Simple Simon Balance Line Trading | Page 50 | 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

  • #981
  • Jun 22, 2011 2:17am Jun 22, 2011 2:17am
Quoting Colostarr
Be careful with this type of entry, resistance would have been too close for me to enter off that bounce. Let us know how it played out!
Yeah just bit me. should of took it with 25 or so pips at that resistance but really thought it would keep going. Thanks for the tip and its noted. Thanks again for a great system.
  • #982
  • Jun 22, 2011 2:22am Jun 22, 2011 2:22am
That was a nice entry. I think I would have set the trade from the candle previous to the one you did. Especially considering it bounced off the 50 ema here. You may have been able to lock in +10 pips before it moved against you.

Once you are at BE, that, to me anyway is a the 1st victory in trading. You just won the battle and now it`s time to fight the war!

Quoting nawlins51
I moved it too breakeven basically. But you can see where I entered. I put my stop at 1.6197.
  • #983
  • Jun 22, 2011 2:22am Jun 22, 2011 2:22am
I am still in the Eur/Usd. Should of locked some in. Still getting a feel and need to be more aware of whats going on. Careless on my part with 2 trades. Should be around 35 pips but hovering at even
  • #984
  • Jun 22, 2011 2:26am Jun 22, 2011 2:26am
Quoting Colostarr
That was a nice entry. I think I would have set the trade from the candle previous to the one you did. Especially considering it bounced off the 50 ema here. You may have been able to lock in +10 pips before it moved against you.

Once you are at BE, that, to me anyway is a the 1st victory in trading. You just won the battle and now it`s time to fight the war!
Yep I see it now. Damn it.

Thanks man. Its comments like you just made that is good for a traders self esteem. I am ready to keep moving forward.
  • #985
  • Jun 22, 2011 2:26am Jun 22, 2011 2:26am
1st goal; BE
2nd goal: Lock in +20 pips if it takes you out so be it, you just stole 20 pips from what could very well have a fake out anyway!

Quoting nawlins51
Yeah just bit me. should of took it with 25 or so pips at that resistance but really thought it would keep going. Thanks for the tip and its noted. Thanks again for a great system.
  • #986
  • Jun 22, 2011 2:29am Jun 22, 2011 2:29am
Hovering at even is PRICELESS!

Quoting nawlins51
I am still in the Eur/Usd. Should of locked some in. Still getting a feel and need to be more aware of whats going on. Careless on my part with 2 trades. Should be around 35 pips but hovering at even
  • #987
  • Jun 22, 2011 2:31am Jun 22, 2011 2:31am
Quoting Colostarr
USDJPY is approaching the Blue line nicely
Dumb question but have to ask.

Even if it bounces does the sideways action make you hesitant going long?

Past 11 or 12 candles have been flat is the reason I am asking. Just trying to see what you see. I do see the slight trend upwards but overall its actually been flat longer.
  • #988
  • Jun 22, 2011 2:41am Jun 22, 2011 2:41am
Not a dumb question brother. the previous 11 or 12 candles were little to NO PA. This looks like a break out to me. Price has crossed the 50, the blue line is turning down. Remember, Angle to the blue line is important. I like the angle.

All in all though, the Daily PA is minimal - which would normally tell me to stay away. Will monitor and If I do enter will be with less risk than normal

Quoting nawlins51
Dumb question but have to ask.

Even if it bounces does the sideways action make you hesitant going long?

Past 11 or 12 candles have been flat is the reason I am asking. Just trying to see what you see. I do see the slight trend upwards but overall its actually been flat longer.
  • #989
  • Jun 22, 2011 2:49am Jun 22, 2011 2:49am
Quoting Colostarr
Not a dumb question brother. the previous 11 or 12 candles were little to NO PA. This looks like a break out to me. Price has crossed the 50, the blue line is turning down. Remember, Angle to the blue line is important. I like the angle.

All in all though, the Daily PA is minimal - which would normally tell me to stay away. Will monitor and If I do enter will be with less risk than normal
haha I see it. Thanks again. I just learned something. Didn't even see the blue line turning down.

Gonna post it for some other newbies to see it also.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.jpg Size: 82 KB
  • #990
  • Jun 22, 2011 2:49am Jun 22, 2011 2:49am
GBPUSD from the 15tf and the 1H confirm a pretty nice cross. Although the pair is range bound between support and resistance might be an opportunity to scalp a few
  • #991
  • Jun 22, 2011 2:55am Jun 22, 2011 2:55am
Quoting Colostarr
GBPUSD from the 15tf and the 1H confirm a pretty nice cross. Although the pair is range bound between support and resistance might be an opportunity to scalp a few
Do you usually go with trades where pairs are heavily correlated or do you pick one? Just want to hear your thoughts on risk. Again sorry for bombarding you with questions.
  • #992
  • Jun 22, 2011 3:08am Jun 22, 2011 3:08am
This is an interesting point and one I've often discussed. There are many heatmaps out there (some free, some you pay for) which show the strongest and weakest currencies. Logic says you should pair up the two extremes but as we know from experience, the $ for example may be weak against the Euro but not necessarily against some other currencies.

Apologies to Colo if this post is outside the remit of this thread.
  • #993
  • Jun 22, 2011 3:19am Jun 22, 2011 3:19am
My internet is spotty today at best. But I will do my best to post potential setups for you.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 30 KB
  • #994
  • Jun 22, 2011 3:23am Jun 22, 2011 3:23am
Yes I do sometimes use correlating pairs. But the GBPUSD lately has a mind of it`s own. Alot of times correlated pairs don`t correlate around the blue line. If the general trend in both pairs is uniform, I`ll take the trade. If one gives a reversal signal from the blue line, while the other does not, I stay away.

it is not an exact science - you should feel these things out before proceeding

Quoting nawlins51
Do you usually go with trades where pairs are heavily correlated or do you pick one? Just want to hear your thoughts on risk. Again sorry for bombarding you with questions.
  • #995
  • Jun 22, 2011 3:24am Jun 22, 2011 3:24am
Quoting Colostarr
My internet is spotty today at best. But I will do my best to post potential setups for you.
News in 8 mins...
  • #996
  • Jun 22, 2011 3:25am Jun 22, 2011 3:25am
No worries handy! You pull your weight around here. I value your opinion!

Quoting handy148
This is an interesting point and one I've often discussed. There are many heatmaps out there (some free, some you pay for) which show the strongest and weakest currencies. Logic says you should pair up the two extremes but as we know from experience, the $ for example may be weak against the Euro but not necessarily against some other currencies.

Apologies to Colo if this post is outside the remit of this thread.
  • #997
  • Jun 22, 2011 3:26am Jun 22, 2011 3:26am
Quoting Colostarr
Yes I do sometimes use correlating pairs. But the GBPUSD lately has a mind of it`s own. Alot of times correlated pairs don`t correlate around the blue line. If the general trend in both pairs is uniform, I`ll take the trade. If one gives a reversal signal from the blue line, while the other does not, I stay away.

it is not an exact science - you should feel these things out before proceeding
Thanks Colo. I appreciate it and have it already in my notes. I like the idea when correlated and going opposite direction to stay away. Makes it crystal clear now using your system. Thanks again.
  • #998
  • Jun 22, 2011 3:29am Jun 22, 2011 3:29am
Triggered in
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 25 KB
  • #999
  • Jun 22, 2011 3:30am Jun 22, 2011 3:30am
WOW did it move fast...lol
  • #1,000
  • Jun 22, 2011 3:34am Jun 22, 2011 3:34am
Goodness - that was FAST. News triggered a drop. Moved stop to +20 pips on both platforms (Oanda and IBFX) both stopped out at +20 pips!

You see? Wasn`t a HUGE victory, but when I COULD lock in pips I did. So what it took me out! - Someone call POLICE cause I just stole 40 pips from a news reaction!

Quoting Colostarr
Triggered in
2 traders viewing now