Hi everybody,
Searching for forex related videos on youtube, I found this:
Forex Trading - SlingShot 30M 100% Mechanical Scalping Forex System Part 1
Looks like a pretty good system, I’ll start trying it on Monday. I was wondering if anyone traded this system and if it is successful in the long run.
Good luck!
Marius
Thanks for the link, I’ve heard murmurs about this and am looking forward to implementing myself.
Looked to good to be true. And it really is. It looks awesome on a dead 30 minutes chart. But I am currently manually backtesting it on a 5 minutes chart (having the 30 minutes time intervalls marked with vertical lines) and it seems to be constantly making losses.
What you dont see on a historical 30 minutes chart is, that the price often penetrates the previous high / low, then goes past the opening (you enter your trade) and then it goes back the other way… against your trade.
As said, you dont see that on a historical 30 minutes chart. There you only see your winners. So you might wanna try it… but dont get your hopes up to high. 
YOu might be able to fix it with a trailing stop or by setting your SL to breake even quickly, but I doubt it.
Hi,
Yes I know what you mean.
What I hope is that it is going to make more than it loses, on a consistent basis.
Also, by setting your stop loss at the current candle high/low, you don’t get to loose too many pips on a bad trade. IMO it worth a try.
Good luck.
Marius
Hi mariuspa,
thanks for the information and the link.
Yes, unfortunately I must agree with Trooper. The system looks very attractive for its simplicity, but it seems not to work.
It is very easy to code it, and I made it in MT4. Although the backtesting on Metatrader is far from being perfect, it’s anyway a quite realistic simulation.
From 2006 to date, both on EURUSD and GBPUSD the system would have produced losses instead of gains. My script also keeps you out from the market before 7:00 GMT and after 20:00 GMT.
The amazing thing is seeing how FEW trades it gets you in, and then the majority are at loss.
Just an example: GBPUSD from 01/01/2006 to date, 30 min. About 3300 trades. Won: 39.62% (lost 60.38%). With fixed 0.1 lots/trade a winning position produces on average 13.27$, and a loosing -10.35$. Final result under these conditions, starting from a balance of $10.000 is a loss of -3312$.
It might be worth trying on a demo account, to see whether the “live” conditions grossly outperform backtesting.
But I wouldn’t invest much time on it…
Maybe it’s better going for a bit of tech analysis and study some indicator-based trading system… (that’s what I’m currently making elsewhere…)
Bye
Fabio
i alo ooked at this methodology around a month or so ago and I came up with more losers than not.
But…if you use the strategy on a daily chart (I changed the minimum setup candle range from 15 to 20) it performs well on GBP/USD (tripling $1000 over past year trading 1.5 lots), EUR/USD and EUR/CHF. I also coded this out. The two ironies I found are that only allowing trades between 0700 and 2000 gives much better results even on daily candles. Also, I had one obvious trade at the end of the test run that stayed open on a Friday and gapped opposite for a big loss on Sunday. I coded to close trades on Friday before market close and got slightly poorer results as well. I guess there are times the weekend gap was working in my favor.
My thoughts are to use this on just the GBP/USD, letting the EA enter the trades, but then watching them as I’m able so I can add trailing stops or close earlier.
If you’d like to see for yourself, the EA is here
By the way…if you look at the code, the option for closing on Friday is still there, but I just changed it to Saturday (which never happens) to keep trades open over the weekend. It was just easier to test back and forthe this way. 
It is kinda hard to look at the code in an .ex4 file.
It would be great if you could share the code. Thanks!
Good luck!
Marius
The same dude that has this 30M slingshot system also has a free ea for another system. I am backtesting it currently and it also does not look profitable. Oh, well some people trade and others talk about trading.
Hei brk!!!
Nice to see you again. 
Judging from our posts record we both made quite a lot of trip here, anyone on his own!!!
What about your point and figure strategies?
Nice to hear about the system. I did not download your EA, yet, but I’m pretty confident I would also find similar results with mine.
It’s strange… A “scalping” strategy not working on short timeframes and giving good results on daily… mmm… I don’t know, will give it a trial.
In the meanwhile I really invite you looking at the “Wilder and beyond”. Sure your (and anybody’s else) contribution will be more than welcome!
Bye
Fabio
Nice PipPocketer,
clearly we “wrote one on the other”, and I did not see your message before.
Nice that you share the information. Of course I also downloaded that EA. Actually I’m always scared by running things that I don’t know what are doing… And I prefer eventually getting less with “my hands” than more with some black box. Look around here at BP, and see how many people had finger burned by such kind of stuff!
Bye
Fabio
The MQ4 file is there too. Just change the .ex4 in the previous link to .mq4
Here it is in full as well. I just added a 50 pip trailing stop as well in this code (not there in the linked file). It doesn’t change the profit much, just a little less draw down.
//+------------------------------------------------------------------+
//| Slingshot System.mq4 |
//| Copyright � 2008, Brian Redmond |
//| http://www.brianredmond.net/forex/slingshot |
//+------------------------------------------------------------------+
#property copyright "Copyright � 2009, Brian Redmond"
#property link "[email protected]"
//---- input parameters
extern double Lots=0.1;
bool tradeOpen=false;
int ticket,diff,tickNum[5];
double sl,spread,profTest=50.0;
bool NewBar()
{
static datetime lastbar = 0;
datetime curbar = Time[0];
if(lastbar!=curbar)
{
lastbar=curbar;
return (true);
}
else
{
return(false);
}
}
//+------------------------------------------------------------------+
//| expert initialization function |
//+------------------------------------------------------------------+
int init()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| expert deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| expert start function |
//+------------------------------------------------------------------+
void shortTrade()
{
sl=High[0]+Point;
if(sl<(Bid+(10*Point))) sl=Bid+(10*Point);
ticket=OrderSend(Symbol(),OP_SELL,Lots,Bid,0,sl,0);
if(ticket<0)
{
Print("Error # ",GetLastError());
return(0);
}
}
void longTrade()
{
sl=Low[0]-Point;
if(sl>(Ask-(10*Point))) sl=Ask-(10*Point);
if(tradeOpen==true) sl=Ask-(30*Point);
ticket=OrderSend(Symbol(),OP_BUY,Lots,Ask,0,sl,0);
if(ticket<0)
{
Print("Error # ",GetLastError());
return(0);
}
}
bool checkPrior()
{
diff=(MathAbs(High[1]-Low[1]))/Point;
if(diff>=20) return(true);
else return(false);
}
int tradeDir()
{
if(Close[1]>Open[1]) return(-1);
else
{
if(Close[1]<Open[1]) return(1);
else return(0);
}
}
int start()
{
if((NewBar() == true)||((DayOfWeek()==6)&&(Hour()==20)))
{ // Close orders with new candlde or on Friday to avoid gaps
if(tradeOpen==true)
{
int total = OrdersTotal();
int cnt = 0;
int t = 0, x = 0;
for (cnt = total ; cnt >0 ; cnt--)
{
OrderSelect((cnt - 1),SELECT_BY_POS,MODE_TRADES);
tickNum[t]=OrderTicket();
t++;
}
for (x=(total-1);x>=0;x--)
{
OrderSelect(tickNum[x],SELECT_BY_TICKET);
if(OrderType()==OP_BUY)
OrderClose(OrderTicket(),OrderLots(),Bid,0);
if(OrderType()==OP_SELL)
OrderClose(OrderTicket(),OrderLots(),Ask,0);
}
tradeOpen=false;
}
} //End New Bar
if((Hour()>=7)&&(Hour()<20))
{
if((checkPrior()==true)&&(tradeOpen==false))
{
spread = (MarketInfo(Symbol(),MODE_SPREAD)*Point);
if(tradeDir()==1)
{
if((Low[0]<Low[1])&&((Ask-spread)>(Close[1]-spread)))
{
longTrade();
tradeOpen=true;
}
}
if(tradeDir()==-1)
{
if((High[0]>High[1])&&((Bid+spread)<(Close[1]+spread)))
{
shortTrade();
tradeOpen=true;
}
}
}
if(tradeOpen==true)
{
if(OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES)==true)
{
if(OrderProfit()>=profTest)
{
if(tradeDir()==1) sl=OrderStopLoss()+(50*Point);
else sl=OrderStopLoss()-(50*Point);
OrderModify(OrderTicket(),OrderOpenPrice(),sl,0,0);
profTest=profTest+50.0;
}
}
else Alert("Error # ",GetLastError());
}
}
return(0);
}
//+------------------------------------------------------------------+
I get it - you’re being funny right?
Haha
Started the EA on my live account yesterday at market open. Made a nice profit by this morning, so try to be as funny as you’d like. 
By the way…I was thinking about reversing the entry orders and testing on the pair that performed the poorest (I think it was GBP/JPY). Any thoughts?
My comment was’nt for you, it was for the guy asking about fishing gear
Good to see that you’re doing well.
Hi bkr1969, I also loaded this on my chart last night but got no trades. I am obviously doing something wrong with this one. Can you tell me what pair and settings you are using?
I only use it on GBP/USD. All the settings are in the EA, the only thing you have to enter when starting it is the lot size you want to trade. (Backtesting shows that 1.5 lotsize on a $1000 initial balance has about $450 drawdown at the lowest and tripled the account in a year from 2-1-2008 to 2-1-2009)
I have nearly blown my third account and was all the way down to just over $8.00 last night. I started the EA trading .05 lot and this morning was up $4.40. I closed it manually and am glad I did. If I had let it run per the EA, it would only close at the candle close and right now I would be at a loss. This is another good reason to run this on daily candles. You can decide when to close early, if/when you’d like a trailing stop etc. I’m getting ready to close on a new house so I can’t fund the live account for a few more months. I will continue to trade small lots with my $12 for now and see how it does. By May I should be able to fund $1000 and go for real.
No offense intended. I guess I just didn’t see the original post.
Hi bkr1969,
Just curious if you were going to open a live account today to trade this what broker do you think you would using for the small lot trading.
Thanks
I have a live account with IBFX and have no complaints. They have both mini and standard account options. I would trade the mini up to at least $10000 if not $25000, then switch to a standard. Their customer service has been great and You can fund via check, credit card or wire transfer. There are others that seem good too, I’m not promoting one broker over another, just telling you who I use and my experience with them.