Simple Simon Balance Line Trading | Page 35 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

My way of trading by Using trend line , BL line & febo level 76 replies

Simple Horizontal Line Trading H1 87 replies

Programmers: Simple SendMail Line. Please Help 15 replies

Attachments: Simple Simon Balance Line Trading
Exit Attachments

Simple Simon Balance Line Trading

  • #681
  • Jun 17, 2011 12:35pm Jun 17, 2011 12:35pm
Quoting southbeach
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,
hehe sorry, I forgot to load the chart. here it is
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd3.gif Size: 17 KB
  • #682
  • Jun 17, 2011 12:37pm Jun 17, 2011 12:37pm
Quoting Titch
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
NICE!! I trade the 30 during the Euro session, usually, and 4hr and hourly during US (my own system) I look forward to trying this on the US session. I got a feeling a signal around 1400 GMT (about an hour after DOW open) thru to 2000 GMT might be really strong, since this is when you usually catch what I call the BFMD (Big Frickin' Move of the Day).

I understand this system absolutely rocks on the 4hr and the daily. Havent really had time to try it on those yet.

Shake
  • #683
  • Jun 17, 2011 12:40pm Jun 17, 2011 12:40pm
Quoting Beshakey
NICE!! I trade the 30 during the Euro session, usually, and 4hr and hourly during US (my own system) I look forward to trying this on the US session. I got a feeling a signal around 1400 GMT (about an hour after DOW open) thru to 2000 GMT might be really strong, since this is when you usually catch what I call the BFMD (Big Frickin' Move of the Day).

I understand this system absolutely rocks on the 4hr and the daily. Havent really had time to try it on those yet.

Shake
Yeah its great on the longer time frames, however today I used it for scalping and it worked great for that on the 15min tf as well. I love the turtle strat and would put this up there with it.
Happy trading all. Titch
  • #684
  • Jun 17, 2011 12:42pm Jun 17, 2011 12:42pm
Nice example southbeach
Happy trading all. Titch
  • #685
  • Jun 17, 2011 12:55pm Jun 17, 2011 12:55pm
Out for the weekend. Had a good week overall.

Think I will follow along for a while.

Feelin' lucky, think I'll play some blackjack tonite. Thanks again Colo, for a nice system. Seems to fit well with my overall trade plan.

1. Beating forex . . . good

2. Having afternoon nap on friday afternoon . . . good

3. Steak dinner . . . good

4. Four in the morning, scotch- rocks, Boo (my girlfriend), on my arm, and winning at blackjack. PRICELESS!!!

Shake
  • #686
  • Jun 17, 2011 12:58pm Jun 17, 2011 12:58pm
Quoting Beshakey
Out for the weekend. Had a good week overall.

Think I will follow along for a while.

Feelin' lucky, think I'll play some blackjack tonite. Thanks again Colo, for a nice system. Seems to fit well with my overall trade plan.

1. Beating forex . . . good

2. Having afternoon nap on friday afternoon . . . good

3. Steak dinner . . . good

4. Four in the morning, scotch- rocks, Boo (my girlfriend), on my arm, and winning at blackjack. PRICELESS!!!

Shake
Thats me done for the day as well

Have a good weekend all and catch you all soon
Happy trading all. Titch
  • #687
  • Jun 17, 2011 1:47pm Jun 17, 2011 1:47pm
Me done too guys, not a brill week but its all in the learning game, will have a reading weekend of the thread again, its a winner and just needs to sink in a bit in places, it will! have a good weekend all

respect to all

Tom(uk)
  • #688
  • Jun 17, 2011 8:51pm Jun 17, 2011 8:51pm
Hi Southbeach,
First of all, a big thanks to Colostarr and all others for their contribution to this valuable site.
Do you have any specific indi for S/R levels.
With Regards.
  • #689
  • Jun 17, 2011 9:31pm Jun 17, 2011 9:31pm
In word caps!

I'll try a few rounds demo trading 4H. Noticed everyone was talking about 1H, and a few 4H. Dailies anyone?

I hope to contribute to this excellent thread!

Cheers!
  • #690
  • Jun 18, 2011 2:30am Jun 18, 2011 2:30am
Quoting B0ndY1ng
In word caps!

I'll try a few rounds demo trading 4H. Noticed everyone was talking about 1H, and a few 4H. Dailies anyone?

I hope to contribute to this excellent thread!

Cheers!
Hi B0ndY1ng

I know both colostarr and myself trade the longer time frames including the dailies. As with any strategy that I have tried they tend to be more accurate the higher the timeframe.
I hope this helps
Happy trading all. Titch
  • #691
  • Jun 18, 2011 2:35am Jun 18, 2011 2:35am
Quoting godwin2002
Hi Southbeach,
First of all, a big thanks to Colostarr and all others for their contribution to this valuable site.
Do you have any specific indi for S/R levels.
With Regards.
Hi godwin2002

Not sure about anyone else but I just tend to draw the levels myself as I find them to be more accurate than an indi.
Happy trading all. Titch
  • #692
  • Jun 18, 2011 3:00am Jun 18, 2011 3:00am
[quote=Titch;4703829]Hi godwin2002

Not sure about anyone else but I just tend to draw the levels myself as I find them to be more accurate than an indi.[/QUOTE

Is this the correct book or is it the 1 with the blue and orange cover
Attached Image
  • #693
  • Jun 18, 2011 3:17am Jun 18, 2011 3:17am
Titch - Can you please post up a chart showing the 50 EMA and how you use it to trade this method??

Quoting SamTIF
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.
  • #694
  • Jun 18, 2011 3:22am Jun 18, 2011 3:22am
Thanks Booktimes! Brother I am just MENTALLY worn out from my other job (I refuse to call it my REAL JOB). Trading is soon to be my REAL job. I feel like right now my life is at a resistance level, when I touch the resistance line I get pushed back - Hopefully soon I can PUSH through the resistance level and continue northerly! I'm just extremely tired!

Thank you for the encouraging words brother!

Quoting booktimes
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
  • #695
  • Jun 18, 2011 3:23am Jun 18, 2011 3:23am
great system but i would like to pose two questions

1 If you get a signal to trade and insert your order spread plus 3 pips How long do you wait for the order to be taken ,another hour or 2 or 3 hours?

2 You say your stop loss is the the size of the candle Do you have a maximum stop loss as you could have an hourly candle 50 + size. Also if a candle is less than 5 pips your stop loss would be only 5+3+spread which doesnt give much room for the trade to develop
Not a criticism but just a query
  • #696
  • Jun 18, 2011 3:23am Jun 18, 2011 3:23am
Straying from the method is not the intention of this thread! Please keep to the method.

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
  • #697
  • Jun 18, 2011 3:41am Jun 18, 2011 3:41am
That is the correct Bible brother - Read it, know it - Pray to it! Bill Williams is the MAN!

[quote=Tedge UK;4703840]
Quoting Titch
Hi godwin2002

Not sure about anyone else but I just tend to draw the levels myself as I find them to be more accurate than an indi.[/QUOTE

Is this the correct book or is it the 1 with the blue and orange cover
  • #698
  • Jun 18, 2011 3:51am Jun 18, 2011 3:51am
Fantastic questions brother!

"1 If you get a signal to trade and insert your order spread plus 3 pips how long do you wait for the order to be taken, another hour or 2 or 3 hours?"

A: If the trade doesn't trigger by the completion of the next candle, I close the order; especially if PA is around the blue line still.

"2 You say your stop loss is the size of the candle Do you have a maximum stop loss as you could have an hourly candle 50 + size. Also if a candle is less than 5 pips your stop loss would be only 5+3+spread which doesn’t give much room for the trade to develop
Not a criticism but just a query"[/quote]

A: 2 things here. If you decide to place a buy or sell stop at the completion of a large candle, then you assume the risk of the trade. Calculate the potential pip loss (2% - 5%) and enter your lots accordingly. Once the trade triggers, let it progress naturally, especially if it moves against you. If it is meant to hit your stop loss - so be it.

2. When PA candles are small but signal a trade is coming, I generally won't use the rule for stop loss placement. I'll use the closest fractal high or low as my initial stop - the high / low of that fractal candle +- 3 pips. Entering a stop at the high/low of a small candle places the initial stop too tightly and does not allow the trade (or price) room to breath

Hope this answers your questions!

Quoting raylin
great system but i would like to pose two questions

1 If you get a signal to trade and insert your order spread plus 3 pips How long do you wait for the order to be taken ,another hour or 2 or 3 hours?

2 You say your stop loss is the the size of the candle Do you have a maximum stop loss as you could have an hourly candle 50 + size. Also if a candle is less than 5 pips your stop loss would be only 5+3+spread which doesnt give much room for the trade to develop
Not a criticism but just a query
  • #699
  • Jun 18, 2011 3:59am Jun 18, 2011 3:59am
Titch - thank you for helping with answering questions in this thread. I would like to publically commend you for your efforts. It's rare to find people that care enough to help others less fortunate and not ask a price in return!

Forum Attendee's - As you might have figured out by now, Titch is more than qualified to help with this method and answer any questions herein.

If you post a question for me, and he answers, please accept his answers, as chances are you'll get the exact same answer from me anyway.

I don't know how he figured out to put my words into writing before I can!
Scary how much our posts resemble each other!

Great Stuff Titch - Thank you for your help!

I would also like to thank Codemeister, jrushing and anyone else that has contributed to the success of this thread!
  • #700
  • Jun 18, 2011 4:35am Jun 18, 2011 4:35am
Thanks for your prompt reply was halfway thro the thread when I posed the question Good logical answers will start to trade it next week with pairs with low spreads
1 trader viewing now