Simple Simon Balance Line Trading | Page 13 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

My way of trading by Using trend line , BL line & febo level 76 replies

Simple Horizontal Line Trading H1 87 replies

Programmers: Simple SendMail Line. Please Help 15 replies

Attachments: Simple Simon Balance Line Trading
Exit Attachments

Simple Simon Balance Line Trading

  • #241
  • Jun 13, 2011 12:41pm Jun 13, 2011 12:41pm
EDIT EURJPY taken out +16 pips

5 trades, 5 wins 130 pips


Quoting Colostarr
EDIT USDJPY taken out +10 pips
EURJPY still alive +30 pips

5 trades 5 wins currently up 144 pips
  • #242
  • Jun 13, 2011 12:49pm Jun 13, 2011 12:49pm
You learn well Grasshopper - soon it will be "time for you to leave"

Ride them through - to help, I recommend posting your charts as they progress. This will help with the urge to close when (if) your trades go into profit. Lock your profits in or move stop to BE as soon as you can.

manage the risk through and through

Next you must learn to "ride the wave" grasshopper

Quoting macada
A wise man once said "Let the price come to you" so i do. Both triggered in
  • #243
  • Jun 13, 2011 12:52pm Jun 13, 2011 12:52pm
I sold A/U and took +13. I saw +12 on U/J sell but didn't take it.
  • #244
  • Jun 13, 2011 12:53pm Jun 13, 2011 12:53pm
GBP/USD & GBP/JPY next setup?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy.jpg Size: 102 KB
Click to Enlarge Name: gbpusd.jpg Size: 100 KB
  • #245
  • Jun 13, 2011 12:56pm Jun 13, 2011 12:56pm
AUDUSD doesn't look so friendly anymore. Time for me to crash out. 10 pips from stop, will see what it did in the AM. That resistance is strong, I was really hoping for a 100% win ratio today
  • #246
  • Jun 13, 2011 1:07pm Jun 13, 2011 1:07pm
Quoting Colostarr
AUDUSD doesn't look so friendly anymore. Time for me to crash out. 10 pips from stop, will see what it did in the AM. That resistance is strong, I was really hoping for a 100% win ratio today
Some trades from today.What is wrong there????
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2011-06-13_194211.png Size: 19 KB
Click to Enlarge Name: 2011-06-13_194319.png Size: 21 KB
Click to Enlarge Name: 2011-06-13_194419.png Size: 21 KB
Click to Enlarge Name: 2011-06-13_195337.png Size: 22 KB
Click to Enlarge Name: 2011-06-13_195432.png Size: 20 KB
Click to Enlarge Name: 2011-06-13_195918.png Size: 19 KB
Click to Enlarge Name: 2011-06-13_195950.png Size: 20 KB
  • #247
  • Jun 13, 2011 1:49pm Jun 13, 2011 1:49pm
Quoting Colostarr
EDIT USDJPY taken out +10 pips
EURJPY still alive +30 pips

5 trades 5 wins currently up 144 pips
Colostarr,dont close the thread i read every post you send,unfortunatley im out most of the day but i really love your system
  • #248
  • Jun 13, 2011 2:20pm Jun 13, 2011 2:20pm
Quoting Colostarr
Anyone catch the bounce off the blue line for the EURJPY?? Another strong move.

I tell you i have never missed so many trades. I could be up well over 100 pips today!

Codemeister if you are reading this, can you help with the alert indicator you recommended the other day. It keeps telling me that price is approaching 10 MA??

Can you help coding where it says "Pricey is approaching the yummy blue line?"

The alert was written a year ago, so it is meant for any system with an MA cross, which is why the message is generic. The 10 MA is the default, change the inputs to look like this. I am testing a new one to monitor multiple currency pairs.

I caught the Swissy short earlier.
Attached Image
  • #249
  • Jun 13, 2011 2:25pm Jun 13, 2011 2:25pm
Hi all.
I have just joined today after being a member on another forum for a few years but was getting annoyed with the amount of internet marketers appearing all the time and ruining things for true traders. I must say this is a great strategy, many thanks colostarr. I trade full time in the uk so will be on here most days and am looking forward to sharing experiences.
Happy trading all
Titch
Happy trading all. Titch
  • #250
  • Jun 13, 2011 2:44pm Jun 13, 2011 2:44pm
Quoting jon0
Some trades from today.What is wrong there????
Hi Jon0
Had you been in profit then moved your S/L to scratch? If not I would have said that your S/L may have been in the wrong place. Any strategy I trade I move my S/L to break even plus spread as soon as I can as my chain of thought is that I may get stopped out at break even but you can always re enter the trade rather than taking a loss. I would have put my S/L at the high of the signal candle + spread and 3 pips as per colostarrs rules. Then move to scratch as soon as possible. The art of trading in my experience is knowing when to exit or take partial profits which only comes with experience. Did you get a bounce off of the bounce line after this trade because if you did you can always re enter if you have been stopped out at scratch.
Also bear in mind not all trades are winners but as long as you win more than you loose then you are winning!
I hope this helps
Titch
Happy trading all. Titch
  • #251
  • Jun 13, 2011 3:29pm Jun 13, 2011 3:29pm
Thanks Colostar for all the effort you have made on this forum to date. I appreciate it. I have to say i like this method. I just wanted to ask if you every tried to bring the multi time frame dimension into this i.e. wait for a signal on the 4h before pulling the trigger on the 1 hr?

Cheers
Paul
  • #252
  • Jun 13, 2011 9:50pm Jun 13, 2011 9:50pm
I actually took the GBPJPY bounce trade. Not sure what you are looking at on GBPUSD

Quoting dynel14
GBP/USD & GBP/JPY next setup?
  • #253
  • Jun 13, 2011 9:53pm Jun 13, 2011 9:53pm
Well said Titch. Jon0 hasn't been back since he posted those charts. I think he may have been entering true market orders and not buy/sell stops

Quoting Titch
Hi Jon0
Had you been in profit then moved your S/L to scratch? If not I would have said that your S/L may have been in the wrong place. Any strategy I trade I move my S/L to break even plus spread as soon as I can as my chain of thought is that I may get stopped out at break even but you can always re enter the trade rather than taking a loss. I would have put my S/L at the high of the signal candle + spread and 3 pips as per colostarrs rules. Then move to scratch as soon as possible. The art of trading in my experience is knowing when to exit or...
  • #254
  • Jun 13, 2011 9:55pm Jun 13, 2011 9:55pm
That is an interesting concept Paul. I have not tried it that way. Actually if nothing else I use the 4H to help confirm the 1H trigger. If you try it, please post your charts and your methodology.

Quoting paulmccarthy
Thanks Colostar for all the effort you have made on this forum to date. I appreciate it. I have to say i like this method. I just wanted to ask if you every tried to bring the multi time frame dimension into this i.e. wait for a signal on the 4h before pulling the trigger on the 1 hr?

Cheers
Paul
  • #255
  • Jun 13, 2011 9:57pm Jun 13, 2011 9:57pm
Thanks Flamenco143,
That is an excellent question. I use a 5 digit broker, but ALWAYS ignore the 5th digit for entry (hell I always ignore the 5th digit anyway). For purposes of this method assume 4 digits

Quoting Flamenco143
Colostarr: Am working my way thru the thread so I apologize if this has been answered already - but I'm a little confused on the 'spread + 3 pip' rule. Is the 3 pips for 4 or 5 digit broker, as we'd need 30 pips I'm assuming with a 5 digit broker? Balanced Line Trade is the first system I've seen here in a long time that's got me excited!
  • #256
  • Jun 13, 2011 10:12pm Jun 13, 2011 10:12pm
So last night before I crashed out - I noticed the very large bearish divergent candle that closed over the blue line. Being too tired to stay awake any longer, and being aggravated by the amount of trades I missed yesterday I made an assumption.

NOTE: Newbies should not try this home unless you are completely confidant that the trade will go in your favor.

Based on the average true range of the divergent candle, I placed a sell stop where I "ASSUMED" the next candle would close. Turns out I wasn't too far off and the signal candle ended up being the trigger candle in at .97622

Anyway, I woke up this morning to see that the trade was up +23 pips. I moved stop to lock in 10 pips and am now comfy with this trade.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 43 KB
  • #257
  • Jun 13, 2011 10:21pm Jun 13, 2011 10:21pm
Took the bounce trade off the blue line for the GBPJPY last night. I guess it was a good thing I was asleep or I would have closed the trade too early and left some pippages on the table.

As it were, I locked in the stop at +51 pips and am now comfy with this trade
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 36 KB
  • #258
  • Jun 13, 2011 10:38pm Jun 13, 2011 10:38pm
Sorry,
I posted this chart from my demo account, doesn't show trade lines. Tunnel vision, sleep deprivation and a lack of coffee - will pay closer attention in the future!

Quoting Colostarr
Took the bounce trade off the blue line for the GBPJPY last night. I guess it was a good thing I was asleep or I would have closed the trade too early and left some pippages on the table.

As it were, I locked in the stop at +51 pips and am now comfy with this trade
  • #259
  • Jun 13, 2011 10:43pm Jun 13, 2011 10:43pm
Still got the jist of it anyway, very nice work.
  • #260
  • Jun 13, 2011 10:43pm Jun 13, 2011 10:43pm
EDIT: Yesterday's trades

AUDUSD stopped for a loss -37 pips
EURUSD stopped for a loss -49 pips

Too many variables went wrong with these trades. 1. Bank Holiday's 2.low volatility 3.poor angle. SHould have just stayed away

7 trades 5 wins = +44 pips

Quoting Colostarr
EDIT EURJPY taken out +16 pips

5 trades, 5 wins 130 pips
0 traders viewing now