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Simple Simon Balance Line Trading

  • #61
  • Jun 7, 2011 11:21pm Jun 7, 2011 11:21pm
Good system, thank colostar for your sharing.

pipdude pls. share indicator.

Thanks,
  • #62
  • Jun 7, 2011 11:29pm Jun 7, 2011 11:29pm
The re-assuring aspect of the USDCAD trade is that on the 4H the candle closed above the blue line, and is in an obvious up channel.

The scary thing is I have to step away from computer today and leave this trade running. I have a class to attend from 0500 z to 1000 z.

We shall see!

You'll notice on the chart I have a pending sell stop just below my stop loss. I do this when I know I will be away from the computer for an extended period of time. Otherwise I don't "Stop and reverse" this method unless there is a good signal!
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 41 KB
  • #63
  • Jun 8, 2011 12:27am Jun 8, 2011 12:27am
nzdusd triggered a long [blue], then a short [yellow], entry and exit.
Attached Image (click to enlarge)
Click to Enlarge Name: abo.gif Size: 15 KB
  • #64
  • Jun 8, 2011 12:40am Jun 8, 2011 12:40am
Quoting orionfx
Good system, thank colostar for your sharing.

pipdude pls. share indicator.

Thanks,
here's indicator
Attached File(s)
File Type: mq4 ma cross color bars.mq4   4 KB | 888 downloads
  • #65
  • Jun 8, 2011 12:47am Jun 8, 2011 12:47am
I will backtest this strategy.

Thanks Colostarr for sharing it!
  • #66
  • Jun 8, 2011 1:38am Jun 8, 2011 1:38am
Hi Colostarr,

Thanks for sharing a simple system.... I would like ask whether in your eyes the above would have qualified as possible trades (in attachment)

Regards,

Daniel
Attached Image
  • #67
  • Jun 8, 2011 4:25am Jun 8, 2011 4:25am
Daniel,
Yes they both would have qualified for a valid set up. The first would have resulted in a loss. But if you would have entered short on the subsequent bearish divergent candle you could have rode that wave, made up for your loss and banked a few pips. The second arrow I know first hand about. I took it yesterday and banked 17 pips

Hope this helps

Quoting danbuttigieg
Hi Colostarr,

Thanks for sharing a simple system.... I would like ask whether in your eyes the above would have qualified as possible trades (in attachment)

Regards,

Daniel
  • #68
  • Jun 8, 2011 5:03am Jun 8, 2011 5:03am
Quoting Colostarr
Daniel,
Yes they both would have qualified for a valid set up. The first would have resulted in a loss. But if you would have entered short on the subsequent bearish divergent candle you could have rode that wave, made up for your loss and banked a few pips. The second arrow I know first hand about. I took it yesterday and banked 17 pips

Hope this helps
Excellent .... thanks for this and we look forward to you posting more successful setups that we can all learn from

Tried the 15m. TF but got bitten a couple of times... back to the 1hr TF as you recommended

Thanks,

Daniel
  • #69
  • Jun 8, 2011 6:28am Jun 8, 2011 6:28am
Because I wasn't at my computer for the entire duration of this trade, and I knew I would be leaving again, I closed this trade on my own at .9811.

Notice the signal bar and how it BROKE through the blue line? This is part of the reason why I am leery of a bar that closes so far away from the blue line, price tends to retrace after a BIG break through, and this was no exception.

The trade went south for the next 5 hours after it triggered, and then spiked up. When I returned to the computer and saw that I had +18 pips banked, after 6 hours of struggling - I took it.

There will be times that you should use your best judgement. If I hadn't closed this trade, my stop would be at .9794 or 1 pip above my entry price.

I suppose it could still continue north, but I closed the trade, now I look for a bounce or another signal all together. The premise of the original signal is now over.

See attached chart.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 43 KB
  • #70
  • Jun 8, 2011 6:46am Jun 8, 2011 6:46am
Colostarr,

how do you set your profit targets or trailing stops if you don't close the trade manually?

Cheers.
  • #71
  • Jun 8, 2011 7:29am Jun 8, 2011 7:29am
Couple of things to note with this trade. As I stated earlier, I set the sell stop and then left for the next 6 hours. Had I been here I would have moved my pending sell stop incrementally with the close of each new candle, so that when it DID trigger I would have been in position to capture more pips.

As it were it triggered from my sell stop and when I returned briefly to the computer to see that I was up 22 pips, and knowing I had to leave again, I just closed the trade and took the pips.

You'll notice from the chart that every trade is not as black and white as simply moving your stop to the next candle. Had I been here I guarantee I would still be in this trade which is floating around 1.6366 right now or +31 pips.

Good learning experience here. But as anything, I closed it and the original premise of the trade is now over - we move on!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 51 KB
  • #72
  • Jun 8, 2011 7:41am Jun 8, 2011 7:41am
See my reply in post 71. I have no black and white method. Most of the time I simply move my stops to the next candle high/low once the trade goes into profit.

75% of the time, trailing my stops like this is the preferred method. I also rely on several other methods, colors of the AO and AC, volatility pivot points, just things I have picked up in my time as a trader.

I've been actively trading for 6 years now, so I do in large part rely on the intangible and invaluable trading experience.

Until you get the jist of this method, I recommend using a moving trailing stop, or simply go with your gut.

In 2 trades today I closed outside method rules, and banked 40 pips, were there still pips out there? Sure there was, but I closed so I move on to the next signal.

I know this isn't the answer you wanted to see but as you can see from my post #71, there will be trades that aren't black and white!


What I like about this method is the entry method, there aren't many out there as black and white as this method. Entry is EASY, exiting is where you find out what kind of trader you are!

Quoting Olarion1975
Colostarr,

how do you set your profit targets or trailing stops if you don't close the trade manually?

Cheers.
  • #73
  • Jun 8, 2011 7:47am Jun 8, 2011 7:47am
Most arent so patient, but you want to see this method get even stronger? Make yourself trade the 4 h chartsfor a week - Trends are MASSIVE and profits are sometimes quadrupled from the 1h tf.

Quoting danbuttigieg
Excellent .... thanks for this and we look forward to you posting more successful setups that we can all learn from

Tried the 15m. TF but got bitten a couple of times... back to the 1hr TF as you recommended

Thanks,

Daniel
  • #74
  • Jun 8, 2011 7:48am Jun 8, 2011 7:48am
pipdude - You rock! Thank you!

Quoting pipdude
here's indicator
  • #75
  • Jun 8, 2011 10:30am Jun 8, 2011 10:30am
Anyone notice how you can get a quicker entry when the green line is used?
  • #76
  • Jun 8, 2011 10:46am Jun 8, 2011 10:46am
Continued using this simple strategy today. + 20 pips on USDCAD & +45 pips on EURUSD. Bought USDCAD @ .9790. Sold EURUSD @ 1.4612.

I use support/resistance levels as my profit targets. Hence the limited pips.

I have found that if the Balance Line on the 4 hour chart and 1 hour chart are in confluence the probability of trade success increases.

I focus on trading breakouts... but the simplicity of this system caught my attention and it has great potential.
  • #77
  • Jun 8, 2011 12:01pm Jun 8, 2011 12:01pm
Quoting Colostarr
I’ve recently added this system to my arsenal of trading techniques. The method is extremely simple yet highly effective.


The system is derived from “Bill Williams Balance Line trading” and is a variation of his system. I am aware that there are other threads covering Bill Williams and his systems; this is a “Variation” of the 5th Dimension (Balance line trading) as I have been trading it.



Please do us all a favor and DO NOT POST a reply to this thread saying “Isn’t this already posted somewhere else?” I’ve searched the forum and...


colostarr

where can i got hold of all the indicators on your charts ? can you post them here ...
  • #78
  • Jun 8, 2011 2:06pm Jun 8, 2011 2:06pm
Quoting Colostarr
pipdude - You rock! Thank you!
Why does it not work on USD-CHF?

  • #79
  • Jun 8, 2011 2:10pm Jun 8, 2011 2:10pm
Here is the chart


Quoting jon0
Why does it not work on USD-CHF?

...
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-06-08_210906.png Size: 21 KB
  • #80
  • Jun 8, 2011 2:27pm Jun 8, 2011 2:27pm
Quoting Colostarr
The re-assuring aspect of the USDCAD trade is that on the 4H the candle closed above the blue line, and is in an obvious up channel.

The scary thing is I have to step away from computer today and leave this trade running. I have a class to attend from 0500 z to 1000 z.

We shall see!

You'll notice on the chart I have a pending sell stop just below my stop loss. I do this when I know I will be away from the computer for an extended period of time. Otherwise I don't "Stop and reverse" this method unless there is a good signal!
A couple of candles before the 4H marked candle however, the bar closed BELOW the blue line..... how come you didn't short this pair?
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