Forex Factory (https://www.forexfactory.com/forum.php)
-   Commercial Content (https://www.forexfactory.com/forumdisplay.php?f=158)
-   -   Simple Simon Balance Line Trading (https://www.forexfactory.com/showthread.php?t=297418)

Colostarr Jun 9, 2011 9:21am | Post# 101

danbuttigieg,
Absolutely you would have set your buy stops at the high of the candles, plus the spread, plus 3 pips. You notice that neither would have triggered had you placed your buy stops properly. The formula Entry + Spread + 3 pips will keep you out of trouble many times!

Good Catch on the chart though~!

Thanks for this ... however aren't these two (marked) candles ones to take since they closed above the blue line? Or are they ignored as they are going against the trend?

Colostarr Jun 9, 2011 9:27am | Post# 102

Yes I use the default settings.

Do you use default settings for the oscillators? Thank you for you work here, very generous. p.

Colostarr Jun 10, 2011 12:14am | Post# 103

AUDUSD
 
1 Attachment(s)
Getting ready to go to the last day of my management class. Checked the charts to see that AUDUSD triggered short. Haven't placed a stop loss level yet - Will post as it progresses!

Will check in at lunch time.
Click to Enlarge

Name: audusd.gif
Size: 44 KB

Colostarr Jun 10, 2011 12:28am | Post# 104

EURJPY
 
1 Attachment(s)
Here's another trade that would have obviously done well. Currently it is up 60 pips with about 40 pips locked in. This is just my luck this week. I can't seem to catch any of these trades. Hopefully Monday brings a nice slow week at work
Click to Enlarge

Name: EURJPY.gif
Size: 45 KB

danbuttigieg Jun 10, 2011 12:28am | Post# 105

Getting ready to go to the last day of my management class. Checked the charts to see that AUDUSD triggered short. Haven't placed a stop loss level yet - Will post as it progresses!

Will check in at lunch time.
Riding the same short

How far away is your trailing stop?

Colostarr Jun 10, 2011 12:36am | Post# 106

My stop is at the high of the signal candle. 1.06430. I placed a TP at 1.5686. Only because I am getting ready to head out until lunch time.

Do me a favor and post your trade as it progress's. This is my goal with this thread, but because of my week I have been unable.

Riding the same short

How far away is your trailing stop?

danbuttigieg Jun 10, 2011 12:37am | Post# 107

1 Attachment(s)
What do you think Colostarr?
Name:  GBPCHF.bmp
Views: 223
Size:  1.6 MB

danbuttigieg Jun 10, 2011 12:39am | Post# 108

My stop is at the high of the signal candle. 1.06430. I placed a TP at 1.5686. Only because I am getting ready to head out until lunch time.

Do me a favor and post your trade as it progress's. This is my goal with this thread, but because of my week I have been unable.
Mine too buddy.... off to shower and hit the desk

Colostarr Jun 10, 2011 12:40am | Post# 109

If I traded this pair, I would absolutely take that trade!!

I don't like the pair because of its high spread and it's tendancey to be volatile!

I am logging out now, class starts at 0500z. Have a good day!

Colostarr Jun 10, 2011 5:14am | Post# 110

At stop loss
 
Just in from lunch - have to leave in 10 minutes. Not a good sign to see the AUDUSD at -29 pips and 10 pips from SL. Like the GBPUSD trade the other day, not feeling the love!

My stop is at the high of the signal candle. 1.06430. I placed a TP at 1.5686. Only because I am getting ready to head out until lunch time.

Do me a favor and post your trade as it progress's. This is my goal with this thread, but because of my week I have been unable.

Colostarr Jun 10, 2011 6:35am | Post# 111

Back!
 
Class is OVER! Been a bad week for trading. Every good opportunity to take a positive trade has been missed and every rushed opportunity to take a trade has been taken and trade was a looser.

It seems like there were forces at work this week to prevent "proper" trade management.

For example. had I been in front of my computer, i could have moved my stop loss to each new low and would have been stopped at BE on the AUD USD trade. But as it were, I was not and now I am looking at a potential loss. Although the trade looks to be moving back in my favor.

Lesson - If you use this method, ensure that you are available in front of your computer to manage the trade from start to finish~! Or at least until you get pips locked in!

Colostarr Jun 10, 2011 6:45am | Post# 112

EURJPY
 
The EURJPY trade was a huge success!

Trade triggered in at 116.54
Stopp moved to the high of each subsequent candle until stopped out at 116.12

HOWEVER! Had I been in this trade, I would have stopped moving my stops once I was able to lock in 20 pips, just to see how for down it would go.

Pair is still going south and is now sitting at 115.79 or 75 pips banked!

Beautiful setup!

jon0 Jun 10, 2011 6:52am | Post# 113

5 Attachment(s)
Hallo

All my trades lossers-what is wrong?????


The EURJPY trade was a huge success!

Trade triggered in at 116.54
Stopp moved to the high of each subsequent candle until stopped out at 116.12

HOWEVER! Had I been in this trade, I would have stopped moving my stops once I was able to lock in 20 pips, just to see how for down it would go.

Pair is still going south and is now sitting at 115.79 or 75 pips banked!

Beautiful setup!
Click to Enlarge

Name: 2011-06-10_120620.png
Size: 20 KB
Click to Enlarge

Name: 2011-06-10_120728.png
Size: 17 KB
Click to Enlarge

Name: 2011-06-10_124327.png
Size: 22 KB
Click to Enlarge

Name: 2011-06-10_124558.png
Size: 20 KB
Click to Enlarge

Name: 2011-06-10_124800.png
Size: 17 KB

Colostarr Jun 10, 2011 6:58am | Post# 114

Interesting
 
1 Attachment(s)
The AUD USD has reversed and looks to want to close below the blue line. if it does I will set another sell stop per the rules at the bottom of this candle.
Click to Enlarge

Name: audusd.gif
Size: 43 KB

Colostarr Jun 10, 2011 7:19am | Post# 115

It did indeed close below the blue line. Sell stop set at 1.05970

The AUD USD has reversed and looks to want to close below the blue line. if it does I will set another sell stop per the rules at the bottom of this candle.

Colostarr Jun 10, 2011 8:32am | Post# 116

Wow
 
Wow,
Talk about terrible luck and a definite disregard for very basic rules.

Your entry for this method is= High/low of most current closed candle (that closed above/below blue line) plus the spread plus or minus 3 pips.

For buy stops it's plus 3 pips
For sell stops it's minus 3 pips

Example: look at the attached EURCHF chart. The arrow that is furtherst right. The low of that candle is 1.2251 the spread for that pair is 2 pips, the formula is the spread (2 pips) minus 3 pips = 5 pips

Low of candle is 1.2251 - 2 pips - 3pips (total of 5 pips) = Sell stop placed: 1.2246

You aren't placing Market orders are you? I hate to ask a very basic question here, but you DO know what a BUY and SELL stop is right?

Most of the charts you posted didn't have any valid setups. You say they were losers, which leads me to believe that you have been placing market orders??

If you continue to chase price like this you will drain your account.

Place your sell / buy stops and let price come to you.



Hallo

All my trades lossers-what is wrong?????

Colostarr Jun 10, 2011 8:32am | Post# 117

Sorry
 
1 Attachment(s)
Forgot to post the chart
Click to Enlarge

Name: eurchf.gif
Size: 48 KB

Colostarr Jun 10, 2011 8:37am | Post# 118

AUDUSD x2
 
1 Attachment(s)
Add on order just triggered in. Now have 2 active AUDUSD trades
Click to Enlarge

Name: audusd.gif
Size: 43 KB

Colostarr Jun 10, 2011 9:11am | Post# 119

MOved stop
 
1 Attachment(s)
Moved stop to 1.06209. Minimizing the risk and hoping price will continue southbound!
Click to Enlarge

Name: audusd.gif
Size: 43 KB

behman8850 Jun 10, 2011 9:46am | Post# 120

Moved stop to 1.06209. Minimizing the risk and hoping price will continue southbound!
Whats your take on NZD/USD at the moment?


© Forex Factory