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Simple Simon Balance Line Trading

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  • Post #2,321
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  • Apr 26, 2012 6:16am Apr 26, 2012 6:16am
  •  919gilead
  • Joined Jul 2010 | Status: Great hopes make great men | 2,027 Posts
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
 
 
  • Post #2,322
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  • Apr 26, 2012 7:38am Apr 26, 2012 7:38am
  •  johnami
  • | Joined Jul 2009 | Status: Member | 80 Posts
DDan, my skype id is johncmi. Thanks!
Read the entire thread BEFORE you ask questions!
 
 
  • Post #2,323
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  • Edited 8:02am Apr 26, 2012 7:49am | Edited 8:02am
  •  919gilead
  • Joined Jul 2010 | Status: Great hopes make great men | 2,027 Posts
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
Disliked
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
Ignored
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Low Risk Low Stress High Reward High Probability Trades
 
 
  • Post #2,324
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  • Apr 26, 2012 8:40am Apr 26, 2012 8:40am
  •  919gilead
  • Joined Jul 2010 | Status: Great hopes make great men | 2,027 Posts
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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  • Post #2,325
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  • Apr 26, 2012 8:57am Apr 26, 2012 8:57am
  •  919gilead
  • Joined Jul 2010 | Status: Great hopes make great men | 2,027 Posts
I'm short the Euro and the success of this trade will depend on the USD strength as Euro is already weak
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  • Post #2,326
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  • Apr 26, 2012 9:08am Apr 26, 2012 9:08am
  •  919gilead
  • Joined Jul 2010 | Status: Great hopes make great men | 2,027 Posts
Potential trade in CAJ on weakness & strength of both currencies
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Low Risk Low Stress High Reward High Probability Trades
 
 
  • Post #2,327
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  • Apr 26, 2012 11:16am Apr 26, 2012 11:16am
  •  919gilead
  • Joined Jul 2010 | Status: Great hopes make great men | 2,027 Posts
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
Disliked
I'm short the Euro and the success of this trade will depend on the USD strength as Euro is already weak
Ignored
Low Risk Low Stress High Reward High Probability Trades
 
 
  • Post #2,328
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  • Apr 26, 2012 5:35pm Apr 26, 2012 5:35pm
  •  919gilead
  • Joined Jul 2010 | Status: Great hopes make great men | 2,027 Posts
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
Disliked
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...
Ignored
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  • Post #2,329
  • Quote
  • Apr 27, 2012 9:16am Apr 27, 2012 9:16am
  •  919gilead
  • Joined Jul 2010 | Status: Great hopes make great men | 2,027 Posts
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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  • Post #2,330
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  • May 8, 2012 12:59am May 8, 2012 12:59am
  •  DapperDan59
  • | Joined Sep 2010 | Status: Member | 66 Posts
Quoting jon0
Disliked
Here is the chart
Ignored
When the market consolidates no system is really reliable...
Stay away from this type of market condition... It will kill your account!!!
 
 
  • Post #2,331
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  • Mar 25, 2013 11:39am Mar 25, 2013 11:39am
  •  DapperDan59
  • | Joined Sep 2010 | Status: Member | 66 Posts
Have decided to do some testing on this strategy, here is a trade from tonight on the cadjpy
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  • Post #2,332
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  • Mar 25, 2013 12:51pm Mar 25, 2013 12:51pm
  •  DapperDan59
  • | Joined Sep 2010 | Status: Member | 66 Posts
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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  • Post #2,333
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  • Mar 25, 2013 2:42pm Mar 25, 2013 2:42pm
  •  Tedge UK
  • | Joined Dec 2010 | Status: Member | 698 Posts
Quoting DapperDan59
Disliked
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.
Ignored
nive trade Dapper
 
 
  • Post #2,334
  • Quote
  • Aug 29, 2014 12:52pm Aug 29, 2014 12:52pm
  •  Titch
  • | Commercial Member | Joined Jun 2011 | 362 Posts
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
 
 
  • Post #2,335
  • Quote
  • Dec 22, 2015 9:59am Dec 22, 2015 9:59am
  •  soha
  • | Joined Dec 2015 | Status: Junior Member | 1 Post
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?
 
 
  • Post #2,336
  • Quote
  • Jan 25, 2018 11:06am Jan 25, 2018 11:06am
  •  KashifNawaz
  • Joined Oct 2016 | Status: Member | 568 Posts
Quoting soha
Disliked
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?
Ignored
How come you read 117 pages out of total 78 pages :-D
Grid / Martingale / Hedge Lover
 
 
  • Post #2,337
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  • Jan 28, 2018 9:53pm Jan 28, 2018 9:53pm
  •  johr
  • | Joined Dec 2017 | Status: Member | 13 Posts
Quoting Colostarr
Disliked
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...
Ignored
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
 
 
  • Post #2,338
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  • Jan 9, 2019 9:31pm Jan 9, 2019 9:31pm
  •  joshuayip
  • | Joined Aug 2014 | Status: Member | 120 Posts
Quoting mfinab
Disliked
{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}
Ignored
Does anyone have an updated version of this ? It does not work on the latest Mt4
 
 
  • Post #2,339
  • Quote
  • Last Post: Jan 10, 2019 4:32am Jan 10, 2019 4:32am
  •  Ladzius
  • | Joined Nov 2013 | Status: Trader | 50 Posts
Quoting joshuayip
Disliked
{quote} Does anyone have an updated version of this ? It does not work on the latest Mt4
Ignored
Good luck!
Attached File(s)
File Type: ex4 !SS Balance Line with Alert.ex4   30 KB | 225 downloads
 
 
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