Simple Simon Balance Line Trading | Page 57 | 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

  • #1,121
  • Jun 23, 2011 4:05am Jun 23, 2011 4:05am
Quoting Dortmunder
It definitely does! Thanks a lot! You are right, stop buy would have been 2-3 pips higher, so your eyes are correct

But neverthelesse .... the trade will not be entried as the actual hourly candle closes to the downside without hitting the stop buy and I will cancel the pending order ....
I just entered a sell stop at .83880 on the usd/chf also a buystop on the eurgbp at .89280

also angles look good. so lets wait and see
  • #1,122
  • Jun 23, 2011 4:10am Jun 23, 2011 4:10am
Ladies and Gents. I would like to re-introduce the importance of the 50EMA.

Case in point the EURGBP setup for potential short today ON THE 1h.

Without the addition of the 50 ema (thank you Neil!), this trade would have resulted in a loss. I WOULD HAVE TAKEN THIS TRADE 50 TIMES OUT OF 50 TIMES!

See attached charts

So to be sure and to allow for the addage of letting price come to me, I needed price to break that 50 EMA and it did not. The result? If you took this trade per the rules - you would be stopped out now.

50 EMA can keep you out of trouble!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 31 KB
Click to Enlarge Name: eurgbp2.gif Size: 28 KB
  • #1,123
  • Jun 23, 2011 4:21am Jun 23, 2011 4:21am
There is a daily pivot point at .8391. I set my sell stop at .8385

Quoting nawlins51
I just entered a sell stop at .83880 on the usd/chf also a buystop on the eurgbp at .89280

also angles look good. so lets wait and see
  • #1,124
  • Jun 23, 2011 4:29am Jun 23, 2011 4:29am
Quoting Colostarr
Ladies and Gents. I would like to re-introduce the importance of the 50EMA.

Case in point the EURGBP setup for potential short today ON THE 1h.

Without the addition of the 50 ema (thank you Neil!), this trade would have resulted in a loss. I WOULD HAVE TAKEN THIS TRADE 50 TIMES OUT OF 50 TIMES!

See attached charts

So to be sure and to allow for the addage of letting price come to me, I needed price to break that 50 EMA and it did not. The result? If you took this trade per the rules - you would be stopped out now.

50 EMA can keep...
No probs my friend
Happy trading all. Titch
  • #1,125
  • Jun 23, 2011 5:22am Jun 23, 2011 5:22am
Quoting Colostarr
There is a daily pivot point at .8391. I set my sell stop at .8385
After the last closed hourly candle to the upside we should see that there is a range, isn't it ? That means the angle is not ideal anymore .... or do you still stick to your USDCHF plans?
  • #1,126
  • Jun 23, 2011 5:41am Jun 23, 2011 5:41am
Quoting Dortmunder
After the last closed hourly candle to the upside we should see that there is a range, isn't it ? That means the angle is not ideal anymore .... or do you still stick to your USDCHF plans?
PA is struggling to break resistance. It is teetering on the 50ma as well. Also look at both the balance line and 50 ma are laying flat showing a sideways range.
Hope this helps
Happy trading all. Titch
  • #1,127
  • Jun 23, 2011 5:45am Jun 23, 2011 5:45am
Am having a stonking day scalping today. I should scalp more often!
Happy trading all. Titch
  • #1,128
  • Jun 23, 2011 5:46am Jun 23, 2011 5:46am
Quoting Dortmunder
After the last closed hourly candle to the upside we should see that there is a range, isn't it ? That means the angle is not ideal anymore .... or do you still stick to your USDCHF plans?
I canceled my USDCHF. Not sure what what Colo has done. To me it looks like it just may drift here for a while but you never know. This pair makes big moves at times. I want to see it close below the blue line since its already below the 50 ema. If it closes above the 50 ema I will look for a quick scalp since the 4 hour shows a downtrend which correlates with our initial short. So looking for 20 pips or so if long. Thats my plan and it may not be the right one but it is a plan..lol.
  • #1,129
  • Jun 23, 2011 5:49am Jun 23, 2011 5:49am
No The angle is gone, price has gone range bound. Move to another pair

Quoting Dortmunder
After the last closed hourly candle to the upside we should see that there is a range, isn't it ? That means the angle is not ideal anymore .... or do you still stick to your USDCHF plans?
  • #1,130
  • Jun 23, 2011 5:56am Jun 23, 2011 5:56am
Quoting Colostarr
No The angle is gone, price has gone range bound. Move to another pair
Rick, Have a look. I was beginning to wonder if I had lost the art of reading charts yesterday. Apparently not
Happy trading all. Titch
  • #1,131
  • Jun 23, 2011 5:59am Jun 23, 2011 5:59am
Have a look at what chart??

Quoting Titch
Rick, Have a look. I was beginning to wonder if I had lost the art of reading charts yesterday. Apparently not
  • #1,132
  • Jun 23, 2011 6:05am Jun 23, 2011 6:05am
Quoting Colostarr
Have a look at what chart??
The EUR AUD. Do you remember the other day when I said I was expecting a reversal and to keep an eye out because of the 50ema set up and it is rarely wrong
Happy trading all. Titch
  • #1,133
  • Jun 23, 2011 6:07am Jun 23, 2011 6:07am
I think this is a great simple system. Thank you Colostarr for introducing us to this system and Thank you Titch for showing how usefull a simple indicator like ema 50 could be.

I got today one trade in eurusd. in 4h timeframe.

still have a pending order with eurgbp.

by usdchf i canīt see any ranging PA in 1H TF. do i miss something by this pair?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu110622.jpg Size: 125 KB
Click to Enlarge Name: uc110622.jpg Size: 136 KB
  • #1,134
  • Jun 23, 2011 6:13am Jun 23, 2011 6:13am
Yes - I actually saw that it was approaching on Tuesday. But the angle was slight. I like how on the 4H, price breached the 50 first, and is set to close below the blue line

Quoting Titch
The EUR AUD. Do you remember the other day when I said I was expecting a reversal and to keep an eye out because of the 50ema set up and it is rarely wrong
  • #1,135
  • Jun 23, 2011 6:18am Jun 23, 2011 6:18am
Quoting Colostarr
Yes - I actually saw that it was approaching on Tuesday. But the angle was slight. I like how on the 4H, price breached the 50 first, and is set to close below the blue line
Like I said this morning I scalped it yesterday twice and got my money back and some. Still got a portion in it at the moment riding.
Happy trading all. Titch
  • #1,136
  • Jun 23, 2011 6:23am Jun 23, 2011 6:23am
Titch - are you scalping off the M15 chart ?
  • #1,137
  • Jun 23, 2011 6:23am Jun 23, 2011 6:23am
Quoting Titch
Like I said this morning I scalped it yesterday twice and got my money back and some. Still got a portion in it at the moment riding.
It may well bounce and correct but if it closes below we could be in for a great ride! Also meant to say this morning, have a look at the stats for this thread. Just under 75000 views since 6th june
Happy trading all. Titch
  • #1,138
  • Jun 23, 2011 6:24am Jun 23, 2011 6:24am
Too late for me to enter on the 1H, but I feel the entry from the 4H is valid. Will set my pending order at the close of the current candle.

Quoting Titch
Like I said this morning I scalped it yesterday twice and got my money back and some. Still got a portion in it at the moment riding.
  • #1,139
  • Jun 23, 2011 6:24am Jun 23, 2011 6:24am
Quoting handy148
Titch - are you scalping off the M15 chart ?
I sure am
Happy trading all. Titch
  • #1,140
  • Jun 23, 2011 6:25am Jun 23, 2011 6:25am
I saw that this morning too. You would think that more people would participate.

Quoting Titch
It may well bounce and correct but if it closes below we could be in for a great ride! Also meant to say this morning, have a look at the stats for this thread. Just under 75000 views since 6th june
0 traders viewing now