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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.
Can you help answer these questions from other members on NexusFi?
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.
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..
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).
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.....
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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....
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%.
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...
to blindly follow the signal....
