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Simple Simon Balance Line Trading

  • #821
  • Jun 20, 2011 10:53am Jun 20, 2011 10:53am
Quoting marissa
hi colo and all,

i am a newbie and very excited to use this simple system but can anyone help me how to calculate the BE? how do you determine BE? is it 20 pips away?

Thanks
Hi marissa

Welcome

Break even would be entry price + or - the broker spread depending on the order. ie buy or sell. If you don't know what your broker spread is there is an indicator on this thread that you attach to your chart that tells you.
Happy trading all. Titch
  • #822
  • Jun 20, 2011 10:57am Jun 20, 2011 10:57am
Quoting jon0
Hallo

No,only 4 decimal.NZD-USD-sell enter 0,8055-exit-0,8082-last bar hight+spread+3 pips.
AUD-USD sell enter-1,0530-exit-1,0551.
EUR_GBP-buy-0,8831-exit-0,8824.
Jon0

Which is the balance line?
Happy trading all. Titch
  • #823
  • Jun 20, 2011 11:02am Jun 20, 2011 11:02am
This system continues to rock. Have not been able to post much but still following along. Currently watching GBPNZD. 1 Hour candle just closed below balance line. Sell entry order placed 5 pips below the low.
  • #824
  • Jun 20, 2011 11:03am Jun 20, 2011 11:03am
Quoting Titch
Jon0

Which is the balance line?
The Blue one-other one is 50 ema
  • #825
  • Jun 20, 2011 11:18am Jun 20, 2011 11:18am
Quoting forexnetworth
This system continues to rock. Have not been able to post much but still following along. Currently watching GBPNZD. 1 Hour candle just closed below balance line. Sell entry order placed 5 pips below the low.
Hi forexnetworth

Could be a good move but if it breaks earliers swing high and low

Good luck
Happy trading all. Titch
  • #826
  • Jun 20, 2011 11:29am Jun 20, 2011 11:29am
Quoting jon0
The Blue one-other one is 50 ema
Hi Jon0

I have had a look at your charts and have found the following.

Chart 1.
Price action is saying to me reversal. If you had entered on the previous bar Ie the bounce bar you could have taken a small profit when price action started to show signs of reversal. Also you could have put it to a scratch trade to end up break even. The bar you have entered on has moved a long way from the bounce line.

Chart 2.
You should have avoided this trade as it is clearly in congestion. Price and ma's are clearly moving sideways.

Chart 3.
You have placed a sell order against a major area of support that has clearly been tested by at least 6 previous bars that have not managed to break and close below it. Previous to that this area has been a swing low support.

As I said when I looked at your last charts you need to learn to read price action and also learn to draw support and resistance lines as this will make entries and exits a lot clearer.

I hope this helps
Happy trading all. Titch
  • #827
  • Jun 20, 2011 11:32am Jun 20, 2011 11:32am
Quoting jmw1970
Hi Colostarr, Others

here is an indi you might find useful.

It is the Smoothed MA 13 Shifted 8 based on Median (ie. Alligator)

It has alerts for buy & sell

It calculates the Entry price & stop loss

Buy Stop Entry = High + Spread + Buffer
Buy Stop SL = Low - SL.Buffer

Sell Stop Entry = Low - Buffer
Sell Stop LS = High + SL.Buffer

It will either send an alert for buy / sell or mixed (when close is on MA)

Regards
John
Hi all,
great thread, great method and great community.

I just wonder, if a dashboard (with mail/audio alerts) could be made or an existing one could be altered? If there is one, which could be used or latered easily, please let me know where I could find it.

Thanks

Forex37
  • #828
  • Jun 20, 2011 11:37am Jun 20, 2011 11:37am
Hi all

I have got to go now and get my son settled and ready for bed. I will be back on later.

Take care all
Happy trading all. Titch
  • #829
  • Jun 20, 2011 11:53am Jun 20, 2011 11:53am
Quoting Titch
Hi all

I have got to go now and get my son settled and ready for bed. I will be back on later.

Take care all
Thank you Tich.
I am sure all newbies have BIG troubles white the same as i.Normal at the began of this thread colostarr should wrote that.PA learning and sup.-res. draw.A beginner loss becouse it is not easy to trade-that is a lie.May be in a lot forums are brokers white systems that peoples follow and they get more money.I hope this one not,but not sure.I am sure the most follower from this thread loss.For all beginners-you all must have some years 3-6 than you can trade profitable.Sure not when you only read forums.Means a lot of practice.I trade 4 years now and i never see an trader live trade profitable,and i meet some of them.The most only made blablablabla.For an beginner is this system never profitable-only for trader who are longer practice trading.BUT all can learn from this.
  • #830
  • Jun 20, 2011 1:19pm Jun 20, 2011 1:19pm
Evening everyone from a rainy UK lol
I had a read over the rules of the strat and thread over the weekend which even though I have read a few times, it is good to go over again as other things pop out so to speak.
I feel that one of the outstanding flaws should certainly be patience and sticking absolutely to the rules which ever timeframe you use, I have over the last week or so had a few losers and assessed why this was and would like to offer up a bit of advice if I may.
LACK OF PATIENCE-
bad examples:-
The price crosses the balance and 1/ I dont wait for the close of candle.
2/ I enter before price goes above/below candle. 3/I don't recognise where s and r are. 4/ I enter too late, after maybe 2-3 candles, still think it is ok because it has crossed balance

Four fundamental mistakes which I think is a major reason why myself and maybe some others on thread are also getting a problem with and this can all be solved by just using patience and adhering to the rules.
Please correct me if I am wrong.
Today I did adhere to the rules and did have a bit of patience and got 4 winners in a row, umm makes you think!

respect to all

Tom(UK)
  • #831
  • Jun 20, 2011 1:28pm Jun 20, 2011 1:28pm
Quoting booktimes
Evening everyone from a rainy UK lol
I had a read over the rules of the strat and thread over the weekend which even though I have read a few times, it is good to go over again as other things pop out so to speak.
I feel that one of the outstanding flaws should certainly be patience and sticking absolutely to the rules which ever timeframe you use, I have over the last week or so had a few losers and assessed why this was and would like to offer up a bit of advice if I may.
LACK OF PATIENCE-
bad examples:-
The price crosses the balance and...
Well said Tom

The trouble with most new traders is they think they should always be in a trade. I have only taken 4 intraday trades today as if I do not see a perfect set up or I am a bit late, I do not enter. What we try to do is play a game of probability. If the perfect set up is not there then the odds are not as much in your favor.
Happy trading all. Titch
  • #832
  • Jun 20, 2011 1:38pm Jun 20, 2011 1:38pm
Quoting booktimes
Evening everyone from a rainy UK lol
I had a read over the rules of the strat and thread over the weekend which even though I have read a few times, it is good to go over again as other things pop out so to speak.
I feel that one of the outstanding flaws should certainly be patience and sticking absolutely to the rules which ever timeframe you use, I have over the last week or so had a few losers and assessed why this was and would like to offer up a bit of advice if I may.
LACK OF PATIENCE-
bad examples:-
The price crosses the balance and...
Hi Tom,I think they are the main reasons most find difficult to make trading profitable,I think with any system the entries are pretty easy but DISCIPLINE is key,plus managing the trade.
  • #833
  • Jun 20, 2011 1:51pm Jun 20, 2011 1:51pm
Quoting Tedge UK
Hi Tom,I think they are the main reasons most find difficult to make trading profitable,I think with any system the entries are pretty easy but DISCIPLINE is key,plus managing the trade.
Hi all

Tedge hit the nail on the head. Managing a trade is the actual art of trading. Anyone can follow any system and follow the entry signals to jump in. It is managing the trade and understanding the trade that makes you win more than you loose. For example if you take 1 loss at say 25 pips but your 3 wins you have only let run for 5 pips each then you are loosing. Most of the time the other problem is traders try to trade too many trades at a time. My advice would be when you are in a trade manage that trade only and do not look for another trade until that trade is cleared out. Also before you enter a trade or while you are in a trade keep asking yourself what is the market doing at the moment. You will be surprised how many time you then re look at a trade and decide not to enter it. And guess what most of the time you will turn out to be right.
Something I always do is write a trade plan with tick boxes with all of my requirements for a good set up and tick them all before I enter a trade. If I can not tick all of the boxes I will not enter.
Sometimes the best trade is not to trade.
Happy trading all. Titch
  • #834
  • Jun 20, 2011 2:11pm Jun 20, 2011 2:11pm
Quoting Titch
Hi all

Tedge hit the nail on the head. Managing a trade is the actual art of trading. Anyone can follow any system and follow the entry signals to jump in. It is managing the trade and understanding the trade that makes you win more than you loose. For example if you take 1 loss at say 25 pips but your 3 wins you have only let run for 5 pips each then you are loosing. Most of the time the other problem is traders try to trade too many trades at a time. My advice would be when you are in a trade manage that trade only and do not look for another...
Hi Titch,

very wise words from you and other guys here. Can you show us your plan w/ tick boxes just to inspire us for the important points we need to follow? I know we need to stick to rules written here, but maybe your plan is tweaked a bit, as I see many good trades you took last time

Thank you.

Green pips to all of you guys/gals
  • #835
  • Jun 20, 2011 2:22pm Jun 20, 2011 2:22pm
Quoting kapybara
Hi Titch,

very wise words from you and other guys here. Can you show us your plan w/ tick boxes just to inspire us for the important points we need to follow? I know we need to stick to rules written here, but maybe your plan is tweaked a bit, as I see many good trades you took last time

Thank you.

Green pips to all of you guys/gals
Sure.

I will post tomorrow as I will first need to convert it to a word format as it is on my mac. There is also a section on it to enter any news announcements that could affect the trade. I print off a load of them and keep them at my trading station as they are always good to go over at the end of the day to see what worked and what didn't.
I hope this helps
Happy trading all. Titch
  • #836
  • Jun 20, 2011 3:08pm Jun 20, 2011 3:08pm
Checking off the list is good. Like pilots in an airplane who never trust their memories or experience and take a short cut. I used to use a script I wrote for checking my trade entry (set up bar the right height, number of pips from last swing, etc). Somewhere along the road, I stopped using it and trusted my experience. I should get back to using them.
  • #837
  • Jun 20, 2011 3:27pm Jun 20, 2011 3:27pm
Do you think this would qalify as a valid setup?

I'm having my doubts as it seems to be in a range....
Attached Image
  • #838
  • Jun 20, 2011 3:51pm Jun 20, 2011 3:51pm
Quoting danbuttigieg
Do you think this would qalify as a valid setup?

I'm having my doubts as it seems to be in a range....
Hi danbuttigieg

You are right, there is strong resistance around this area. Also if you look at the bullish candles heading towards the resistance area they are getting smaller as they approach it meaning it is loosing momentum.

I would avoid as I would imagine there would be a bounce at this area. But that is just my opinion.

I hope this helps
Happy trading all. Titch
  • #839
  • Jun 20, 2011 4:05pm Jun 20, 2011 4:05pm
Note to all

If you have sent me a private message today please be patient and I will reply as soon as possible. Please understand my main business is trading and I do also dedicate a lot of time to this thread as well. I have had over 40 private messages today and I will reply to all of you, but after spending nearly 18 hours on the computer I am now totally shattered. If you have not heard back from me today I will reply in the morning.

Thanks for your understanding

Time for my bed I think

Take care all
Happy trading all. Titch
  • #840
  • Jun 20, 2011 4:08pm Jun 20, 2011 4:08pm
Quoting Titch
Hi all

Tedge hit the nail on the head. Managing a trade is the actual art of trading. Anyone can follow any system and follow the entry signals to jump in. It is managing the trade and understanding the trade that makes you win more than you loose. For example if you take 1 loss at say 25 pips but your 3 wins you have only let run for 5 pips each then you are loosing. Most of the time the other problem is traders try to trade too many trades at a time. My advice would be when you are in a trade manage that trade only and do not look for another...
Exactly right. Also, this is where using pending orders rather than market orders give a large advantage.

Market orders are knee-jerk reactions. Pending orders make you plan your trade and think about it for a while, and really look at what you are about to do.

Shake
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