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Simple Simon Balance Line Trading

  • #641
  • Jun 17, 2011 5:19am Jun 17, 2011 5:19am


Quoting Titch
Entered at 141746 on 15t/f. Then cleared a portion at 142199 at yesterdays high as I always get nervous at yesterdays highs or lows and it didn't look like it would break it, then left a portion in to run as it broke yesterdays high. Cleared the rest out at 142806 because I had to nip to the shop. Was still going up when I got back but I was happy with what I took from the trade.
  • #642
  • Jun 17, 2011 5:21am Jun 17, 2011 5:21am
Quoting handy148
by the way, I'm another Brit - based in Lincolnshire
Good to see more brits getting involved. Nice one. I am based in Pompey
Happy trading all. Titch
  • #643
  • Jun 17, 2011 5:23am Jun 17, 2011 5:23am
Quoting Phiksalamuk
I have been scalping today which I haven't done for years. This system has worked well for it
Happy trading all. Titch
  • #644
  • Jun 17, 2011 5:40am Jun 17, 2011 5:40am
Titch - based on your last post I have been looking at this method on the lower t/f's.

I missed the EUR/USD move by about 20 minutes, but that move resulted in about 120 pips (started on the 15 TF). The EURGBP resulted in about 120 pips, The AUDUSD, 120 pips and USDCAD roughly 80 pips!

It sucks trying to trade when I work - I missed EVERY good entry today and took 4 trades, 2 losses, 2 wins for -30 pips.

It sucks today but I am very encouraged about looking at the lower TF's.

I am going to heavily fund my Oanda account as the spreads are extremley low: EURUSD .5 pip spread; USDJPY 1 pip spread; GBPUSD 2 pip spread

The lower spreads makes it ideal to scalp as you don't have to make up that ridiculous spread on some pairs with other brokers!

I started this method on the lower TF's but got whiplashed terribly.

I did mange a couple of pips on the EURUSD from another method using the Oanda account due in large part to the lower spreads.

Thanks for bringing that back to light! I tend to get tunnel vision, your reply shook my tree - thank you my friend!

Quoting Titch
I have been scalping today which I haven't done for years. This system has worked well for it
  • #645
  • Jun 17, 2011 5:44am Jun 17, 2011 5:44am
Quoting handy148
by the way, I'm another Brit - based in Lincolnshire
not far away Handy,Nottingham
  • #646
  • Jun 17, 2011 5:44am Jun 17, 2011 5:44am
Quoting Colostarr
Titch - based on your last post I have been looking at this method on the lower t/f's.

I missed the EUR/USD move by about 20 minutes, but that move resulted in about 120 pips (started on the 15 TF). The EURGBP resulted in about 120 pips, The AUDUSD, 120 pips and USDCAD roughly 80 pips!

It sucks trying to trade when I work - I missed EVERY good entry today and took 4 trades, 2 losses, 2 wins for -30 pips.

It sucks today but I am very encouraged about looking at the lower TF's.

I am going to heavily fund my Oanda account as the spreads...
No probs mate

I am also using my old fav the 50 ema as it clearly shows what is trending and what to avoid. Along with your method it works great. It also helps to see what is a retrace when it has broken the balance line and heading for a bounce on the 50ema
Happy trading all. Titch
  • #647
  • Jun 17, 2011 5:45am Jun 17, 2011 5:45am
this system seems to work well on M15 for scalping at least
  • #648
  • Jun 17, 2011 5:49am Jun 17, 2011 5:49am
Quoting handy148
this system seems to work well on M15 for scalping at least
I wouldn't go any lower than 15 min time frame as they are just a forex fart as far as I am concerned. But 15 min works great. As well as the higher tf's
Happy trading all. Titch
  • #649
  • Jun 17, 2011 5:52am Jun 17, 2011 5:52am
Quoting Titch
I have been scalping today which I haven't done for years. This system has worked well for it
Titch - are you doing anything other than a close above/below the balance line for the 15M TF? I don't mean S/R, fibs, etc. but just if you are adding another indi or something. Thanks, p.
  • #650
  • Jun 17, 2011 5:58am Jun 17, 2011 5:58am
Quoting piprac
Titch - are you doing anything other than a close above/below the balance line for the 15M TF? I don't mean S/R, fibs, etc. but just if you are adding another indi or something. Thanks, p.
I use balance line, 50ema for trend sentiment and possible bounces, S/R and pure PA. Thats it. I only trade to the balance line but if it breaks this on an uptrend then I look for bounce from the 50ema to re enter
Happy trading all. Titch
  • #651
  • Jun 17, 2011 6:05am Jun 17, 2011 6:05am
Hi Colostarr

I know what you mean. Work only gets in the way of trading. I used to work in the corporate world traveling the world and it was hard with trading. Then one night I was walking down the street and a drunk driver lost control of the car he was driving and ran me over at 50 mph. I ended up with a broken spine, luckily spinal cord was ok so wasn't paralyzed. 12 months in and out of hospital meant I had to give up working so became a full time trader. Best thing I ever did.
Happy trading all. Titch
  • #652
  • Jun 17, 2011 6:26am Jun 17, 2011 6:26am
Hi Colo, Titch and guys
hope everyone well, this fine English rainy day
A question for titch, excuse me if it seems mundane and bleeding obvious?
You say you use the 50ema for trend, so if price above then look for longs and if price below look for shorts?
And if price breaks the balance line up or down, you look for a bounce off the 50ema? and back through the balance line?
Is this the same rule on all tf's including the 15min?

sorry for my ignorance

respect

Tom(UK)
  • #653
  • Jun 17, 2011 6:33am Jun 17, 2011 6:33am
Getting hit by a car at 50 MPH was the best thing you ever did? Wow! I think if I had to choose between being hit by a car at 50 MPH or a corporate job - I think I take the corporate job 50 times out of 50 times!

No worries though - I have been very encouraged with this method. I just signed my final contract and hope to be very close to my short term goal of a $20k trading account. Will be able to go FULL lots and hopefully be seasoned and brave enough to go it alone!

Getting there sometimes it feels like 2 steps forward 3 steps back though. The trades I lost today made me completly dis-interested in trading - but here I am again - glutan for punishment!

Quoting Titch
Hi Colostarr

I know what you mean. Work only gets in the way of trading. I used to work in the corporate world traveling the world and it was hard with trading. Then one night I was walking down the street and a drunk driver lost control of the car he was driving and ran me over at 50 mph. I ended up with a broken spine, luckily spinal cord was ok so wasn't paralyzed. 12 months in and out of hospital meant I had to give up working so became a full time trader. Best thing I ever did.
  • #654
  • Jun 17, 2011 6:37am Jun 17, 2011 6:37am
Quoting booktimes
Hi Colo, Titch and guys
hope everyone well, this fine English rainy day
A question for titch, excuse me if it seems mundane and bleeding obvious?
You say you use the 50ema for trend, so if price above then look for longs and if price below look for shorts?
And if price breaks the balance line up or down, you look for a bounce off the 50ema? and back through the balance line?
Is this the same rule on all tf's including the 15min?

sorry for my ignorance

respect

Tom(UK)
I only trade the balance line. The 50ema is just to show if there is a trend or not. Price will always re trace to the 50ema so if price has broken the balance line and heading towards the 50ema I look to take partial profits there. If it breaks the 50ema you are normally heading for a good uptrend. Then sit back and enjoy the ride. I basically use the 50ema as a S/R and to show the real trend. You don't really need it but I use it as another confirmation.

I hope this helps
Happy trading all. Titch
  • #655
  • Jun 17, 2011 6:37am Jun 17, 2011 6:37am
And another pom, I'm far away in Australia
originally from Bristol
  • #656
  • Jun 17, 2011 6:37am Jun 17, 2011 6:37am
Hi Colo
Hang in there man, you are the originator and a damn fine chap to boot, thanks for all your efforts and patience.
Trading can wipe you out mentally though, I have not had a good week, but am determined especially with this fantastic thread you created, guys like you and Titch etc are special people for sharing and caring, the building blocks are there, we just all need to stick together for encouragement and support and it will be successful, P.M.A my friend
respect to you

Tom
  • #657
  • Jun 17, 2011 6:40am Jun 17, 2011 6:40am
Thanks Titch
great explanation, another great weapon in our Arsenal (my team by the way)

Tom
  • #658
  • Jun 17, 2011 6:43am Jun 17, 2011 6:43am
Quoting Colostarr
Getting hit by a car at 50 MPH was the best thing you ever did? Wow! I think if I had to choose between being hit by a car at 50 MPH or a corporate job - I think I take the corporate job 50 times out of 50 times!

No worries though - I have been very encouraged with this method. I just signed my final contract and hope to be very close to my short term goal of a $20k trading account. Will be able to go FULL lots and hopefully be seasoned and brave enough to go it alone!

Getting there sometimes it feels like 2 steps forward 3 steps back...
I know it sounds mad mate but if I hadn't been in the accident I wouldn't be trading full time now.
I now earn a shit load more money now. Drive a nice car and have a lot more time for the family.
Don't get disheartened mate we all have bad days and thats what we are all on your thread for. To lift each others spirits when thing are down. Chin up mate you are doing great. Trading well and it won't be long until you are in the same position.
Happy trading all. Titch
  • #659
  • Jun 17, 2011 6:51am Jun 17, 2011 6:51am
Wow! colostarr = balance line, titch = 50 ema.

Put them together on m15 or h1. See how PA move when it is above or below both lines at the close of the candle that cross both.

Thank you once again.
  • #660
  • Jun 17, 2011 6:56am Jun 17, 2011 6:56am
at the close of the candle that cross both lines, if PA goes the opposite direction, do not enter.

Sorry, I am straying from colostarr method
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