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Simple Simon Balance Line Trading

  • #81
  • Jun 8, 2011 2:34pm Jun 8, 2011 2:34pm
Quoting jon0
Here is the chart
It works on all currency pairs jon0.... just the one you are looking at is not an appropriate setup

What I can say is that I reopened my account at the start of the week, wiped around 20% of it out, and already regained more than 10% using this simple system !

Thank you

Keep those setups coming! Food for the brain! (and the eyes!)

Daniel
  • #82
  • Jun 8, 2011 2:49pm Jun 8, 2011 2:49pm
jon0,
You actually answered your own question when you posted your chart. Go back to post #1 and read the rules again.
USDCHF is RANGE BOUND!

Move away from this pair and pick another pair.

This method does not work for any pair that is as range bound as USDCHF right now.

Give it time to move away from the blue line.

Please carefully read the rules before posting range bound charts.

Quoting jon0
Here is the chart
  • #83
  • Jun 8, 2011 2:51pm Jun 8, 2011 2:51pm
Because I trade the hourly charts. I simply used the EXISTING 4 hour candle as a confirmation for my hourly trade. Sorry for the confusion.


Quoting danbuttigieg
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?
  • #84
  • Jun 8, 2011 2:52pm Jun 8, 2011 2:52pm
Still unsure at times whether it's going to continue with the trend, or reverse back So I'm still hesitant at times to pull the guns.....

Daniel
Attached Image
  • #85
  • Jun 8, 2011 2:55pm Jun 8, 2011 2:55pm
Quoting Colostarr
jon0,
You actually answered your own question when you posted your chart. Go back to post #1 and read the rules again.
USDCHF is RANGE BOUND!

Move away from this pair and pick another pair.

This method does not work for any pair that is as range bound as USDCHF right now.

Give it time to move away from the blue line.

Please carefully read the rules before posting range bound charts.

Thank you for Answere.I am Germanspeaker,it is difficult to understand it in english for me.
  • #86
  • Jun 8, 2011 6:59pm Jun 8, 2011 6:59pm
nzdusd long triggered at 2300 hour gmt, will post chart when i exit. also, waiting for gbpusd to trigger.
  • #87
  • Jun 8, 2011 8:18pm Jun 8, 2011 8:18pm
Thanks Colostarr. This is one of the best and simple strategy I have come across.

Thank you all for your contribution to the forum. All the charts and discussion really helps.

Just closed a/j with +15 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy_jun8.jpg Size: 112 KB
  • #88
  • Jun 8, 2011 9:59pm Jun 8, 2011 9:59pm
Ferndog,
Please don't offer up any variations of the rules.

Quoting ferndog
Anyone notice how you can get a quicker entry when the green line is used?
  • #89
  • Jun 8, 2011 10:12pm Jun 8, 2011 10:12pm
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 – can you concur to that?

Example: The 2 tap trades that I highlighted closed below the blue line and were clearly bearish in nature. So you have a tap off the blue line after a slight upward swing, candle closes bearish divergent and the pair is in a down trend?

You can clearly see that you now have a WIN WIN trade scenario.
1. Tap off blue line
2. Bearish divergent candle
3. Downward continuation in a STRONG downtrend
3 out of 3 indications that the trend is about to continue. I promise you this 99% of the time: big profits in your pip bank!
I missed the last 2 tap trades – but I can tell you this – Had I been around to catch them, I might have doubled or even tripled my lot count for entry here.

Any questions?
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 32 KB
  • #90
  • Jun 8, 2011 10:17pm Jun 8, 2011 10:17pm
Which indicators are you referring to??

Quoting whatfx
colostarr

where can i got hold of all the indicators on your charts ? can you post them here ...
  • #91
  • Jun 8, 2011 10:25pm Jun 8, 2011 10:25pm
danbuttigieg,
Read post 89 - should help you with entry. The key to entry is to let price come to you. Stop using the mind set that YOU have to pull the trigger.

You set your entry and let price trigger you into the trade. If you follow the rules and set your stop loss (no more than 5% of your balance), then you assume the risk of the trade. Let price do the rest.

Once you get triggered into the trade then it is your job as a trader to manage the trade, good bad or in-different.

Read post 89 - should help you immensely with entry

Quoting danbuttigieg
Still unsure at times whether it's going to continue with the trend, or reverse back So I'm still hesitant at times to pull the guns.....

Daniel
  • #92
  • Jun 8, 2011 10:27pm Jun 8, 2011 10:27pm
Sorry I guess I already replied to this post

Quoting danbuttigieg
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?
  • #93
  • Jun 8, 2011 10:28pm Jun 8, 2011 10:28pm
very welcome Mary!

Quoting mary27
Thanks Colostarr. This is one of the best and simple strategy I have come across.

Thank you all for your contribution to the forum. All the charts and discussion really helps.

Just closed a/j with +15 pips.
  • #94
  • Jun 8, 2011 10:35pm Jun 8, 2011 10:35pm
Last night I couldn't sleep, so I thought I would see if there were any trades available. I am fond of the bounce trades.

I am not fond of a signal that triggers too far away from the balance line.

Against my better judgement, I took the trade and got triggered in. Currently about 5 pips from my stop loss level.

This was a bad idea - Note to self never place trades when your eyes are tired, always apply your own rules.

Not every trade wins. I will post both winners and losers as they occur
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 44 KB
  • #95
  • Jun 8, 2011 10:42pm Jun 8, 2011 10:42pm
Mary,
I just looked at your chart. Your entry was in-accurate. You should set your buy and sell stops at the close of the candle that crosses the blue line. I don't usually trade the A/J but I have to ask: why did you exit?

I just looked at the chart. That pair scares me. Very volatile and spread is too high.

Just my 2 cents - I would stay away from the A/J!!

Quoting mary27
Thanks Colostarr. This is one of the best and simple strategy I have come across.

Thank you all for your contribution to the forum. All the charts and discussion really helps.

Just closed a/j with +15 pips.
  • #96
  • Jun 8, 2011 11:10pm Jun 8, 2011 11:10pm
I will be in a Management class all day today 0500z to 1500z. Post your questions and when I return I will answer every post!

Last night (during my night of sleeplessness) I had an Epiphany. I'll mark up a chart and share with you all tonight. Will help immensely with improving entry!
  • #97
  • Jun 8, 2011 11:21pm Jun 8, 2011 11:21pm
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...

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?
Attached Image
  • #98
  • Jun 8, 2011 11:31pm Jun 8, 2011 11:31pm
I know I've not discussed the AC or AO Oscillators in this thread, if you get a chance get a hold of Bill Williams Book Trading Chaos Second edition and read the section about the oscillators. It will explain.

In a nutshell the AC oscillator has applied the brakes to the upward momentum (at least for now). Two consecutive red bars tells me that maybe momentum is shifting down.

I still have hope for this trade albight very slim at the moment

It sucks because this will be the only trade I can make today
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 46 KB
  • #99
  • Jun 8, 2011 11:54pm Jun 8, 2011 11:54pm
Thanks Colostarr for the analysis. That helps a lot. I don't trade A/J. I am still very new to Forex and still learning. I want to stay with e/u, g/u and e/j. I'll learn more from reading your charts to look for setups.

Thanks
  • #100
  • Jun 9, 2011 6:26am Jun 9, 2011 6:26am
Do you use default settings for the oscillators? Thank you for you work here, very generous. p.
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