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Simple Simon Balance Line Trading

  • #481
  • Jun 16, 2011 1:22am Jun 16, 2011 1:22am
My goal for this thread is "teach and share". It is not my intention, now or ever to allow negative dialogue.

I do not want this thread turned into the "Trading made Simple" thread, where people are rude and obnoxious and blast each other. I won't allow it.

I welcome newbies to ask any question they desire without fear of retribution from "Know it all's". Just keep in mind that my answers to you might seem "curt" in nature. I won't sugar coat anything!

I want this thread and the users to be humble and polite in nature. Everyone is welcome here - "know it all's" be warned.

Keep to the method, don't change the rules and happy pippin!
  • #482
  • Jun 16, 2011 1:31am Jun 16, 2011 1:31am
The USDJPY hourly is forming a pretty nice bounce trade. The "touch" of the blue line and the blue line are exactly at the 50.0 fib level. Should provide a pretty healthy bounce
  • #483
  • Jun 16, 2011 2:10am Jun 16, 2011 2:10am
This strategy is good as it is with money management, stop loss, and you will be piping. I wish I sticked to this strategy the whole time, but patience is the key. 1000 pips in couple weeks is awsome. Keep it up.

By the way guys, STOP LOSS, don't forget about it no matter how confident you are. I forgot to place stop loss 3 hours ago, and I went out for an hour an half,and when I came back, I had a surprise -80 pips lol. the good thing it retraces and got half of it back.

Thanks Colostarr for helping and giving advices.

Regards,
  • #484
  • Jun 16, 2011 3:01am Jun 16, 2011 3:01am
Anytime brother! happy pippin!

Quoting southbeach
This strategy is good as it is with money management, stop loss, and you will be piping. I wish I sticked to this strategy the whole time, but patience is the key. 1000 pips in couple weeks is awsome. Keep it up.

By the way guys, STOP LOSS, don't forget about it no matter how confident you are. I forgot to place stop loss 3 hours ago, and I went out for an hour an half,and when I came back, I had a surprise -80 pips lol. the good thing it retraces and got half of it back.

Thanks Colostarr for helping and giving advices.

Regards,
  • #485
  • Jun 16, 2011 3:04am Jun 16, 2011 3:04am
USDCHF approaching the blue line nicely!
  • #486
  • Jun 16, 2011 3:04am Jun 16, 2011 3:04am
USDJPY crossed but closed too far from blue line, IMHO.


Quoting Colostarr
The USDJPY hourly is forming a pretty nice bounce trade. The "touch" of the blue line and the blue line are exactly at the 50.0 fib level. Should provide a pretty healthy bounce
  • #487
  • Jun 16, 2011 3:08am Jun 16, 2011 3:08am
Quoting Colostarr
Andy B if this is your preferred method, please keep it to yourself. Do not muddle or mix rules in this thread my friend!

This thread is about the balance Line, what you call it or how you apply it is up to you. Don't change the terms we use in this forum.

Happy pippin
Fair enough, I was just answering the question as to why some people may prefer the MA, which is identical to the Balance Line, apologies

Andy
  • #488
  • Jun 16, 2011 3:21am Jun 16, 2011 3:21am
No worries - Everyone knows what the Blue line is. Just want to keep it simple in here - thats all!

Quoting Andy B
Fair enough, I was just answering the question as to why some people may prefer the MA, which is identical to the Balance Line, apologies

Andy
  • #489
  • Jun 16, 2011 3:26am Jun 16, 2011 3:26am
Maybe like the USDCAD yesterday it will retrace and bounce

Quoting Phiksalamuk
USDJPY crossed but closed too far from blue line, IMHO.
  • #490
  • Jun 16, 2011 3:29am Jun 16, 2011 3:29am
Yes, currently retracing...

Quoting Colostarr
Maybe like the USDCAD yesterday it will retrace and bounce
  • #491
  • Jun 16, 2011 3:34am Jun 16, 2011 3:34am
Morning guys,
I have to go to work else I would be trading with you guys today, damn what a crazy mixed up world lol, but will be home later in afternoon to carry on hopefully, watching that us/chf, for a bounce off the balance, beautifully simple, just patience needed, hey colo and guys, have a great day and make some pips please if you don't mind
respect to all

Tom(UK)
  • #492
  • Jun 16, 2011 3:44am Jun 16, 2011 3:44am
Hi all
A couple of points that fit in well with what Colostarr said earlier.
If you are here and new to trading try this system. It works! Also if you are just starting out don't be afraid to ask. Most of us have been there and remember what it is like when you start. Change your mindset and treat trading like a business not a hobby. If you trade part time treat it as a part time business because that is what it is. If you take a loss treat it as a business expense. Stick to the rules, they are there because they work. Good money management will be the difference between being here today and gone tomorrow or being successful and profitable for the rest of your life. Also if you are starting out trade this on a demo until you have perfected it. You are learning new skills and a new profession. You would not read one book on surgery and then perform an operation. The same with trading. Practice is the key. Once you have perfected this then look at higher time frames if you account will allow it and thats your thing. I started using this on the 4 Hr and 1 Day TF yesterday and it worked fine but thats me. I don't tend to trade below the 4Hr normally but I love trading this on the 1 Hr because I have kind of missed the faster moving hustle and bustle. I have made some good friends on this thread and everyone is here to help. Max respect to Colostarr for his dedication to this thread and sharing his knowledge. Thanks my friend!
Happy trading all. Titch
  • #493
  • Jun 16, 2011 4:00am Jun 16, 2011 4:00am
Hi Colostarr and all ,

Do you tread mini or normal lot size . Does size matters using this method ?
  • #494
  • Jun 16, 2011 4:03am Jun 16, 2011 4:03am
I mean TRADE mini or normal lot size . Sorry for the typo err
  • #495
  • Jun 16, 2011 4:10am Jun 16, 2011 4:10am
Two pending orders for me:

1. Long USDCHF at 0.8523.
2. Short USDJPY at 80.52

Edit: Short USDJPY at 80.46, just below S1.
  • #496
  • Jun 16, 2011 4:18am Jun 16, 2011 4:18am
Quoting Ibz
I mean TRADE mini or normal lot size . Sorry for the typo err
Hi Ibz

It does not matter what size lots you trade. That should be decided by your risk management rules. Ie the size of your account and the amount you want to risk. Normally between 2.5 - 5% of you equity.
Happy trading all. Titch
  • #497
  • Jun 16, 2011 4:22am Jun 16, 2011 4:22am
Thanks Titch
  • #498
  • Jun 16, 2011 4:22am Jun 16, 2011 4:22am
Sorry also meant to say you can work this out by the placement of you stop to being the 2.5 - 5%. Don't forget as soon as you can put the s/l to scratch then it is a free trade and you are risking nothing.
I hope this makes sense.
Happy trading all. Titch
  • #499
  • Jun 16, 2011 4:23am Jun 16, 2011 4:23am
EURGBP just form a text book Bounce candle: Sell stop at: .87400
  • #500
  • Jun 16, 2011 4:29am Jun 16, 2011 4:29am
Size doesn't matter in my humble opinion. You base your trade on what you are willing to lose. For most that is 2% of your account balance, for me it is 5% of my account balance.

Size of the lots has nothing to do with this method.

Money Management has everything to do with staying alive to trade another day.

Stay consistant until your account grows, as your account grows, so to will the amount of lots that you risk.

if you have a losing trade, don't "double up" the next time. Always apply the 2% or 5% risk management.

I recommend that you do a google search for proper money management in the forex market. It truly is the first thing you should apply to every trade.

Hope this helps!

Quoting Ibz
Hi Colostarr and all ,

Do you tread mini or normal lot size . Does size matters using this method ?
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