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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #1271 (permalink)
Trade with the flow
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When you slingshot guys say "same dot as the slingshot" what does that mean exactly? I'm playing with it now. If the slingshot is red taking every red dot seems to give a few winners and then at the end a few losers. So I'm thinking of only taking the first 1 or 2. Also if the dot is in the slingshot it seems to be more reliable.

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  #1272 (permalink)
Trade with the flow
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haim View Post
cunparis,

How do you know that " taking the first 1 or 2" is not also the last ones before it changes to the opposit direction and those dots are bad ones?

Isnt it like taking a cross ema's that in a tranding time its great but you do not know at the first cross if its going to be a trand or range from this point on.

I just started looking at this an hour ago, so I haven't given it much thought. Jeff said he wasn't totally stopped the 50 EMA. I like the 20 EMA. So I thought what about using the slingshot with 50/20 EMA?

Once there is a big trend it will end at some point and near the end the 20 will converge back towards the 50. Let's use long. You get some good trades and now the 20 starts dropping to the 50. You get some dots. But the trades fail. So my idea is if you only take the first dot you're at the beginning of a move and not the end. One trade per slingshot color.

Just an idea, I haven't tested it. It's based upon how I trade pullbacks where my goal is to take the first one and leave a runner so that I don't have to take the 2nd & 3rd pullbacks (often there are "3 drives to a top" or "2 legs"). If I scalp then I take profit on the first pullback and enter again on the 2nd. But I never trade the 3rd cause all the buyers bought and the buyers who bought at the beginning of the move are taking profits selling to the latecomers. I don't want to be a latecomer.

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  #1273 (permalink)
Market Wizard
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websouth View Post
Jeff you are making it tooooo easy. Thanks for all the work on and for sharing the dots they work pretty well. Weird how sometimes one little visual thing can bring order to chaos.... or give you that extra confirmation.

a set up with slower "dots"

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A setup with faster "dots". Any sling shot/wave traders...? Once you set up the dots with the right slingshot then you just take the retracements when you get a colored dot the same as the slingshot... nice

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Websouth, What settings are you using on the Slingshot & JeffsDots? I like the way it looks. Couldn't get mine to look exactly like it. Thanks.

After all, it's what you learn AFTER you know it all, that counts!
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  #1274 (permalink)
Trade with the flow
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TheWizard View Post
Websouth, What settings are you using on the Slingshot & JeffsDots? I like the way it looks. Couldn't get mine to look exactly like it. Thanks.

I tried 50/20 EMA and it's close. I wouldn't try to get exactly the same, it's good to experiment. Maybe his setting isn't optimal? Then again if he says he did 1000 tests then I'd just use what he's using. hehe..

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  #1275 (permalink)
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haim View Post
cuparis,

So you want to see the 1,2 dots in the 20-50 zone for taking the trades?

You can plot the dots as far/close from the bar as you want so how relaible is the "dot location" in side the 20/50 zone?

I'm sorry if my posts weren't clear, I'm just brainstorming.

My idea is to look for dots on bars that are in the 20-50 zone. Doesn't matter where the dot is printed, i'm looking at the bars (close, low, low of last 2 bars, whatever).

It's just an idea that needs to be tested.

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  #1276 (permalink)
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Wow - I must've been in a typing mood...

Sling shot trading - you basically just take retracements inside the colors staying on the "right" side of the market by using the slingshot color as a direction guide. It is just a simplified wave. In the shot I used 19/31 ema which works for my market. Your mileage may vary. There is a slingshot video referenced somewhere on this site... in that video he uses 2x my settings - approx fib retrace numbers of 38/62. The numbers don't matter. It is more important to know what a slingshot is. It is a moving average envelope (or wave) So you are saying that price is above/below 2 moving averages which are both sloping a certain direction. When price comes back into the range between the two averages we are hoping it is a retrace (not a reversal) due to the momentum shown by the moving averages (width of slingshot) and that price will "slingshot" back out beyond the smaller of the two averages. It is basically the same thing as Jeff is doing with a 20ma being a "guide" and taking bounces off of this using dots or color bars for visual. Research Guppy... ok...I did it for you....
Guppytraders.com - GMMA Guppy Multiple Moving Average

In that screenshot you asked about I used jeffs dots 10,30,SMA,close - again you should tweak for your market and time frame. I trade Forex EUR/USD on a 2-4 range chart.....

++++++++
That being said - be careful. I've seen this cycle play out before. There is a fascination with dots and colored bars beneath the chart. (this fascination moves in waves just like price, just like life - that's another post) If a "dot" helps you watch price - then excellent. Do not forget that the Jeffs and Sharkys have a LOT of screen time in and understand price action.... If you understand price action then you can probably anticipate a "dot" within a bar or two. The dot should confirm what you already know... If you don't know "why" a dot appeared you would be to blindly follow the signal....

The dots are neat from a visual perspective but keep in mind that all this info has been available to you before - you could have colored a line, show a line as dots, etc. it is just a different way of looking at things. The "dot" is isolating a particular spot on a particular ma. You have to decide if this spot is significant....

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  #1277 (permalink)
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slingshot

Hey all,

For those interested in the slingshot discussion.....you might want to check out permalink #159 on this thread for previous thoughts on the subject.

Jeff

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  #1278 (permalink)
Trade with the flow
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websouth View Post
I trade Forex EUR/USD on a 2-4 range chart.....

Thanks for your explanation on the slingshot.

I'm curious how you trade say Euro with 4 range chart. What kind of stop & target do you use? I ask because in my testing on a 4 range chart I found that I could average around 4-5 pips but if I add 1 pip slippage on entry & exit (2 pips total) that cuts my profit in half.

As a result I've been testing out the 9 range chart hoping slippage will be 25% instead of 50%.

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  #1279 (permalink)
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Hi Cunparis,
Did you see the new BetterVolume2 indi in NT just posted? The guy who did it said it was a straight port from Tradestation and it is all based on Barry Taylor's ideas on volume. I don't remember if you ever got the exact version ported over from Barry Taylor on Ninja. If we did then disregard this post. Could you download it and tell us what you think of it? Thanks...

Chris

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  #1280 (permalink)
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This might save you some time.

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Register to download File Type: zip BetterVolume2.zip (7.2 KB, 84 views)
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