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Simple Simon Balance Line Trading

  • #1,081
  • Jun 22, 2011 4:04pm Jun 22, 2011 4:04pm
Quoting southbeach
wait for it though, there is support level down there holding the trade. wait for it to breakout and then enter. That's what I am doing right now.
I see a support line that was broken..
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 91 KB
  • #1,082
  • Jun 22, 2011 4:06pm Jun 22, 2011 4:06pm
yes bottom of dynamic channel on M15 and H1
  • #1,083
  • Jun 22, 2011 5:22pm Jun 22, 2011 5:22pm
results of earlier trades scaled out, usdcad +20, closed +0, audusd +30, closed +0. eurusd short triggered.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 16 KB
  • #1,084
  • Jun 22, 2011 7:57pm Jun 22, 2011 7:57pm
Quoting Fx_Pipin
I see a support line that was broken..
Grabbed a nice 40 pips!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 124 KB
  • #1,085
  • Jun 22, 2011 8:08pm Jun 22, 2011 8:08pm
Looks like another good breakout, long... Just hit my pending order..Great system Colo!
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.jpg Size: 103 KB
  • #1,086
  • Jun 22, 2011 8:52pm Jun 22, 2011 8:52pm
Hey Colostarr, Not sure what to do with this. The blue line seemed to squeeze between 2 candles. Would this not be a valid trade ?
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.jpg Size: 71 KB
  • #1,087
  • Jun 22, 2011 11:55pm Jun 22, 2011 11:55pm
Good morning!
  • #1,088
  • Jun 22, 2011 11:57pm Jun 22, 2011 11:57pm
I would not have taken the candle that closed ON the blue line. I might have pursued the active candle on your chart once it closed though!

Quoting Fx_Pipin
Hey Colostarr, Not sure what to do with this. The blue line seemed to squeeze between 2 candles. Would this not be a valid trade ?
  • #1,089
  • Jun 22, 2011 11:59pm Jun 22, 2011 11:59pm
Which pair is this?

Quoting Fx_Pipin
Looks like another good breakout, long... Just hit my pending order..Great system Colo!
  • #1,090
  • Jun 23, 2011 12:07am Jun 23, 2011 12:07am
USDCAD trade from yesterday has been a monster. Stop still intact, never moved my stop, because I had hoped that it punch through the support from the previous day low. Will take what I can get out of it today.

Managed +40 pips from the EURUSD short cross though!
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 31 KB
  • #1,091
  • Jun 23, 2011 12:20am Jun 23, 2011 12:20am
usd/chf bouncing off the 50 ema. hopefully continuing north.

Oh and good morning.
  • #1,092
  • Jun 23, 2011 12:45am Jun 23, 2011 12:45am
As this method has progressed I have learned to look at 1 time frame higher to confirm my signals. If you look at the 4H you will see that USDCHF last 4H candle bounced off the 50 EMA going south. I would move my stop to BE at the first chance. I could be wrong, but I think the long term trend is still intact on this pair
Quoting nawlins51
usd/chf bouncing off the 50 ema. hopefully continuing north.

Oh and good morning.
  • #1,093
  • Jun 23, 2011 12:52am Jun 23, 2011 12:52am
Quoting Colostarr
As this method has progressed I have learned to look at 1 time frame higher to confirm my signals. If you look at the 4H you will see that USDCHF last 4H candle bounced off the 50 EMA going south. I would move my stop to BE at the first chance. I could be wrong, but I think the long term trend is still intact on this pair
I agree and its a very low risk trade due to what you told me yesterday. Being so close to resistance I prolly should of passed anyway but just wanted to see if i could scalp a few and possibly get to the next resistance.

I do need to get the rules together and start looking at the next timeframe.
  • #1,094
  • Jun 23, 2011 12:56am Jun 23, 2011 12:56am
It certainly helps brother!

Quoting nawlins51
I agree and its a very low risk trade due to what you told me yesterday. Being so close to resistance I prolly should of passed anyway but just wanted to see if i could scalp a few and possibly get to the next resistance.

I do need to get the rules together and start looking at the next timeframe.
  • #1,095
  • Jun 23, 2011 1:22am Jun 23, 2011 1:22am
Good morning all!

Checkout EUR/GBP is touching the balance line 1H TF.
The 4H TF shows it is retracing.

Happy trading,
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbph4.gif Size: 16 KB
  • #1,096
  • Jun 23, 2011 1:33am Jun 23, 2011 1:33am
EU back flirting with 00 level
  • #1,097
  • Jun 23, 2011 1:35am Jun 23, 2011 1:35am
Nice one Southbeach. If it closes below the blue line, it should push through that pivot point.

BUT, notice how the 50ema is LOOMING just below the blue line on the 1H - If it closes below blue line I think I would set my sell stop at spread minus 3 pips from the 50 ema

The 50EMA can keep you out of trouble as well!

Close of the 4H could very well continue north

Quoting southbeach
Good morning all!

Checkout EUR/GBP is touching the balance line 1H TF.
The 4H TF shows it is retracing.

Happy trading,
  • #1,098
  • Jun 23, 2011 1:39am Jun 23, 2011 1:39am
I have a small favor to ask of you guys (and gals). Can you please post charts when you make an analysis? It would help other users of the forum to visualize what you are talking about!
  • #1,099
  • Jun 23, 2011 1:48am Jun 23, 2011 1:48am
The 50 EMA on the 1H chart has proven that it can be your best friend or worst enemy if you don't watch it!

Notice the 1H and 4H charts attached.

If someone has more insight or reason to set a sell stop at the blue line on the 1H for the EURGBP - please post up your reasoning.

This is WHY we are all here!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 203 KB
Click to Enlarge Name: eurgbp4h.gif Size: 205 KB
  • #1,100
  • Jun 23, 2011 1:54am Jun 23, 2011 1:54am
Quoting Colostarr
Nice one Southbeach. If it closes below the blue line, it should push through that pivot point.

BUT, notice how the 50ema is LOOMING just below the blue line on the 1H - If it closes below blue line I think I would set my sell stop at spread minus 3 pips from the 50 ema

The 50EMA can keep you out of trouble as well!

Close of the 4H could very well continue north
yes, there is a good chance it is going down especially if it crosses the trendline you see in that chart. The eur isn't doing great tonight.

"EDITING" also there is supporot level at 0.89 we have to watch for that Support to cross it.
Regards,
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