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Simple Simon Balance Line Trading

Got few setups triggered among the Yen pairs, and was anticipating reversals on the majors too. EU already approaching the BL.

I'm short the EJ & up 13+ pips already which was initially over 20 pips. Let's see what happens.

George
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Low Risk Low Stress High Reward High Probability Trades
DDan, my skype id is johncmi. Thanks!
Read the entire thread BEFORE you ask questions!
Took my 13 pip profit when PA could not close below my MTF MA support and the currency strength meter showing weakness in the pair too. Should have closed trade with about 35+ pips but entered a bit late as my MT4 temporarily froze for some few minutes when my alert when off @ 107.30 and expected entry was break of the session low @ 107.25. Will perfect my entry with more trades under my belt.


Quoting 919gilead
Got few setups triggered among the Yen pairs, and was anticipating reversals on the majors too. EU already approaching the BL.

I'm short the EJ & up 13+ pips already which was initially over 20 pips. Let's see what happens.

George
Attached Image
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I missed this trade as I did not bother to set an alert on it because I was more focused on EU, UCH, EJ & CHJ. It is always good to use alerts in monitoring potential trades on all setups, so we can cherry pick when the alerts come ringing. This was one of the potential trades identified at the beginning of the Lndn session.

Good trading to all

George
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Low Risk Low Stress High Reward High Probability Trades
I'm short the Euro and the success of this trade will depend on the USD strength as Euro is already weak
Attached Image (click to enlarge)
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Potential trade in CAJ on weakness & strength of both currencies
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Low Risk Low Stress High Reward High Probability Trades
Just woke up to a 24 pip loss in the Euro but I am somehow still bearish the Euro unless the high is taken out. Again my entry was prematured as no close below the candle crossing the BL but I normally don't wait for candle close if I get strong CSM confirmation and already have cross of green MTF MA. This was however not a strong CSM as USD was #3 on the list and was not above 6 in value.

I'm not giving an excuse but highlighting my mistakes so I can learn for the next trade. One mistake we all make is to be fixed on trading the Euro or some low spread pairs and this was what made me opt for the EU instead of re-entering the EJ or selling the CHJ or CAJ or NJ as the JPY was solidly strong and these other currencies (CHF, CAD, NZD) were dropping and getting weaker. Anyway, lesson learnt.

Happy pipping

George


Quoting 919gilead
I'm short the Euro and the success of this trade will depend on the USD strength as Euro is already weak
Low Risk Low Stress High Reward High Probability Trades
Pair fails to break prior high and I continue to be bearish the Euro and all the major pairs. We have possible trade setup on all the majors - GU, UCH, UCA, NU and possibly UJ except AU, but need liquidity for movement. So if USD strengthens during the Asian session, and these currencies weaken, I will expect ST reversal or retracement to either the 38.2 or 61.8 FR levels. Will be watching.

Cheers,

George

Quoting 919gilead
Just woke up to a 24 pip loss in the Euro but I am somehow still bearish the Euro unless the high is taken out. Again my entry was prematured as no close below the candle crossing the BL but I normally don't wait for candle close if I get strong CSM confirmation and already have cross of green MTF MA. This was however not a strong CSM as USD was #3 on the list and was not above 6 in value.

I'm not giving an excuse but highlighting my mistakes so I can learn for the next trade. One mistake we all make is to be fixed on trading the Euro or some...
Attached Image (click to enlarge)
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Euro reaches the 61.8FR level and reverses to continue its upward move. Slept in today, and missed the move.

Have great week-end all

Cheers, and God bless

George
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Low Risk Low Stress High Reward High Probability Trades
Quoting jon0
Here is the chart
When the market consolidates no system is really reliable...
Stay away from this type of market condition... It will kill your account!!!
Have decided to do some testing on this strategy, here is a trade from tonight on the cadjpy
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Trade update, now closed.
Just noticed an error on the chart. The close was actually below the coloured box, not the top as indicated.
I did not want to give any profits back and had a 20 pip trailing to begin with then changed in the later stages to a 15 pip trailing.
There were going to be talks this morning from Bernanke, so it was nice to take it off the table.
There are trading ops all the time, I never get married to my trades.
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Quoting DapperDan59
Trade update, now closed.
Just noticed an error on the chart. The close was actually below the coloured box, not the top as indicated.
I did not want to give any profits back and had a 20 pip trailing to begin with then changed in the later stages to a 15 pip trailing.
There were going to be talks this morning from Bernanke, so it was nice to take it off the table.
There are trading ops all the time, I never get married to my trades.
nive trade Dapper
Titch is back!
I can't believe this thread is not still going! This is one of the easiest methods out there to get you in to looking at price action.
Simple method that can be built upon.
Happy trading all. Titch
I just finished reading 117 pages of this thread!! Seems like a great method to trade forex! Any chance we could get this thread going again?
Quoting soha
I just finished reading 117 pages of this thread!! Seems like a great method to trade forex! Any chance we could get this thread going again?
How come you read 117 pages out of total 78 pages :-D
Grid / Martingale / Hedge Lover
Quoting Colostarr
Check out the attached USDJPY chart. This is an excellent example of the power of this Simple Simon method. I count at least 7 winners on the chart, I documented 5 of the winners. Follow the trades incrementally starting at 1. There are 2 tap trades at the bottom. A key component to anyone’s trading style is knowing when a trend is coming to an end. Until now, how did you know it was coming to an end? You really didn’t. How did you know that it might continue? You didn’t. One look at any one of these trades gave you a STRONG hunch of the direction...
Hi
I recently came across your thread. Nice simple strategy.
I cannot understand that how you exit. I read you have written that you trail the last one or 2 candles. But when i see your marked trades, the exit does not follow that rule. Le me know if I missing something.
Please explain in above chart how you have trailed your stop till the exit.
thanks
Quoting mfinab
{quote} Hi The7, Here is the indicator that has arlready been post in this thread few weeks ago. You need to copy that file in your Mt4 Program File /experts/indicators Restart the MT4 and slide it to your chart. Mfinab, {file}
Does anyone have an updated version of this ? It does not work on the latest Mt4
Quoting joshuayip
{quote} Does anyone have an updated version of this ? It does not work on the latest Mt4
Good luck!
Attached File(s)
File Type: ex4 !SS Balance Line with Alert.ex4   30 KB | 225 downloads
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