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Simple Simon Balance Line Trading

  • #301
  • Jun 14, 2011 6:34am Jun 14, 2011 6:34am
Hi

yes you are in negative pips at the moment but none of them are losers as they haven't hit the SL yet.

trades especially on longer tf's like 1hr and above need time to breathe.

Although on your first picture of USDCAD you might have been better waiting for a move away from the blue line then back to it before taking the trade as this pair had been straddling the blue line for several hours.

Regards, John



Quoting jon0
I am not sure is that a fake.All other make gains????
When i send a chart...... may be your stops ....bla bla...bla...
But i set them only so as in the rules are.The next lossers.Could i get a answere,what is and what is wrong,please?
  • #302
  • Jun 14, 2011 6:35am Jun 14, 2011 6:35am
Jon0,
I would love to help. But please help me to help you. Kindly post 1 chart at a time and try to explain how you took your trades. When you post 5 or 6 charts, it makes it difficult for me to formulate a good answer for you.

From the charts you posted today these are the pairs that to me, are going crazy with no general immediate trend. They are up 2 hours, then down 2 hours - they are just OFF today.

Read post #133 again. You should wait for price to pull away from the blue line, and then approach it again with good angle.

I lost 2 trades yesterday (E/U - A/U) due to taking them with poor angle's.

Bottom line is you will experience losses, but if you take the trades right your wins will far outweigh your losses.

Quoting jon0
I am not sure is that a fake.All other make gains????
When i send a chart...... may be your stops ....bla bla...bla...
But i set them only so as in the rules are.The next lossers.Could i get a answere,what is and what is wrong,please?
  • #303
  • Jun 14, 2011 6:37am Jun 14, 2011 6:37am
The reason I wouldn't have taken that long is because the candle that closed above the blue line was extremely bearish and screamed reversal. Although this pair has been tough to manage lately.

Quoting Phiksalamuk
I'm long USDCHF...
  • #304
  • Jun 14, 2011 6:47am Jun 14, 2011 6:47am
The premise of setting a stop loss is you stating your risk tolerance. If you don't like a stop loss level you should tighten your stops. Otherwise, never close a trade until price comes to your stop loss and takes it out for you.

Go back and look at the AUD/USD trade I took last week. Price moved to within 5 pips of my stop loss, and reversed. The subsequent candle closed below the blue line and I placed a 2nd sell stop, which triggered. I then rode 2 shorts for about 75 pips profit - after JUST missing my stoploss.

My message to you is this, if you can't afford the risk, you shouldn't place the trade. If you place your stop loss, leave it alone, leave the trade alone until it stops out or moves into profit.

What I have done in the past, is to tighten my stop when I can to minimize risk, otherwise I lay 5% risk and "Let it ride"

You enter a trade by rules, you should exit by rules, closing a trade before it is meant to be closed, could cause you loss when it wasn't necessary, especially if price reverses in your favor (after you closed it for a loss) tch, tch.

Quoting Phiksalamuk
Thanks Tiitch. Negative territory so far. If it doesn't bounce on previous resistance, will close the trade.
  • #305
  • Jun 14, 2011 6:48am Jun 14, 2011 6:48am
Hi raxxxx0r
I am using this live on my live account. I trade full time for a living usually using S/R. If you use this in conjunction with S/R and price action it is very powerful. I normally use S/R with a 50EMA and pure price action. This works even better than a 50EMA. Just deleted 50EMA off.
Colostarr is right this is a great and powerful strategy to add to the toolbox. I also trend trade for longer term but Colostarrs method is so simple it works.

The only real difference between trading demo and live is emotion. Believe me when a position is going against you with your own money emotion can get in the way. Stick to your trade plan and if you have good money management rules you should come out on top. This is the reason as soon as I can put my S/L to scratch I do as a free trade with no risk is a beautiful thing.

Happy trading all
Happy trading all. Titch
  • #306
  • Jun 14, 2011 6:52am Jun 14, 2011 6:52am
Pending bounce if current candle closes as is on the USDCHF. This move is similar to the GBPJPY trade I took last night.

Although pending news in 30 minutes Core PPI and retail sales
  • #307
  • Jun 14, 2011 6:55am Jun 14, 2011 6:55am
Are we somehow related? I like your way of thinking and the way you approach trading - your replies sound so much like mine it's scary!

Great reply by the way - almost EXACTLY the way I would have answered it!

Quoting Titch
Hi raxxxx0r
I am using this live on my live account. I trade full time for a living usually using S/R. If you use this in conjunction with S/R and price action it is very powerful. I normally use S/R with a 50EMA and pure price action. This works even better than a 50EMA. Just deleted 50EMA off.
Colostarr is right this is a great and powerful strategy to add to the toolbox. I also trend trade for longer term but Colostarrs method is so simple it works.

The only real difference between trading demo and live is emotion. Believe me when a position...
  • #308
  • Jun 14, 2011 7:04am Jun 14, 2011 7:04am
Set pending buy stop USDCHF .83973
  • #309
  • Jun 14, 2011 7:06am Jun 14, 2011 7:06am
Hi jon0, I will try and help if I can.
All of the charts you have pasted are not really trending the are ranging. What I like to call a forex Fart! Also if you look at the bounce points S/R levels earlier on the chart they were never going to go far because the instantly hit S/R levels. I would not trade ever without using more than 1 signal alone. I like to confirm my entries with other signals as well. IE strength, volume and of course S/R levels. As well as risk management. Although this is an easy strategy you still need to understand how to trade it ie price action. The best advice I could give is get used to drawing S/R lines on your chart and this will make entries a lot clearer. Also check the higher timeframes to see what is truly trending.

I hope this helps.

Happy trading all

Titch
Happy trading all. Titch
  • #310
  • Jun 14, 2011 7:16am Jun 14, 2011 7:16am
Or attach these indicators to your charts. They help me immensely

Titch - again -well spoken!

Quoting Titch
Hi jon0, I will try and help if I can.
All of the charts you have pasted are not really trending the are ranging. What I like to call a forex Fart! Also if you look at the bounce points S/R levels earlier on the chart they were never going to go far because the instantly hit S/R levels. I would not trade ever without using more than 1 signal alone. I like to confirm my entries with other signals as well. IE strength, volume and of course S/R levels. As well as risk management. Although this is an easy strategy you still need to understand how to...
Attached File(s)
File Type: mq4 NB S-R 4H&D.mq4   6 KB | 419 downloads
File Type: ex4 NB S-R 4H&D.ex4   6 KB | 349 downloads
  • #311
  • Jun 14, 2011 7:18am Jun 14, 2011 7:18am
USDCHF

This looks exactly like the GBPJPY from last night. If previous candle doesn't trigger, current candle will be the next bounce signal, unless price closes below the blue line.

23 minutes to big news
  • #312
  • Jun 14, 2011 7:24am Jun 14, 2011 7:24am
Quoting Colostarr
Are we somehow related? I like your way of thinking and the way you approach trading - your replies sound so much like mine it's scary!

Great reply by the way - almost EXACTLY the way I would have answered it!
Colostarr

I was thinking exactly the same. I read your posts and think, thats what I would have said! As I said this morning great minds think alike. I like trying to help people who are just starting out as I remember blowing loads of accounts when I first started as not many real traders seem to share advice. I used to use another forum but over the years I have seen more and more marketers appearing which just causes more confusion for newbies.

Hence why I joined this one.

Also thanks for the compliment

Happy trading all

Titch
Happy trading all. Titch
  • #313
  • Jun 14, 2011 7:31am Jun 14, 2011 7:31am
Triggered in usdchf at .8397
  • #314
  • Jun 14, 2011 7:35am Jun 14, 2011 7:35am
anytime titch!

Quoting Titch
Colostarr

I was thinking exactly the same. I read your posts and think, thats what I would have said! As I said this morning great minds think alike. I like trying to help people who are just starting out as I remember blowing loads of accounts when I first started as not many real traders seem to share advice. I used to use another forum but over the years I have seen more and more marketers appearing which just causes more confusion for newbies.

Hence why I joined this one.

Also thanks for the compliment

Happy trading all

Titch
  • #315
  • Jun 14, 2011 7:44am Jun 14, 2011 7:44am
Anyone in this trade I would be looking to clear out a percentage soon as it is coming close to the ATR and I reckon it might retrace to 83994 to re test support. It may then re bounce.

Titch
Happy trading all. Titch
  • #316
  • Jun 14, 2011 7:48am Jun 14, 2011 7:48am
Sorry, I was away from my computer. Just coming back to see the nice move on USDCHF .

In fact, with my broker feeds, the candle that close above blue line was extremely bullish (see my previous chart). Will put stop now to BE and see how the trade will evolve.

Will put TP to previous high.

Quoting Colostarr
The reason I wouldn't have taken that long is because the candle that closed above the blue line was extremely bearish and screamed reversal. Although this pair has been tough to manage lately.
  • #317
  • Jun 14, 2011 8:11am Jun 14, 2011 8:11am
Out at +45pips, I feel that price may retrace following the strong move...
  • #318
  • Jun 14, 2011 8:15am Jun 14, 2011 8:15am
Quoting Phiksalamuk
Sorry, I was away from my computer. Just coming back to see the nice move on USDCHF .

In fact, with my broker feeds, the candle that close above blue line was extremely bullish (see my previous chart). Will put stop now to BE and see how the trade will evolve.

Will put TP to previous high.
What a beautiful move! You got the breakout you were looking for! I jumped in as it broke resistance and cleared a percentage at ATR then have left the rest riding. I have put my SL above BE to protect more profits

Now moved my SL to just below 84322 as it might re test this as support and I will just let it stop me out if it drops below.

Titch
Happy trading all. Titch
  • #319
  • Jun 14, 2011 8:23am Jun 14, 2011 8:23am
Thanks for that Colostarr. Fully agreed. However, on this particular trade, the candle that close above blue line was at the same time breaking out from previous range. My feeling was that if the retrace penetrate strongly into the previous range, it will go down to the bottom, taking out my stop loss. So exiting before may reduce my loss. Fortunately, previous resistance became support, before price bounced back on news.

May be I get confused, changing from your rules to more traditional range breakout rules...?????

Quoting Colostarr
The premise of setting a stop loss is you stating your risk tolerance. If you don't like a stop loss level you should tighten your stops. Otherwise, never close a trade until price comes to your stop loss and takes it out for you.

Go back and look at the AUD/USD trade I took last week. Price moved to within 5 pips of my stop loss, and reversed. The subsequent candle closed below the blue line and I placed a 2nd sell stop, which triggered. I then rode 2 shorts for about 75 pips profit - after JUST missing my stoploss.

My message to you is this,...
  • #320
  • Jun 14, 2011 8:27am Jun 14, 2011 8:27am
Nice Titch !! May be, I get out too soon. Your new stop loss seems to be the right thing to do to capture more pips. Will take it into account for future trades.

Thanks.


Quoting Titch
What a beautiful move! You got the breakout you were looking for! I jumped in as it broke resistance and cleared a percentage at ATR then have left the rest riding. I have put my SL above BE to protect more profits

Now moved my SL to just below 84322 as it might re test this as support and I will just let it stop me out if it drops below.

Titch
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