A "Previous Bar Closing" indicator is presented also. It is designed especially to set opening point of the position at the closing price of the previous bar.

I look forward to that next Beta.  Then, I can test this strategy better.

By the way, this two short video clips on this Web page explain exactly what I am trying to do:

http://www.forex-auto-scalper.com/slingshot.html

Thanks,

Max

To open a position at the previous Close normally one should use a Simple Moving Average:

[Opening point of the position]
Moving Average
     Enter the market at the MA value
     Smoothing method  -  Simple
     Base price  -  Close
     Period  -  1
     Shift  -  0
     Use previous bar value  -  Yes

Here the previous bar is set up from this: Use previous bar value  -  Yes
Forex Strategy Builder makes this automatically. The bug is that FSB sets the entry point at the current bar closing price.
That will be fixed soon in the next Beta.

You can use Current Open instead Previous Close. The difference is the gap of course.

It contains a logic error that may lead to a false backtest.
Let see this: "place a stop loss 1 PIP below the Low of the Entry Bar (current bar)"

Let assume that the price was penetrated the previous bar low by 1pip, after that it was reached the entry point (1 PIP above the Previous Bar's Close). So we open long and place a Stop Loss 1pip below the current bar low. It is exactly 1pip below the previous Close. So far so good. In the real time trade you can do this. The mistake comes from the fact you are using the current low of the current bar but you cannot do this in a backtest. What if the price drops rapidly after the position was closed. Your position is already closed at the previous bar low - 1pip which was the current bar low before opening the position. 
  Do you see the error. Your position is closed much above the current bar low. You closed it at a price that was a temporary low (the current bar low before opening the position). The real current bar low is much lower. The price reached it after the closing.

  You cannot use the current bar Low to close a position during the same bar. Simply you cannot know where this Low is before closing the bar.

Never mind.  Here are some indicators you can use:

2. Trading Hours are between 7:00 GMT and 20:00 GMT

[Opening logic condition]
Entry Time
     Enter the market between the specified hours
     From hour (incl.)  -  7
     From min (incl.)  -  0
     Until hour (excl.)  -  20
     Until min( excl.)  -  0

3. The difference between the High and the Low of the Previous bar is greater than or equal to 15 PIPS.

[Opening logic condition]
Bar Range
     The Bar Range is higher than the Level line
     Number of bars  -  1
     Level  -  15
     Use previous bar value  -  Yes

I am not very adept at using FSB and would appreciate some help from any willing individual. What I need is pretty simple in concept, but I don't know how to implement it.

Here are the conditions for the Long side of it:

1. 30-minute Time Frame.

2. Trading Hours are between 7:00 GMT and 20:00 GMT

3. The difference between the High and the Low of the Previous bar is greater than or equal to 15 PIPS.

4. If the new bar (current bar) has penetrated the low of the Previous Bar (by even 1 PIP), and if the new bar then reverses and moves even 1 PIP above the Previous Bar's Close, Enter Long and place a stop loss 1 PIP below the Low of the Entry Bar (current bar).

5. Exit the trade at the Close of the Bar.

The Short side of this uses the same conditions as the Long except that the logic is reversed in step 4. It looks like this:

1. 30-minute Time Frame.

2. Trading Hours are between 7:00 GMT and 20:00 GMT

3. The difference between the High and the Low of the Previous bar is greater than or equal to 15 PIPS.

4. If the new bar (current bar) has penetrated the high of the Previous Bar (by even 1 PIP), and if the new bar then reverses and moves even 1 PIP below the Previous Bar's Close, Enter Short and place a stop loss 1 PIP above the High of the Entry Bar (current bar).

5. Exit the trade at the Close of the Bar.

I am hoping that someone can help me with this.

Thanks in advance,

Max