116# Slingshot Scalping

Submit by Janus Trader

 

Time Frame 5 min or higher.

Currency Pairs: all.

Indicators:16 EMA34EMA.

 

Rules

We first wait for a cross of the 16-EMA and 34-EMA:

- When the 16 crosses above the 34 then we only look to buy on pullbacks.

- When the 16 crosses below the 34 then we only look to sell on pullbacks.

Long Entry

BUY Slingshot™ setup occurs when price goes quite far below the EMAs quickly (but the EMAs do not cross) and starts rising again.

 

Shor Entry

SELL Slingshot™ setup occurs when price goes quite far above the EMAs quickly (but the EMAs do not cross) and starts falling again.

 

Stop Loss

Below low pullback (for buy or above high of pullback (for a sell).

 

Take Profit

Two take-profit strategies:

1 – Exit when take-profit is equal to the number of pips you risked on your stoploss (i.e. take profit at 1:1).

2 – Exit on first close below 16-EMA (for a buy) or first close above 16-EMA (for a sell).

 

In the pictures Slingshot Scalpingforex system in action.

 

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