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Simple Simon Balance Line Trading

  • #741
  • Jun 20, 2011 2:11am Jun 20, 2011 2:11am
Quoting Colostarr
Your stops for EURUSD should be at BE by now.
Hi Colostarr,

do you move to BE after 20 pips or 10 pips profit?

Cheers.
  • #742
  • Jun 20, 2011 2:23am Jun 20, 2011 2:23am
Quoting Colostarr
Yes that was a beautiful setup! Wish I was around to take it! Sorry for missing your post
thanks bro! i did take the trade.... riding nzdusd sell and usdcad ..... booked eurusd a bit too early....anywho lets see....thanks for introducing this system
Raza
  • #743
  • Jun 20, 2011 2:39am Jun 20, 2011 2:39am
I move to BE as soon as I can. If the trade is +10 pips, that is an opportunity to move the stop to break even. My goal of any trade is +20 pips. Once I get +20 locked in, I just leave the trade alone and let it ride.

Manage your risk first, profits second. You move to BE (risk managed) lock in 20 pips (profits guaranteed), no risk remaining...let it ride

Quoting Olarion1975
Hi Colostarr,

do you move to BE after 20 pips or 10 pips profit?

Cheers.
  • #744
  • Jun 20, 2011 2:55am Jun 20, 2011 2:55am
Hi colostar,

I have been digesting the rules you have for this interesting trading plan!

Below are the Buy instructions!

When the candle closes above the blue line (the closer to the blue line the better) set a pending buy stop order at the high of that candle plus the spread, plus 3 pips. The same applies for your stop loss. Set your stop at the low of the candle minus spread, minus 3 pips

EXAMPLE: GBP/JPY closes above blue line at 131.61, the spread for this pair is 3 pips (for my broker), plus 3 pips = Buy stop at 131.67 (131.61+.03+.03=131.67)

Does the high of the candle include the wick, or do I work as the example and use the candle body?

If it is the body, the price could be long gone before I place any order!
  • #745
  • Jun 20, 2011 3:12am Jun 20, 2011 3:12am
Quoting Colostarr
I move to BE as soon as I can. If the trade is +10 pips, that is an opportunity to move the stop to break even. My goal of any trade is +20 pips. Once I get +20 locked in, I just leave the trade alone and let it ride.

Manage your risk first, profits second. You move to BE (risk managed) lock in 20 pips (profits guaranteed), no risk remaining...let it ride
That's good way to manage the risks, but what happens if you enter the trade, you get +10 pips, and then it closes as stop loss to BE, do you enter an other trade? the reason for this question is, the market mostly goes beyond 10 pips up and down within the same candle. thanks
  • #746
  • Jun 20, 2011 3:14am Jun 20, 2011 3:14am
[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
Hi Tedge, Sorry I did not answer about this as if I had been on here over the weekend I would now be singing soprano. Lol. Be prepared for a heavy read!
Happy trading all. Titch
  • #747
  • Jun 20, 2011 3:15am Jun 20, 2011 3:15am
Quoting Colostarr
Titch - Can you please post up a chart showing the 50 EMA and how you use it to trade this method??
Hi Mate

I will post if you want but I don't want to confuse this method. It's up to you mate
Happy trading all. Titch
  • #748
  • Jun 20, 2011 3:27am Jun 20, 2011 3:27am
Most often I will re-enter the trade if the signals are within the trade parameters.

Quoting southbeach
That's good way to manage the risks, but what happens if you enter the trade, you get +10 pips, and then it closes as stop loss to BE, do you enter an other trade? the reason for this question is, the market mostly goes beyond 10 pips up and down within the same candle. thanks
  • #749
  • Jun 20, 2011 3:28am Jun 20, 2011 3:28am
Wow, this system is pure cherry.

Have picked up 46 pips already since 0400 gmt. 10-12 each on two shorts on EU and AU.

21 pips on a short on the ECf. Sorry, didn't get pictures.

Here is a Long set up on the hourly on the CfJy. It's gonna be a quick one if it opens at all. Only 10-12 pips to the big round number. I wouldn't usually bother placing this one, but BIG round numbers will invariably draw the price to them, if they get close enough. THis is almost a sure thing, it price goes beyond that last pivot. May even give it an extra candle or two.


Big round numbers are good to trade up or down TO, but one probably shouldn't trade for the cross.

Now watch it lose, and make me look like a frickin knuckledragger.

I notice the bal line cross often correspond with S&R breakouts
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy 0800.gif Size: 41 KB
  • #750
  • Jun 20, 2011 3:28am Jun 20, 2011 3:28am
Titch - If it helps strengthen the method then post it up brother!

Quoting Titch
Hi Mate

I will post if you want but I don't want to confuse this method. It's up to you mate
  • #751
  • Jun 20, 2011 3:32am Jun 20, 2011 3:32am
No knuckledraggers here brother! Good setups - great outcome, if you get only 1 loser for every 3 winners, I'd say you are doing pretty good!

Quoting Beshakey
Wow, this system is pure cherry.

Have picked up 46 pips already since 0400 gmt. 10-12 each on two shorts on EU and AU.

21 pips on a short on the ECf. Sorry, didn't get pictures.

Here is a Long set up on the hourly on the CfJy. It's gonna be a quick one if it opens at all. Only 10-12 pips to the big round number. I wouldn't usually bother placing this one, but BIG round numbers will invariably draw the price to them, if they get close enough. THis is almost a sure thing, it price goes beyond that last pivot. May even give it an extra candle...
  • #752
  • Jun 20, 2011 3:33am Jun 20, 2011 3:33am
Quoting Colostarr
Most often I will re-enter the trade if the signals are within the trade parameters.

Agreed, I am more of a one shot per signal guy myself. Seems to me that to re-enter, though the signals are still there, also would be compounding your risk.

Shake
  • #753
  • Jun 20, 2011 3:44am Jun 20, 2011 3:44am
Nice little double tap and bounce on the EURCAD 15TF (short) - Missed it but will monitor
  • #754
  • Jun 20, 2011 3:45am Jun 20, 2011 3:45am
Take that back - triggered in on my Oanda - 3 pip spread vice 6 pip on IBFX - Will definetly monitor now!

Quoting Colostarr
Nice little double tap and bounce on the EURCAD 15TF (short) - Missed it but will monitor
  • #755
  • Jun 20, 2011 3:46am Jun 20, 2011 3:46am
Quoting Colostarr
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...
Hi Colostarr

Thanks for the kind words

I am sorry this is quite a long post but please bear with me.

First off Colo thanks for the vote of confidence. There is a reason I try to help and that is I know too well as to what it is like to struggle in this industry. I was taught to trade a long time ago by a very successful floor trader after blowing loads of accounts, so I feel it is only right that I help others in the same way. The same as the way colostarr has posted this method on here expecting nothing back. Codemeister helping with code for alarms and indicators and also asking nothing back, and everyone else on here helping each other. I do ask one thing back and that is. When you are trading well and successful, if you meet another trader who is struggling. Help them! The same way you have been helped. This industry annoys me with the way as I am sure you have seen. I am a great trader and if you pay me $49.00 I will show you my system! What a load of!!!!!
I help people because trading is not my job now it is me! I make my money trading not trying to take your last bit of money on a dream. If I can help anyone I will. Also I would like to say one more thing.
Colo plays down the fact that he invented this system. But if you have read the book trading chaos you will understand. He has taken one of the most complex systems and simplified it so that most people can make money with it. (unless the computers are out to get you). Sorry I could not help myself!
This is one serious accomplishment. Bill williams may have come up with the idea but his explanation is by no means simple. The same as the guy that discovered electricity did not get the credit for the light bulb although it uses the same theory. Eddison did. Bill williams is the electricity founder and you my friend are Eddison. Sorry guys I just thought in needs recognizing, and credit where credit is due. Anyway enough of me going on If we all stick together we can build a rare community of honest and helpful traders of the simple simon system and all live a great life.
Right, enough now
Lets make some MONEY!
Happy trading all. Titch
  • #756
  • Jun 20, 2011 3:47am Jun 20, 2011 3:47am
True - but isn't entering ANY trade compounding your risk?

Quoting Beshakey
Agreed, I am more of a one shot per signal guy myself. Seems to me that to re-enter, though the signals are still there, also would be compounding your risk.

Shake
  • #757
  • Jun 20, 2011 3:50am Jun 20, 2011 3:50am
Good stuff Titch! Thank you!

Quoting Titch
Hi Colostarr

Thanks for the kind words

I am sorry this is quite a long post but please bear with me.

First off Colo thanks for the vote of confidence. There is a reason I try to help and that is I know too well as to what it is like to struggle in this industry. I was taught to trade a long time ago by a very successful floor trader after blowing loads of accounts, so I feel it is only right that I help others in the same way. The same as the way colostarr has posted this method on here expecting nothing back. Codemeister helping with code...
  • #758
  • Jun 20, 2011 3:54am Jun 20, 2011 3:54am
Yes - good post Titch
  • #759
  • Jun 20, 2011 4:01am Jun 20, 2011 4:01am
Quoting Titch
Hi Colostarr

Thanks for the kind words

I am sorry this is quite a long post but please bear with me.

First off Colo thanks for the vote of confidence. There is a reason I try to help and that is I know too well as to what it is like to struggle in this industry. I was taught to trade a long time ago by a very successful floor trader after blowing loads of accounts, so I feel it is only right that I help others in the same way. The same as the way colostarr has posted this method on here expecting nothing back. Codemeister helping with code...
Great post, thanks! I call it a good Karma : )! it helps your path to better life and it is very good practice. When you give, you always get back many folds of what you gave!
  • #760
  • Edited 4:06am Jun 20, 2011 4:05am | Edited 4:06am
Quoting Colostarr
True - but isn't entering ANY trade compounding your risk?
Yup! I guess the only way to avoid losing is to stand aside, which by the way, are some of the best trades I have made in my humble experience!


I must say, though, I can't remember the last time I saw a system that seems this consistent, AND simple.


Apparrently, Colo, you have been trading this a while, and you seem to be the real deal (goes for Titch too)

After a couple months, and a few hundred trades, I bet the win/loss ratios, profits, and loss drawdown will be very predictable. That's the time I move it to my other account and start throwing some serious money at it.

Shake
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