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Simple Simon Balance Line Trading

  • #441
  • Jun 15, 2011 9:45am Jun 15, 2011 9:45am
Same for me. I've been watching EURCHF during the morning just to see it triggered when I'm back from lunch.... Will not be trading this afternoon.

Good trading to all.

Quoting Titch
Been out for lunch and have only just got back. Have I missed any good trades?
  • #442
  • Jun 15, 2011 10:47am Jun 15, 2011 10:47am
EURJPY Daily chart Bounce trade currently up 48 pips
  • #443
  • Jun 15, 2011 10:54am Jun 15, 2011 10:54am
3 Trades going:

EURJPY (DAILY Bounce trade): 30 pips locked
EURCHF (Cross then bounce trade): 10 pips locked
AUDUSD (Cross) 10 pips locked

Gotta love that concern over the Greek Economy

You guys still have those EUR short trades going??
  • #444
  • Jun 15, 2011 11:12am Jun 15, 2011 11:12am
EURCHF does not like that 61.8 fib support
  • #445
  • Jun 15, 2011 12:21pm Jun 15, 2011 12:21pm
Hi Colo and guys, I have had a working and reading day today, and must totally congratulate Colo on this thread, the strategy is the nearest I have ever come across to text book trading, the candle crosses the balance ma, the SETUP, set a trade below/above that candle +spread, set a stoploss at the top/bottom of that candle, and trail your profit, and if we get a retrace back to the balance and the subsequent bounce, happy days, I know other things have to be taken into consideration like s & r and trend of course, stick with this, focus and have a positive mental attitude and in my opinion, genius if followed to the book and as colo pointed out you can't lose if traded to that set up, hope I have that right lol
colo thanks man, and like you say, let the trade come to you and have patience
respect

Tom(UK)
  • #446
  • Jun 15, 2011 12:35pm Jun 15, 2011 12:35pm
Hi booktimes

You are right it is a great strategy. Massive respect to Colo and of course Bill Williams as Colo said yesterday. Just using this strategy, in the last two days I have cleared nearly 400 pips not including the other strategies I use. As I said yesterday I use this in conjunction with S/R and it has worked great.
Happy trading all. Titch
  • #447
  • Jun 15, 2011 12:37pm Jun 15, 2011 12:37pm
I was browsing the Trading Systems forum today and came across this thread. As I read it from beginning to end, I noticed today's AUDUSD and USDCAD setting up on the 1H chart...so I took them both (although the USDCAD was a little far from the balance line). I set 3 targets for each pair and the price action blew through all targets. I know it won't always be this easy, but for my first trades with your methodology, I'm impressed.....So impressed that I felt compelled to write my first post ever on Forex Factory. Thanks
  • #448
  • Jun 15, 2011 12:39pm Jun 15, 2011 12:39pm
Hi Titch, thanks for your answer, what do you use to guage s & r, any indi? I tend to be visual, but do use the indi used by colo now and also have autopivot, but charts do seem to have quite a few lines lol
thanks man

Tom

p.s Where in UK are you?
  • #449
  • Jun 15, 2011 12:48pm Jun 15, 2011 12:48pm
Hi,

Just coming back....probably too late for those good trades !

Anyone in the USDCAD bounce trade? What a jump...!
  • #450
  • Jun 15, 2011 12:51pm Jun 15, 2011 12:51pm
Booktimes - thank you for that fantastic message. It truly is good to hear. Sometimes I have to tell myself to tone it down a bit, but it has always been in my nature to share, and I truly do love teaching.

Good to hear that at least one person can learn from my rantings! Appreciate your time brother!

Enjoy the method and happy pippin!

Incidentally - I'm not only the "President of Balance line club, I'm also a client!"

Have raked in roughly 280 pips today alone, and I actually had 2 loosing trades!!

Not every day sparkles like the last 3 days have, but you stick to the rules, with this method you'll see your account increase!

Quoting booktimes
Hi Colo and guys, I have had a working and reading day today, and must totally congratulate Colo on this thread, the strategy is the nearest I have ever come across to text book trading, the candle crosses the balance ma, the SETUP, set a trade below/above that candle +spread, set a stoploss at the top/bottom of that candle, and trail your profit, and if we get a retrace back to the balance and the subsequent bounce, happy days, I know other things have to be taken into consideration like s & r and trend of course, stick with this, focus and have...
  • #451
  • Jun 15, 2011 12:53pm Jun 15, 2011 12:53pm
Quoting booktimes
Hi Titch, thanks for your answer, what do you use to guage s & r, any indi? I tend to be visual, but do use the indi used by colo now and also have autopivot, but charts do seem to have quite a few lines lol
thanks man

Tom

p.s Where in UK are you?
Hi Booktimes

I draw S/R lines each morning, before London breakout. I mainly look at the previous days high and low and look to trade either a bounce or continuation of them. I try to catch a London breakout and then the breach or or bounce of yesterdays high or low. Once they have been breached I then draw any bounce points from previous few days in thin lines and look to take partial profits at these points as a bounce point can soon turn in to A S/R line. Used in conjunction with Colos method it works great.
If you look at the chart I posted earlier I do use some indicators for strength, volume, ATR and spread but mainly just use lines and price action. I.e. Size of candles, size of shadows, how many opposing candles ect.

I am based in Portsmouth
Happy trading all. Titch
  • #452
  • Jun 15, 2011 12:59pm Jun 15, 2011 12:59pm
Quoting Colostarr
3

You guys still have those EUR short trades going??
Well,

around +90 on EUR/USD.
eur/chf +48 according to this method. plus +12 +8 just scalping.

gbp/jpy -48 for being a donkey. Got back +30 scalping the 5 min.


But still have a big floating DD on other 2 pairs, I'm getting back those pips but its has been a stressful dangerous stupid game which is draining my mind.

these are all live on a very small small account trading (1000/per milliion) lots.

Has stop order on USD/CAD and AUD/USD according to the rules but because of the stress, i've chicken out and canceled them. wish I haven't done it cos the PA moved the the direction of the orders.

From now on i'll follow these rules very close and report back.
Its a great method.

By the way, Colostarr are you still using the method 'The Small Hours Simplified!'? That thread seem to be stalled.

Thanks Colostarr and have fun.
kook
  • #453
  • Jun 15, 2011 1:02pm Jun 15, 2011 1:02pm
Hey Colo
shout it out loud my friend, like I said I have read this thread 3 times now and it has literally been like a light bulb moment in my melon, I have traded on and off for about 3-4 years, with moderate success, used every strategy and indi going, read and read and read, spent hours upon hours scanning websites, I have this inbuilt determination to learn this business, spent a kings ransom in doing so, but I put that down to the cost of my education, hey nothing for nothing, so even though my bank account now gives me the finger when I want money lol, I look back over the last 3-4 years and think what I know now to what i knew then, I am by no means an expert, but with out a shadow I believe you have created one of the best simple undo your belt take your pants down and slap your arse profitable stategys out there,
utter respect to you my friend

Tom(uk)
  • #454
  • Jun 15, 2011 1:13pm Jun 15, 2011 1:13pm
Market Harborough, Leicestershire here, good on ya pompey

Tom
  • #455
  • Jun 15, 2011 1:19pm Jun 15, 2011 1:19pm
Gorgeous pinbar on this pair on the 1 hour tf, I love price action and candle patterns, always look for pinbars, dbhlc, dblhc, and beob, buob on higher tf, especially near areas of support, resistance

Tom
  • #456
  • Jun 15, 2011 1:24pm Jun 15, 2011 1:24pm
Guys, there is a trading contest coming up in July at myFXBook. These things add a little interest and motivation to trading. The contest winners will be those who do crazy, stupid things. My goal is to be positive at the end.

http://www.myfxbook.com/contests/tra...e-2011/4/rules
  • #457
  • Edited 2:11pm Jun 15, 2011 1:47pm | Edited 2:11pm
Quoting CodeMeister
Guys, there is a trading contest coming up in July at myFXBook. These things add a little interest and motivation to trading. The contest winners will be those who do crazy, stupid things. My goal is to be positive at the end.

http://www.myfxbook.com/contests/tra...e-2011/4/rules
Hi CodeMeister

Thanks for the info. Sounds good to me. Has anyone done one before?
Happy trading all. Titch
  • #458
  • Jun 15, 2011 1:52pm Jun 15, 2011 1:52pm
I think 13 Smoothed MA can be used instead of blue line from Alligator)
Think like an investor, Act as a speculator. Ferid H.
  • #459
  • Jun 15, 2011 2:05pm Jun 15, 2011 2:05pm
Feliks
Why? change a winning formula
why? change the aligator to a smoothed ma
why? confuse people
????

Tom
  • #460
  • Jun 15, 2011 2:58pm Jun 15, 2011 2:58pm
Quoting booktimes
Market Harborough, Leicestershire here, good on ya pompey

Tom
Farnsfield,Sherwood Forest.
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