30 Minute Price Action Slingshot
Hi im new to this. Would like to try this out, can you post some screen shots if its possible? Thank you very much
harry1206:
Hi im new to this. Would like to try this out, can you post some screen shots if its possible? Thank you very much
Hi im new to this. Would like to try this out, can you post some screen shots if its possible? Thank you very much
Hi Harry,
this is not as bossxero slingshot description, but this stochastic will show price slingshots forming even when a stochastic is overbought and you would expect price to drop. As you can see on the attached chart I have shown how you can read this indicator to see when a slingshot is forming.
Files:
slingshot.gif
33 kb
Thanks. Good stratgey to use in a trending market.
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This method described here is 100% based on the price action that happens on the chart. The rules will be defined very clearly and as soon as you see the rules have been fulfilled, you just have to open the trade and wait. The system is purely price based and as such, it does not make use of any indicator at all.
The system should work nicely with the major pairs (EUR/USD, GBP/USD, USD/CHF, USD/JPY). However you can always try it with other more unique pairs and see if it is producing some good results.
As for the timeframe, as the title name suggests, we will be sticking to the 30 minute timeframe. It is not advisable to go any lower as it will become very tedious. However, if you dont have much time to stay in front of the charts to trade, then you can use a higher timeframe like the H1 or H4.
We are going to look for a trade ONLY of the previous bar (not the current open on) range (from High to Low) is more the 15pips. If the range of the previous bar is less than 15pips, we will just wait until we have a previous bar which has a range of 15pips.
LONG ENTRY
1. Previous bar range has to be higher than 15 pips. [already detailed above]
2. The current price has to go BELOW THE LOW OF THE PREVIOUS BAR.
3. Price has to MOVE UP again and it has to go ABOVE THE CLOSE of the PREVIOUS BAR.
If PRICE is 2 pips above the CLOSE of the previous bar, you should open a Long position. For the stoploss, you should place it 2 pips BELOW THE LOW of the CURRENT (Open) bar. There is no takeprofit, you just have to close the trade when the current open bar closes. Hopefully, you will be closing in profit. Either you close the trade in profit when the bar closes, of the price goes down again and hit the stoploss. These are the only 2 possible outcomes.
SHORT ENTRY
1. Previous bar range has to be higher than 15 pips. [already detailed above]
2. The current price has to go ABOVE THE HIGH OF THE PREVIOUS BAR.
3. Price has to MOVE DOWN again and it has to go BELOW THE CLOSE of the PREVIOUS BAR.
If PRICE is 2 pips BELOW the CLOSE of the previous bar, you should open a Short position. For the stoploss, you should place it 2 pips ABOVE THE HIGH of the CURRENT (Open) bar. There is no takeprofit, you just have to close the trade when the current open bar closes. Hopefully, you will be closing in profit. Either you close the trade in profit when the bar closes, of the price goes down again and hit the stoploss. These are the only 2 possible outcomes.
As you can see, the rules for this system is strictly based on the OHLC bars and no indicator at all is used. Take some time to learn and acquire the skill to trade this system by practicing it on a demo account for a while. Good luck with you trading. Would like to hear back about your experiences with the method.