explain in detail - Babypips Journal & EA update 15 May 2014 - YouTube
Thanks for your questions & support
Regards
Tyrone
Thanks Tyrone! Great work!
Good work Tyrone
Rightā¦Finally I have started the live test of 3 accounts with 3 different time frames (240, Daily & Weekly).
This video explains the EA how & why it works the way it does - EA Slingshot Live 16 May 2014 - YouTube
Here is the beginning balances of all 3 time frames. Each traded on different brokers.
[B]240[/B] - 16 May 2014 - EA Journal start
Balance $95
[B]Daily[/B] - 16 May 2014 - EA Journal start
Balance Ā£63
[B]Weekly[/B] - 16 May 2014 - EA Journal start
Balance $357
Every so often I will update this journal either written, video or both.
This EA is not currently available for download as it has not been fully tested live. This is what this journal is all about.
Safe trading & have a good weekend 
Very interesting resultā¦ My forex tester 2 GBPUSD Weekly data from 2001 to 2013 has been cross referenced against the EA data same period. The results should be roughly the same? But are they completely different?
Take a look - Slingshot GBPUSD Manual vs EA 2001 to 2013 result - YouTube