Thank you for that. I will look them up.
Slingshot system made 122 pips overnight. I’m finding that many of the losses taken in the backtesting were from the retrace going in my favor, but then falling back again by closing. I’ve been checking things in the morning before I go to work and if the trade has been entered, I usually close around 1300 GMT. There are certainly days that the profit will continue to grow, but who isn’t happy with 122 pips in a day?
I also modified the EA with an initialization/deinitialization section so if you do stop a trade manually, you can remove the EA then re-attach the next evening and it will know that the last trade is closed. I missed out on over 150 pips the night before last due to this oversight initially.
You can download the current EA here
Performance so far…using a manual monitoring and closing, trades hit 3 out of the last 4 days for a total of +477 pips. 
Hi bkr1969,
The link for the new ea is not working at least when I tried.
Also, what do you think about a trailing stop in order to get this to be auto instead of having to be monitored manually? This thing will trade nicely during the 2 major daily sessions but I can’t watch during the European times. Also, there is no alert when the trade is entered so sometimes I forget to take a look to see if a trade has opened.
Ooops…just a little typo. The link is http://www.brianredmond.net/forex/Slingshot/Slingshot.ex4
You can change the .ex4 to .mq4 if you want to edit it.
I have a semi-trailing stop of 50 pips. Every time your profit is 50 pips, it moves the SL 50 pips. It could be coded as an actual trailing stop, but I wanted to keep the program execution simple and with a 50 pip cushion, it better allows for some retracement.
I could add in a colored arrow (if you don’t know how), but I’m only trading this pair/system, so if I have an open trade, I know it hit. Let me know if you’d like the EA modified in this way.
I’ve uploaded a simple indicator (displays in a separate window below the candles). It shows yesterday’s high/low depending on trade set-up today, along with yesterday’s open, close, and range. It shows which direction the trade will be taken today if the setup occurs as well as listing the current price with today’s high and low. It just saves having to hover over candles for info so much.
http://www.brianredmond.net/forex/Slingshot/indicators/Slingshot.ex4
[QUOTE=bkr1969;92150]Ooops…just a little typo. The link is http://www.brianredmond.net/forex/Slingshot/Slingshot.ex4
You can change the .ex4 to .mq4 if you want to edit it.
I have a semi-trailing stop of 50 pips. Every time your profit is 50 pips, it moves the SL 50 pips. It could be coded as an actual trailing stop, but I wanted to keep the program execution simple and with a 50 pip cushion, it better allows for some retracement.
I could add in a colored arrow (if you don’t know how), but I’m only trading this pair/system, so if I have an open trade, I know it hit. Let me know if you’d like the EA modified in this way.[/QUOTE]
Hi Brian,
Thank you for the code work you have done on the slingshot. I have attached an indicator with an alert that is very nice and I am wondering if something like this could be coded into slingshot. It would certainly solve the issue I was referring to in my previous post about knowing when a trade is entered. If it isn’t a pain to do otherwise I certainly understand.
Hey ezinvestor, I have the same issue. I often will be away from my desk, on the phone, on the laptop you name it. Next time I think to look over at my MT4 chart I see that a trade was entered 15 minutes ago. 
Can’t say for sure if an alert will solve the problem but I think the one you attached has both audible and visual, right? If so I think that would help. I’m not a coder so I hope bkr1969 can work something like this into the code of slingshot.
By the way, are you using slingshot on the daily chart? I think that is definitely the way to go.
Well, after multiple back testing on different pairs and different platforms, I am convinced that this is a winning system. Note that I said winning system, [B]not[/B] holy grail. However, a winning system that can approach half a million dollars in the next 5-6 years is good enough for me. Granted, past results are not an indicator of future performance, but this system is based on the volatility of the pair, not the trend, the strength, or anything else that may be dramatically different from year to year. The pair(s) (probably at least 2, soon 3) I will be trading will always be volatile (always being a general long term outlook. There may be periods of relative stability). As good of performance as I got back-testing on IBFX (4 x initial in past year) when I tested on ODL using a standard account instead of mini, I got almost twice that. So, however I look at it, I should be able to make a decent profit.
I am about to close on a new house so I can’t take the money from my bank account until then, but once I close, I will be live trading with $1000. In the meantime I am logging each day’s trades so I can have a general idea of when it may be a better idea to close a trade in profit before letting it run the whole day and turn into a loss. I believe that will only enhance the performance of this system, but I’m not going to tinker with the EA and will generally let it run the trade all the way out since the overall performance is so positive.
I plan to put up a web page detailing the system and my results very soon. You can check it out at Index of /forex/Slingshot
Hi bkr1969, very nice little piece of code you posted. I put it on the chart and it is very helpful. Thanks for your generous work on this and the other code you have posted.
Basic page with all relevant files, description of system and examples is up. I will be adding a performance tracking table tomorrow. Enjoy!
I made 124 pips today. How did your system perform?
3 weeks out, +520 pips overall.
Hi bkr1969,
I got the same trade as you today but my s/l of 1.4133 was hit at 15:32 for +40. Did you manually exit or have you added a t/p?
I manually exit most times since I’m happy with the gains I’ve been making. Most of the time it works in my favor, but occasionally I could’ve made a few more pips closing later, even if still manually closing before the end of the candle. Doesn’t hurt my feelings though since I’m 7/8 trades now with a total performance of +692 after today’s +172 pips (shorts on USD/JPY and GBP/USD).
EUR/CHF looks ripe to me for a good long tonight. We’ll see.
Not getting many posts/feedback on this system. Does everyone just think it’s crap, or too simple to be profitable? When it comes to FOREX (as with most things)…SIMPLE=BEST. I enjoy feedback on my systems I use as it helps me see the flaws I may be overlooking in my excitement. Honestly though, I think this one is so straight forward there’s not much to miss. Please check it out (all the details are on my webpage I posted the link for previously), examine the EA code, find a hole in it, whatever. C’mon…surely someone wants to be in the “millionaire lane” with me.
bkr! Nice work you’re making here, thanks a lot.
Look, at present I’m really enthusiastically going back to my “option world” (and it’s working greatly: if you want take a look to my recent posts). But I think I will give a trial to the slingshot - your version (of course I’ll start looking at how far your code is better than mine). Just when I have a bit of spare time.
The only thing that perhaps you could do for convincing a bit more people is present some backtesting results. You have the EA. Actually I could also do that, and for my script I gave some news here, a few weeks ago. And I mean LONG TERM backtesting. With a daily system I would go back till 2005 and compare yearly results on several pairs.
I make you all the best congratulations for your brilliant results so far. But, you well know (remember the straddle system?): before you call a system “the multi-millionaire system” one must have a bit of patience… Especially in these so uncommon times for the markets (have a look at the S&P500). I think there could be something that gives tremendously good results for a while, given these conditions, but then turns out to be not so nice in other times… (and maybe eat out all the profits of the past!). Heard too many stories like that in the recent days here at BP and elsewhere! With the straddle system I was making, on a demo account, unbelievable amounts of pips for two weeks. I wanted to put it live (and 
I did not make), but from that precise day on, in the demo the downturn started. And it was so dramatic that the whole was sucked off!!!
Bye
Fabio
The problem with the Straddle system (not my own, just coded and promoted someone else’s) was that it performed horribly in back testing. There were people touting the “back testing doesn’t matter, only forward testing” so I ignored the past results in light of a month of outstanding performance. Unfortunately, the day I began trading it with real money, the overall poor performance showed up and all but drained my account. It is very easy to fool one’s self into believing that a system will work, simply because it has some short term good performance and you want it to work so badly. That does not make a good system. I still think about the Straddle and I believe there are many times you can make a lot with it, but only if you apply it to the exact right pair for the exact amount of time that it will work. It’s a gamble.
This system, however, does perform well in back testing. Not on every pair, but I’ve tried to make that clear. Its strength comes from the fact that it doesn’t rely on indicators (which are not pure evil, just lagging) nor on the strength of any currency. Whether the dollar is strong or weak against the pound, and whether the pair is in a strong trend or not, there will always be volatility in the pair on a day to day basis. If there is a period of very strong trending with limited volatility, this system doesn’t try to squeeze it into its mold…you simply don’t trade during that time. This eliminates one of the other “Seven Deadly Sins of Forex Traders” which is over trading. I’m [B]very[/B] guilty of that. I’m an intelligent person, but it is so easy to get sucked into the whole, “I know I can beat the market if I just trade enough” mentality, in addition to the, “I’m bored because I don’t have any trades open” trap.
The path I’ve been on to this point has been long and winding. I believe that everyone who wants to be a serious trader has to take a similar path before they can be successful. I’ve learned a lot about trading and about myself. It’s funny how when you start out, so many people will tell you, “Don’t do this…don’t do that…trading is easy if just remember this.” I heard it all, I took it to heart, then I ignored it all because I was sure I knew better. Nope. So I’ll say it again for anyone who may read this:
Learn the market. Watch the chart of just one pair that you plan to trade and you will find, over many months, that you can get a feel for how the pair tends to behave (this doesn’t mean you can predict anything)
Plan and trade your system. Whatever it happens to be, demo it…stick to it…obey every rule.
Don’t be greedy. My favorite mantra for trading is, “It’s better to get rich slowly than go broke quickly.” This system looks for at most 4 trades per day and will generally have only 2 at most with many days completely idle. [B]This is OK.[/B] Forex trading can make you a millionaire, but it will not happen in a day or a week. Give it time.
Trading really is simple if you can just relax and let the market do its thing. I don’t think I’d be as excited about trading if it was an absolute requirement to have 3 computer screens of charts open, CNBC playing 24 hours a day, and an underlying feeling of fear/paranoia. To me, it should be fun and relaxing. I don’t stress about open trades or possible trades or if my account is going to last just one more day. There will be up days and down days, but as long as the ups out number the downs, either in frequency or gains, I will come out ahead. That’s it, all I’m looking for.
Sorry to ramble so much, but I really feel like I’ve learned a lot and I want others to benefit from it too. If you want to back test this system, download my EA and test it. If you want forward test results (which are being traded on a live account), my page has a table that shows details of all my trades. If you want other information or help, just ask. I am where I am today because of the help others have given me. I will always try to help others in return. I’m not saying this is “The Holy Grail” and I’m not promising that anyone will get rich using this system. I just think it’s right for me and I see its strengths. I hope others can be successful with it too.
I am new to this thread as well as BP and Forex. I have spent the last few months digesting all I can about Forex from videos, webinars etc and see this system as hopefully an ideal way to get my feet wet with a small live account (After running a while on demo). I am based in the UK and would like to know if when I should start the EA running ie could I start it up at 6.55 AM GMT or must I have it running overnight
Thanks
The EA is set to only allow trades between 0700 and 2000 GMT. If you want to start it on a chart at 0655 that would be no different than starting it at 0001. Once the trade is entered, the only thing the EA will do is move your SL 50 points each time you gain another 50 pips, as well as closing it at the start of the next day’s candle. So once a trade hits, you can technically remove the EA, shut down your computer and forget about it until 2359 (which you seem to want to avoid) so you can close the trade manually. Personally, I leave my computer on 24 hours a day Sunday through Friday.
OK thanks I guess I need to leave my PC on overnight Will Metatrader run the EA whilst in Standby do you happen to know
Thanks again
Hi bkr1969, do you have the code posted for the slingshot? I thought I might go to work on trying to get an alert programmed into it.