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Simple Simon Balance Line Trading

  • #361
  • Jun 14, 2011 12:48pm Jun 14, 2011 12:48pm
Cable starting to set up?
(not posting chart because of live chart)
  • #362
  • Jun 14, 2011 12:51pm Jun 14, 2011 12:51pm
Quoting Titch
If anyone is interested.
If I can find it tomorrow I have got an indicator I used to use that you put on each chart and it tells you exactly what your spread is for that chart at that precise time with your broker. This helped me at the start.

Hi titch,

Do you mean this indi?

thanks
Attached File(s)
File Type: ex4 Spread_Detective.ex4   17 KB | 519 downloads
  • #363
  • Jun 14, 2011 1:23pm Jun 14, 2011 1:23pm
which gives both candle time remaining & spread. You might want to change the color to be easier to see it with whatever background color your charts are.

Also while I'm thinking about it here's another great little indicator to place on all the charts which keeps running totals of profits & losses. Enjoy!
Attached File(s)
File Type: ex4 Candle Time & Spread.ex4   3 KB | 448 downloads
File Type: ex4 ProfitTracker.ex4   7 KB | 493 downloads
  • #364
  • Jun 14, 2011 1:31pm Jun 14, 2011 1:31pm
Quoting antonsatu
Hi titch,

Do you mean this indi?

thanks

Hi antonsatu

Thanks, thats the one. You saved me going through my hard drive tomorrow
Happy trading all. Titch
  • #365
  • Jun 14, 2011 1:32pm Jun 14, 2011 1:32pm
Quoting Flamenco143
which gives both candle time remaining & spread. You might want to change the color to be easier to see it with whatever background color your charts are.

Also while I'm thinking about it here's another great little indicator to place on all the charts which keeps running totals of profits & losses. Enjoy!
Hi Flamenco143

Thanks, love the idea of the profit tracker
Happy trading all. Titch
  • #366
  • Jun 14, 2011 1:54pm Jun 14, 2011 1:54pm
Quoting Flamenco143
which gives both candle time remaining & spread. You might want to change the color to be easier to see it with whatever background color your charts are.

Also while I'm thinking about it here's another great little indicator to place on all the charts which keeps running totals of profits & losses. Enjoy!
Thanks for sharing Flamenco.
  • #367
  • Jun 14, 2011 3:14pm Jun 14, 2011 3:14pm
Quoting Tedge UK
Cable starting to set up?
(not posting chart because of live chart)
going Up or Down?
  • #368
  • Jun 14, 2011 5:31pm Jun 14, 2011 5:31pm
Do any of you guys ever sleep??
  • #369
  • Jun 14, 2011 6:06pm Jun 14, 2011 6:06pm
Hello everybody,
Check this out, GBP/USD and EUR/USD passed the balance line, and GBP/JPY is about the cross. Let's make some pips. Good luck

Happy trading
  • #370
  • Jun 14, 2011 7:51pm Jun 14, 2011 7:51pm
Just wondering... with this method one ads the spread + 3 pips to the signal candle's high or low for entry. The same for the SL. When adding spread, do you go by your own spread or do you use an "average?" Ex... some have 8 pip spreads on G/J while others have 3 pip spreads.
  • #371
  • Jun 14, 2011 8:37pm Jun 14, 2011 8:37pm
G'day everyone,

Plugging away here quietly behind the scenes. Just got 'trading chaos 2nd. ed', by Bill W and Justine, so looking forward to getting stuck into that! (Thanks Colostarr. 220 pages!). Getting my novice fat head around the method slowly but surely. Just re- read about price needing to be hitting line at an angle to be worthwhile, which i'd forgotten.

As a new trader, i understand the importance of knowing basic PA and candlestick's etc, so i'm enjoying learning all of that, and reading everything here, (and on the site) picking up tip's. Demo trading all the way, and it's interesting checking out different TF's and seeing how price responds. Confident i'll get my head around the basics to begin to enjoy this method soon!

Loving the positive vibe, and generosity of spirit from Colostarr and everyone here.

Good trading all! Greg.
'Fail to plan, plan to fail'
  • #372
  • Jun 14, 2011 8:43pm Jun 14, 2011 8:43pm
Hi BJ1,

I know Colostarr has written that he prefers pairs with low spread's, and likes to trade G/U, E/U, U/CHF, A/U, NZ/U. (Refer page 1 of thread which also has a link to rules)

But i'm sure he and others here with more experience than me will put you on the right track.

Best wishes, Greg.
'Fail to plan, plan to fail'
  • #373
  • Jun 14, 2011 10:05pm Jun 14, 2011 10:05pm
Triggered in long at 131.81 GBPJPY
  • #374
  • Jun 14, 2011 10:08pm Jun 14, 2011 10:08pm
Use the spread provided to you by your broker. This is why I prefer pairs with lower spreads. The formula "Spread +- 3 pips" works, but not real effective when the spread is 6 or 8 pips to start with.

As for the stop level. The formula is only applied to the initial stop, at least for me. Once it moves into profit it's simply high/low of candle +-3 pips

Quoting BJ1
Just wondering... with this method one ads the spread + 3 pips to the signal candle's high or low for entry. The same for the SL. When adding spread, do you go by your own spread or do you use an "average?" Ex... some have 8 pip spreads on G/J while others have 3 pip spreads.
  • #375
  • Jun 14, 2011 10:14pm Jun 14, 2011 10:14pm
It's a great book, although I had to read it 3 times. But once the light came on it made perfect sense!

The chapter for balance line trading is a hard one to read. When I read the book the first time, I actually read about 3 pages of it and put the book down - because it reads so complex, but the system in reality is really very basic in nature.

Good move!

Quoting Guitarbloke
G'day everyone,

Plugging away here quietly behind the scenes. Just got 'trading chaos 2nd. ed', by Bill W and Justine, so looking forward to getting stuck into that! (Thanks Colostarr. 220 pages!). Getting my novice fat head around the method slowly but surely. Just re- read about price needing to be hitting line at an angle to be worthwhile, which i'd forgotten.

As a new trader, i understand the importance of knowing basic PA and candlestick's etc, so i'm enjoying learning all of that, and reading everything here, (and on the site) picking...
  • #376
  • Jun 14, 2011 11:41pm Jun 14, 2011 11:41pm
Stopped out for a loss at 131.42 (-35 pips)

Quoting Colostarr
Triggered in long at 131.81 GBPJPY
  • #377
  • Jun 14, 2011 11:46pm Jun 14, 2011 11:46pm
I just looked at that chart again. I should not have taken that trade.

I have learned for "cross trades" it is better when price has moved away from the line and is angling back towards it.

Price did not move away, I treated it like a bounce trade, and they are 2 completely different setups.

I need serenity when I trade, and lately I've got people buzzing around me like annoying little flies.

It's affecting my judgement.
  • #378
  • Jun 15, 2011 12:28am Jun 15, 2011 12:28am
This was my first trade with this method and also went long @131.82

Basically I went along because you did. Had some doubts because in the 4H chart a down swing had just started so going long was going against the upper TF.

Anyhow, as i'm learning i removed the stop loss and i'm still in. Price is going up again and its current as -7pips. Lets see where it goes from here.

One thing that i'm observing is that normally trades placed before Frankfurt open (7AM GMT) will most of the time go against you and the 'tide' will turn again at London Open (8AM GMT).

Later on i'll report back about my "luck".






Quoting Colostarr
I just looked at that chart again. I should not have taken that trade.

I have learned for "cross trades" it is better when price has moved away from the line and is angling back towards it.

Price did not move away, I treated it like a bounce trade, and they are 2 completely different setups.

I need serenity when I trade, and lately I've got people buzzing around me like annoying little flies.

It's affecting my judgement.
  • #379
  • Jun 15, 2011 12:36am Jun 15, 2011 12:36am
Colostarr,

For this type of method do the chosen moving average matters. I mean is has to be an Alligator or 13 SMA shf 8 ?

For instance I really like EMA 21 and specially ALF (10, 5). The ALF one really follows swings nicely and when is going flat (ranging) ITS FLAT (you have to see it to understand).

By looking at charts i can see the entry rules apply perfectly for any kind of LINES one chooses, if price start to trend in your direction.

Another question, in a pullback how close to MA is close enough for you to consider a bar to be a trigger one?

PS: in the meantime that GBP/JPY is positive +7. :-))

Thanks
kook
  • #380
  • Jun 15, 2011 12:51am Jun 15, 2011 12:51am
I think everyone can concur that an MA cross is an MA cross, which ever MA you use is up to you. Like I've said in the past, I love Bill Williams trading methodology.

How many other GURU's methods are "built" right in to MT4?

If you dont like the 13MA, as long as you don't muddle the rules you are welcome to post your charts and explain your entries. This particular thread is about the Balance line cross.

As far as how close it closes is variable. If it is a volatile pair, then the closeness isn't as important as the angle (look at GBPJPY for example). I'd say to use a "pip rule" if it closes more than say 10 pips from the blue line stay away. That's just my method, you may have a rule that contradicts it.

To trade this method, some trading experience is assumed, and relying on your past experience is the best tool a trader has. For example, you removed your stop and are now in positive pips. I prefer to take the loss and live another day. That's your method. Personally, I would never take a stop off a pair like the G/J, it can swing 200 pips against you in a matter of seconds. To each his own

Every entry will be tricky in its own right. Just use your best judgement and you can't go wrong!

Quoting kook
Colostarr,

For this type of method do the chosen moving average matters. I mean is has to be an Alligator or 13 SMA shf 8 ?

For instance I really like EMA 21 and specially ALF (10, 5). The ALF one really follows swings nicely and when is going flat (ranging) ITS FLAT (you have to see it to understand).

By looking at charts i can see the entry rules apply perfectly for any kind of LINES one chooses, if price start to trend in your direction.

Another question, in a pullback how close to MA is close enough for you to consider a bar to be a trigger...
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