ChrisMoody

Sling Shot System Vs. AKA The Sling Shot Crusher!! 2nd Post

FX:EURUSD   Euro Fx/U.S. Dollar
See First Chart Post For Specific Details on Both Systems.
Sling Shot System + Even Better System.

I get this email about a Trend Following System that sells for $1000 but I could get it that day for only $500!!!

I watch the video showing this Amazing System which may have taken me an entire minute to figure out the code.

I code it up. And Hey…It’s not a bad system. It’s good for people who may need a Entry Signal to get them in a Trending Move, and KEEP them in a Trending Move while providing a defined Stop.

So I thought I would save the community the Very Fair price of Only $500 for a system that consists of a couple of EMA’s and a few Rules…and give it to you for free.

But then USGEARS, a up and coming coder sent me his new indicator which is the lower Histogram indicator on the chart above. He asked me to take a look at it and tell him what I thought of his idea.

So I open the code to see what is making it work. I copy everything the Histogram is being calculated on and create plot statements and overlay it on the price chart.

It looked kind of similar to the State Of The Art SlingShot System I just coded so I created this Grid to compare the two. USGEARS had coded a system Significantly Better than the Sling Shot System that retails for $1000

Overview:
This is a Trend Based…Momentum Based System so it needs to be traded on markets that MOVE. Works on any timeframe.

When Price crosses through the Channel, AND the 3 Moving averages cross through the channel and turn Green (for Up Move) or Red (for Down Move), this = possibility of a New Trend.

There are Two Types Of Entries:
When the bars Turn Yellow they have moved back into the Channel against the New Trend. This is a Pullback that tends to hold if New Trend = True.
A Aggressive Entry would be to either Short (Down Move) or Buy (Up Move) when the Bars turn Yellow. With a Stop at the Previous Swing High or Low.
A Lower Risk Entry is waiting to the Bar turns Light Blue which signifies Price Pulled back into the Channel against the trend, and now Price is Exiting the Channel to potentially go With The Trend. Same Stop as listed above.
****Note. At the beginning of a Trend Change the First Pullback into the Channel is A lot Higher Probability entry than any additional/Later pullbacks. Don’t Chase!!! You either catch the move or you Patiently Wait for the Next Entry.
Once price moves away from the channel in the direction of the TREND. And all 3 Moving Averages are “In Order” from Thinnest to Thickest, move your stop to the other side of the Channel.
When you catch an Extreme Move like the one on the chart above. USGEARS System has many additional benefits. The Moving Averages give you a Defined Place to tighten your stop, and or use any profit maximizing strategy you typically use. Example take a portion of your trade off if price hits Moving Average 3, and keep you stop for additional amount of Trade on Other side of Channel. Because you will typically get a pullback to test the channel and then get another Trend Continuation.
Looking at Many charts on Many different timeframes. USGEARS Channel holds up significantly better than the SlingShot EMA’s. Although they aren’t bad.
Last…When Channel and Moving Averages are not Green or Red, which would leave Blue….Market is Not Trending…Stay Out.
Remember…This needs to be used on markets that are moving. You will see many charts that are moving sideways and this system looks and performs terrible. This is not a “Range Bound Market" Type of System.

So USGEARS..what do I think about your Histogram….I think it is based on Plots that when applied to a Price Chart === a Better Momentum Based System with Defined Setups, Entries, and Risk Management than the $1000 Sling Shot System.

It’s not my code to give out so if you want TradingViews own…USGEARS “*** *** ****“ (USGEARS has to Name his Own System)…
Leave a comment below Saying You Want It!!!
And Either Recommend a Name for the System…or Vote for one already mentioned.

My Vote…”The Sling Shot Crusher"

I won’t disclose his code…but here is what I added….Only Cosmetics.

All Features are in Inputs Tab and Can Be Turned ON/Off via CheckBoxes.
-Ability to plot Triangles at the Top and Bottom of Screen Showing Trend Direction.
-Ability to plot Yellow Bars for Aggressive Entry.
-Ability To Plot Light Blue Bars for Higher Probability Entry.
-Ability to Plot Entry Arrow For High Probability Entry.
-Ability to Plot “B” or “S” for Buy and Sell (where you see the Arrows on the Chart).

Basically about every plot type we have for emulating a Strategy...
+1 Reply
darioc_mx ChrisMoody
2 years ago
I want the code !!!

I would put the name of "Trendline Assasin", but its just a name hahah
thanks keep the good work !!
Reply
Platinumceo PRO ChrisMoody
2 years ago
I want to have USGEARS version of the trend indicator.
Reply
ucsgears PRO Platinumceo
2 years ago
UCS_Momentum Oscillator - Version 2

Reply
ucsgears PRO ChrisMoody
2 years ago
Chris, thanks for great work. I haven't completed coding the system yet. Provided I never knew there was already a trading system "sling shot". This was a slow development from combinations of RSI-2 pullback trades and the Stochastic Pop and Drop.

As Usual, Your version looks visually better. Great job

BTW, the code was also published in the following link.
UCS_Momentum Oscillator - Version 2
https://www.tradingview.com/v/A6xsg2Ee/
Reply
Chi_WeeklyJobs ChrisMoody
2 years ago
I Would really like the USGears System Please.
Reply
ChrisMoody PRO Chi_WeeklyJobs
2 years ago
USGEARS posted it....as of right now...it's the last link at the bottom of this thread...atleast the last post from me.
Reply
Thank you Chris

Looks interesting
Reply
Link To Actual CM Sling Shot System Code
CM Sling Shot System

Reply
ChrisMoody PRO ChrisMoody
2 years ago
Image of UCS GEARS System Full Screen

snapshot
Reply
ChrisMoody PRO ChrisMoody
2 years ago
Another Chart

snapshot
+1 Reply
ChrisMoody PRO ChrisMoody
2 years ago
OIL IntraDay 60 Minute Chart

snapshot
Reply
ChrisMoody PRO ChrisMoody
2 years ago
GBPJPY - Intraday 60 minute chart

snapshot
Reply
thats great
Reply
timwest PRO
2 years ago
These signals look great.
+1 Reply
ChrisMoody PRO timwest
2 years ago
Tim...It's always a honor to have you stop by...
Reply
Hello Chris,

Your a popular man thank you for these great charts and ideas

Best Wishes

Andrew
Reply
ChrisMoody PRO andrewpodolak
2 years ago
You Too.
Reply
LudmilaHanania
2 years ago
Hi Chris, can you please post the Sling Shot Crusher chart by itself ,with the option-make it mine- . Thanks in advance
Reply
ChrisMoody PRO LudmilaHanania
2 years ago
As you know normally the answer would be YES...However it's not my code to give out. But I wouldn't be surprised if USGEARS posted the indicator tomorrow..and if so he will provide the link here.
+1 Reply
ucsgears PRO ChrisMoody
2 years ago
https://www.tradingview.com/v/nF1FUwyW/#tc105680
+5 Reply
Here it is...USGEARS Posted the SYSTEM!!!

https://www.tradingview.com/v/nF1FUwyW/#tc105680
+3 Reply
Algyros PRO ChrisMoody
2 years ago
Great indicator. Thanks.

I was wondering about stop placement. What you say in your description of the indicator makes a lot of sense, Chris; however, a far simpler technique would be to exit a position when the dots start turning blue. Does that make sense?
Reply
ChrisMoody PRO Algyros
2 years ago
Is that a simple answer or method...Yes. We have to be careful and always adapt to the markets we trade. The dots turn blue based on the order of the moving averages. Moving averages Lag. In more volatile markets this can be significant. Since this is a trending system if your in a long profitable move this = trading with the Trend...the Purpose of the indicator. however...."Snap Back Rallies? can be quick and harsh. Example. In Oil and 30 year bonds there are many examples of Price moving through channel and closing right at the opposite side of the channel. But by the time the first dot turned blue you would have given up 2K per contract...vs. the first close through the channel.

But for many securities that would be a great rules based exit.
+1 Reply
pvasq1
2 years ago
this got to be one of the best indicators I have ever seen!
Reply
ChrisMoody PRO pvasq1
2 years ago
Thanks...Glad you like it...
+1 Reply
pvasq1 ChrisMoody
2 years ago
I'm a newbie (just sign up yesterday). Do you sell your indicators or do you create them for the website users?
Reply
ChrisMoody PRO pvasq1
2 years ago
Currently...all posted indicators are free. Watch this video.

http://videos.tradingview.com/

The second video titled Importing Custom Indicators
Reply
pvasq1 ChrisMoody
2 years ago
OMG! you are a life saver!!!! THANK YOU SO MUCH!!!!!!
Reply
ChrisMoody PRO pvasq1
2 years ago
Anytime
Reply
aravind.chakravarthy ChrisMoody
2 years ago
Hey would you please tell me where can I get the codes for mt4 platform?
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out