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Simple Simon Balance Line Trading

  • #661
  • Jun 17, 2011 9:30am Jun 17, 2011 9:30am
Quoting joneepom
And another pom, I'm far away in Australia
originally from Bristol
Hi Joneepom

We are looking to move to Oz. Have got a lot of family there. Good to see you on here. This cold wet day. I bet you miss England. LOL
Happy trading all. Titch
  • #662
  • Jun 17, 2011 9:41am Jun 17, 2011 9:41am
Quoting SamTIF
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
Hi guys,on cable as I type it has crossed the balance line and broke the resistance on the last high.Would you consider this to be a safer option than to just jumping in when the candle crosses the line?Tedge
  • #663
  • Jun 17, 2011 9:50am Jun 17, 2011 9:50am
Hi Tedge
I would say that the candle has to cross the 50ema also and close above it to trigger a long or 50ema may just bounce it down, am I right guys?

Tom
  • #664
  • Jun 17, 2011 10:01am Jun 17, 2011 10:01am
Quoting Titch
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.
This strategy works, today is bad day for lots of us and it has nothing to do with this strategy.

The momentum of the market reversed, and it went the other side of balance line. I was there too, I entered short on 3 currencies, got stopped, entered again same direction and the stupidest thing I did, I lift the stop loss, and I Just went to bed"no patience" hoping that it will go my way. When I woke up, it went down 150 pips. I think my story is worst than anybody in this room. But it is my mistake.

The good thing is, if I stayed and followed balance line strategy 100%, I would have had at least 100 pips in eur/usd, 70 on nzd/usd. It is all about timing. They all crossed the balance line and went sky high. am I disappointed I wasn’t there? yes I am, but we have to always expect a loss. As they say, cut your losses and let your profits run.

Titch, colostarr, thank you guys for the help and support in helping us here, and you titch, your story is great and has happy ending. Everything has a good reason in life unfortunately we don’t know about it at that moment.

Cheer up everybody!!! next week will be a better week!

Happy trading
  • #665
  • Jun 17, 2011 10:06am Jun 17, 2011 10:06am
Sorry guys

I had to go and pick my son up from school. If you look at the cable it is flapping at the moment. You could trade it but be careful. Balance line is up, down, up. Just flapping. I would avoid. You may get a bounce but there has been strong resistance around yesterdays high. As you all know I get nervous at yesterdays high or low, unless it breaks it.
Happy trading all. Titch
  • #666
  • Jun 17, 2011 10:15am Jun 17, 2011 10:15am
Think trading for day may be over, sideways movement now on most pairs, been a killer day for some me included, Iwas also guilty of not sticking to rules and when certain pairs reversed trend in some cases and went shoot shoot, i was also on wrong side, but again learn, learn by mistakes and come back stronger next week, this strat works and again thanks to colo and titch, patience is the key, let price come to you (balance) wait for close and then make a decision,
respect to all
Tom
  • #667
  • Jun 17, 2011 10:15am Jun 17, 2011 10:15am
If you look at the 4 Hr time frame balance line is heading down. This would suggest to me that the up move is just a re trace. Don't get me wrong I do trade a re trace but the chances of getting much out of it is slim especially on a FRIDAY. Don't forget guys trade down. What I mean is check the higher time frames to see what is really happening
Happy trading all. Titch
  • #668
  • Jun 17, 2011 10:21am Jun 17, 2011 10:21am
Quoting Titch
Sorry guys

I had to go and pick my son up from school. If you look at the cable it is flapping at the moment. You could trade it but be careful. Balance line is up, down, up. Just flapping. I would avoid. You may get a bounce but there has been strong resistance around yesterdays high. As you all know I get nervous at yesterdays high or low, unless it breaks it.
bit off beat here....but i want to post charts (live)how does one scribble acc number out does anyone know.I have seen it on here before.Thanks
  • #669
  • Jun 17, 2011 10:26am Jun 17, 2011 10:26am
If you save as a picture. It should only show the chart itself and not acc no. Try it then open the picture up on your pc and see.
Happy trading all. Titch
  • #670
  • Jun 17, 2011 10:33am Jun 17, 2011 10:33am
Try this one

screenhunter
  • #671
  • Jun 17, 2011 10:44am Jun 17, 2011 10:44am
I believe, as Titch said, it could be retracement. EUR/USD got to balance line, and it stopped, same for EUR/CHF. check it out at 4H TF.

regards,
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd3.gif Size: 19 KB
  • #672
  • Jun 17, 2011 11:07am Jun 17, 2011 11:07am
Can you tell I'm bored now!

My broker and I are working on a retirement plan. Unfortunately, it's his!

A long term investment is a short term investment that failed!!!!!
Happy trading all. Titch
  • #673
  • Jun 17, 2011 11:59am Jun 17, 2011 11:59am
Here is a nice trade on the AU I picked up a couple hours after Lon market open. Big move probably a result of econ announcements (i forgot to check this morning)

Anyway, I noticed that the price was about to break through an intersection of the pivot, and the balance line.

Caught a long for 44 pips. Exited because didn't like the pin-bar-ISH candlewick that was forming.

I was wondering, Colostar, or anyone else, if there is any significance to an entry at this intersection. Seems like you see it quite often.

PS, Colostar, nice thread. THANKS!

here kitty, kitty

Shake

correction, early european session trade NOT asian, as the chart says
Attached Image (click to enlarge)
Click to Enlarge Name: au 0930 trade.gif Size: 36 KB
  • #674
  • Jun 17, 2011 12:07pm Jun 17, 2011 12:07pm
Quoting Beshakey
Here is a nice trade on the AU I picked up a couple hours after Lon market open. Big move probably a result of econ announcements (i forgot to check this morning)

Anyway, I noticed that the price was about to break through an intersection of the pivot, and the balance line.

Caught a long for 44 pips. Exited because didn't like the pin-bar-ISH candlewick that was forming.

I was wondering, Colostar, or anyone else, if there is any significance to an entry at this intersection. Seems like you see it quite often.

PS, Colostar, nice...
Great move. That is very similar to the way I trade. If I see price break a swing high or low and the balance line jump in and ride it. Especially if it is yesterdays high or low.
Happy trading all. Titch
  • #675
  • Jun 17, 2011 12:15pm Jun 17, 2011 12:15pm
I have been looking for a good European session strategy to go with usual US strategy. Looks pretty good for Euro session so far. Also might give me something to do when other signal aren't there.

5 live trades this week, 4 wins. Unfortunately, wins were pretty small. Biggest win about 44-45 pips. about 70-75 pips overall for this method. Had one 30 pips loss.

Shake
  • #676
  • Jun 17, 2011 12:21pm Jun 17, 2011 12:21pm
I mainly trade long term, but do trade some intraday S/R and trends. This strategy does work well. I have taken just under 700 pips in three days with this strategy. As I say it's a great strategy. Thanks to colostarr
Happy trading all. Titch
  • #677
  • Jun 17, 2011 12:24pm Jun 17, 2011 12:24pm
Quoting Titch
Great move. That is very similar to the way I trade. If I see price break a swing high or low and the balance line jump in and ride it. Especially if it is yesterdays high or low.
Yeah Titch, I've read your posts with interest. We seem to have the same mindset.
As for myself, I am not always good at staying with the trade. I tend to never let profit go negative. . . even though logic dictates that it is just market noise, and the trade should continue my way. A mental thing, really.
This results in a very high win percentages, but often disappointingly small wins. Now and then, I pick up a big one if momentum is good and price is moving pretty big.

Shake
  • #678
  • Jun 17, 2011 12:24pm Jun 17, 2011 12:24pm
Here is an example of resistance level when it breaks up. that's today's trade I missed. the yellow lines which represent support and resistance of those 4 hours and when it broke the R line and balance line, it just went high 158 pips. that's how I trade, unfortunately sometimes there is no patience and discipline to wait for it.

regards,
  • #679
  • Jun 17, 2011 12:31pm Jun 17, 2011 12:31pm
So true southbeach.
Beshakey I used to be the same and not let price run. I still put a trade to scratch as soon as I can because I believe that if I get stopped out at scratch I can always re enter. How I got over letting a trade run is to take partial profits at S/R bounce points and then keep moving my s/l up to one or two bars behind pa and the let it stop me out. Unless it hits atr or major S/R level the I clear it out.
Happy trading all. Titch
  • #680
  • Jun 17, 2011 12:33pm Jun 17, 2011 12:33pm
Southbeach

As you said discipline and patience are the hardest thing to get right. But when you do it pays off
Happy trading all. Titch
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