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Simple Simon Balance Line Trading

  • #761
  • Jun 20, 2011 4:08am Jun 20, 2011 4:08am
Well that was quick - went to pick up lunch and return - trade closed on stop - 25 pips

Quoting Colostarr
Take that back - triggered in on my Oanda - 3 pip spread vice 6 pip on IBFX - Will definetly monitor now!
  • #762
  • Jun 20, 2011 4:08am Jun 20, 2011 4:08am
by the way, my trade opened (CfJ). We'll see what happens. Momentum seems to be letting up a bit.
  • #763
  • Jun 20, 2011 4:12am Jun 20, 2011 4:12am
I have been reading your thread for a while and since I have been trading a very similar method for a long time (using different MAs, pivots and PA - won't mention what they are here not to distract your thread as per your rules), I have decided to be active on your thread instead of opening a new one. Will try to share possible setups, entries, exits and trade management.

My first share is AUDUSD-H1. I am showing the signal bar. It was a perfect entry, IMO, and you could even enter 10 pips earlier if you were trading M30 chart.

Thanks for sharing, Colostarr.

Blackeagle

ps. pink line is Alligator
Attached Image (click to enlarge)
Click to Enlarge Name: audusd-h1.jpg Size: 119 KB
  • #764
  • Jun 20, 2011 4:14am Jun 20, 2011 4:14am
EUR/USD momentum is changing, I got stopped twice and it took almost all my profit hehe. I hate it when it keeps ranging. I am out of the trade waiting for the next signal to enter long
  • #765
  • Jun 20, 2011 4:37am Jun 20, 2011 4:37am
Quoting Colostarr
Titch - If it helps strengthen the method then post it up brother!
Hi all

Just a quick one to show the 50ma. I hope this makes sense. As I said before I trade from the balance line but find this helps as I have been trading the 50 and 20 ma's for many years on longer term trades. Price will ALWAYS retrace to the 50 ma so I kind of use it as a S/R and also to show congestion. You don't really need it with this method but I like to put the odds in my favor and find this helps
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 50ma congestion.gif Size: 26 KB
Click to Enlarge Name: 50ma bounce.gif Size: 26 KB
Happy trading all. Titch
  • #766
  • Jun 20, 2011 4:41am Jun 20, 2011 4:41am
Good morning guys, How is everyone, today is a good day so far, this week is going to be fantastic week for pips
  • #767
  • Jun 20, 2011 4:42am Jun 20, 2011 4:42am
CfJ approached 9.5000 level. I got nervous and closed trade with only, let's see . . . +4 pips.

Well, I am 4 for 4 in Eur session, will probably call that good for now. I don't much like trading between 1000 gmt and 1400 gmt. Some of the us whales are getting out of bed about now and looking at their screens. I'm sure they are working out a way to pluck a few bucks from our accounts.

Shake
  • #768
  • Jun 20, 2011 4:50am Jun 20, 2011 4:50am
Quoting jrushing
Good morning guys, How is everyone, today is a good day so far, this week is going to be fantastic week for pips
Well said
Happy trading all. Titch
  • #769
  • Jun 20, 2011 4:51am Jun 20, 2011 4:51am
Possible long setup.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy-h1.jpg Size: 120 KB
  • #770
  • Edited 5:09am Jun 20, 2011 4:58am | Edited 5:09am
Quoting Blackeagle
Possible long setup.

Looks good.

I noticed that it is popping long from a double bottom (a sloppy one, but a double bottom none the less). I was scrolling through some charts over the weekend, and I noticed that a bal line cross off a double bottom seems to usually be a winner. Havent done any stats on this or anything, and I wouldn't put this in stone, but I kinda noticed this.

Let us know how it comes out.

Shake
  • #771
  • Jun 20, 2011 6:03am Jun 20, 2011 6:03am
There is a potential GBPUSD long setup. Price has been consolidating (moving sideways) between 1.61-1.62 since last Thursday and also below long term TL coming from May 2010 lows passing at 1.6225 at the moment. Long term bias is down and there is a short term upward momentum. I will pass this one and look for better setups.

Enjoy.

Blackeagle
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-h1.jpg Size: 127 KB
  • #772
  • Jun 20, 2011 6:04am Jun 20, 2011 6:04am
Neil,
What are your settings for the 50 EMA?

I like how you use the 50 EMA with the balance line. Sort of serves a two fold purposr with regard to entry or exit! I like it! Good stuff!

Quoting Titch
Hi all

Just a quick one to show the 50ma. I hope this makes sense. As I said before I trade from the balance line but find this helps as I have been trading the 50 and 20 ma's for many years on longer term trades. Price will ALWAYS retrace to the 50 ma so I kind of use it as a S/R and also to show congestion. You don't really need it with this method but I like to put the odds in my favor and find this helps
  • #773
  • Jun 20, 2011 6:36am Jun 20, 2011 6:36am
Quoting Colostarr
Neil,
What are your settings for the 50 EMA?

I like how you use the 50 EMA with the balance line. Sort of serves a two fold purposr with regard to entry or exit! I like it! Good stuff!
Hi mate,

Don't change anything on the settings, just standard. Have a look on any timeframes especially the longer ones and using it with your system it kicks ass. As I say mate it used to be one of my favorite methods for longer time frames. Floor traders tend to use it or the 20 ma with filters, but small time traders don't. My chain of thought has always been if it's good enough for the big boys it's good enough for me. I'll see if I can dig out my notes as well and pm you because it can also be used in a sideways market with great affect for pips. I think my notes are on one of my old pc's but i'll have a look tonight if you are interested
Happy trading all. Titch
  • #774
  • Jun 20, 2011 6:39am Jun 20, 2011 6:39am
Sounds good Titch - What I meant by settings are applied to "Open, High, Low or Close"? My Oanda default is applied to close, my IBFX default is applied to high??

Quoting Titch
Hi mate,

Don't change anything on the settings, just standard. Have a look on any timeframes especially the longer ones and using it with your system it kicks ass. As I say mate it used to be one of my favorite methods for longer time frames. Floor traders tend to use it or the 20 ma with filters, but small time traders don't. My chain of thought has always been if it's good enough for the big boys it's good enough for me. I'll see if I can dig out my notes as well and pm you because it can also be used in a sideways market with great affect for...
  • #775
  • Jun 20, 2011 6:44am Jun 20, 2011 6:44am
Quoting Titch
Hi mate,

Don't change anything on the settings, just standard. Have a look on any timeframes especially the longer ones and using it with your system it kicks ass. As I say mate it used to be one of my favorite methods for longer time frames. Floor traders tend to use it or the 20 ma with filters, but small time traders don't. My chain of thought has always been if it's good enough for the big boys it's good enough for me. I'll see if I can dig out my notes as well and pm you because it can also be used in a sideways market with great affect for...

I'd be interested in those notes as well Titch....I currently have the 100 SMA on my screen as a filter but it's normally too far away from the current price.....thanks in advance

Best Regards

Ali Raza
Raza
  • #776
  • Jun 20, 2011 6:44am Jun 20, 2011 6:44am
Titch,
If your default setting is to apply the 50 EMA to the high, then as I see it (preliminary analysis on 1H EURUSD), when the 50 ema crosses above or below the blue line, this consistantly signals an early entry favorable to the blue line cross entry (mabe a chance for an add on, using blue line as the add on trade?)

Is this in line with how you use it??
  • #777
  • Jun 20, 2011 7:02am Jun 20, 2011 7:02am
Quoting Colostarr
Sounds good Titch - What I meant by settings are applied to "Open, High, Low or Close"? My Oanda default is applied to close, my IBFX default is applied to high??
Hi Rick

Some of my accounts are the same. I have 1 on high and 1 on close. It shouldn't really make any difference because it is a long period ma. I prefer close as it is slightly more accurate but there is not a lot in it. The guy that taught me to use it was a very successful trader as I said earlier but unfortunately he is no longer with us, one of the reasons I try to help people now. He used to use a sma with nothing else no other filters just pa. I taught my 82 year old dad to trade last year and that is what he now uses and does it well. I only changed it to an ema because I found it slightly smoother but you can use a sma. As I said the other day Rick with the right tools you could be back home with your family sooner than you thin my friend and doing what I do. Enjoying life
I hope this helps mate
Neil
Happy trading all. Titch
  • #778
  • Jun 20, 2011 7:16am Jun 20, 2011 7:16am
Quoting Colostarr
Titch,
If your default setting is to apply the 50 EMA to the high, then as I see it (preliminary analysis on 1H EURUSD), when the 50 ema crosses above or below the blue line, this consistantly signals an early entry favorable to the blue line cross entry (mabe a chance for an add on, using blue line as the add on trade?)

Is this in line with how you use it??
You got it mate
Happy trading all. Titch
  • #779
  • Jun 20, 2011 7:29am Jun 20, 2011 7:29am
guys i keep hearing about all these guys that want to complain that this does not work or will not work, ..Granted I have been trading a long time and understand fibo levels, candle sticks and pinbars better than most. I was in the 70% percent win/loss ratio before reading this post and now I am in the low 90% win/loss. By following the rules and watching the charts, profit can be made by anyone.

This is what was made today
Attached File(s)
File Type: xls 6 20 2011 trades.xls   27 KB | 593 downloads
  • #780
  • Jun 20, 2011 7:30am Jun 20, 2011 7:30am
Quoting Titch
You got it mate
Sorry mate I also meant to say that is only one way to trade it with your system. There are quite a few ways to trade it with your balance but i'll have to skype you and show you another few nifty tricks with it. Are you on skype?
Happy trading all. Titch
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