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Simple Simon Balance Line Trading

  • #1,201
  • Jun 23, 2011 11:13pm Jun 23, 2011 11:13pm
EU - let's see if 50 MA holds this fall
  • #1,202
  • Jun 23, 2011 11:16pm Jun 23, 2011 11:16pm
got short signals showing on my M15 and H1 charts now
  • #1,203
  • Jun 23, 2011 11:17pm Jun 23, 2011 11:17pm
perhaps I'd better change back to traditional candles otherwise above post may be meaningless to everyone else
  • #1,204
  • Jun 23, 2011 11:19pm Jun 23, 2011 11:19pm
Hi Rick, here is the chart where EUR/USD is forming head and shoulder.
Let'see how is it gonna turn out.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 23 KB
  • #1,205
  • Jun 23, 2011 11:20pm Jun 23, 2011 11:20pm
Concur - Daily pivot point at 1.4240. I set my sell stop 6 pips below pivot (1.4234)

Quoting handy148
got short signals showing on my M15 and H1 charts now
  • #1,206
  • Jun 23, 2011 11:23pm Jun 23, 2011 11:23pm
Southbeach - good stuff. I am glad you posted a chart because I couldn't find it.

Not a traditional head and shoulders (at least not from my opinion!) but I think an argument could be made that you are on the right track!

Thank you!

Quoting southbeach
Hi Rick, here is the chart where EUR/USD is forming head and shoulder.
Let'see how is it gonna turn out.
  • #1,207
  • Jun 23, 2011 11:26pm Jun 23, 2011 11:26pm
I get Sive Morton's analysis everyday. Click the link below. Good stuff

http://www.forexpeacearmy.com/forex-...24-2011-a.html
  • #1,208
  • Jun 23, 2011 11:28pm Jun 23, 2011 11:28pm
Quoting Colostarr
Southbeach - good stuff. I am glad you posted a chart because I couldn't find it.

Not a traditional head and shoulders (at least not from my opinion!) but I think an argument could be made that you are on the right track!

Thank you!
Well, if it crosses the resistance line"green line on top" after balance line, then it is not what I have in mind. : )
  • #1,209
  • Jun 23, 2011 11:28pm Jun 23, 2011 11:28pm
GU triggered short 15tf
  • #1,210
  • Jun 23, 2011 11:30pm Jun 23, 2011 11:30pm
Its anyone's guess brother. If we all knew without a doubt which way price is going 100% of the time, I think we would all be bankers!!

Quoting southbeach
Well, if it crosses the resistance line"green line on top" after balance line, then it is not what I have in mind. : )
  • #1,211
  • Jun 23, 2011 11:38pm Jun 23, 2011 11:38pm
GU stop moved to Break even
  • #1,212
  • Jun 23, 2011 11:41pm Jun 23, 2011 11:41pm
EU triggered short off the daily pivot
  • #1,213
  • Jun 23, 2011 11:44pm Jun 23, 2011 11:44pm
whooo that's a big red M15 candle
  • #1,214
  • Jun 23, 2011 11:45pm Jun 23, 2011 11:45pm
German Ifo Business Climate news release at 0800 GMT. Lets hope it is inline with the daily bias!
  • #1,215
  • Jun 23, 2011 11:46pm Jun 23, 2011 11:46pm
and it closed just below the daily pivot

Quoting handy148
whooo that's a big red M15 candle
  • #1,216
  • Jun 23, 2011 11:47pm Jun 23, 2011 11:47pm
Good morning everyone

today morning i was so excited as I saw the balance line dashboard. so many pairs were close to the BL. I placed many stop orders in short time. After normalizing my emotions and reanalyzing the charts I realisized that all the orders I placed donīt fullfill the conditions in the first post. Thank God no one of them was triggered.

To avoid such a too hasty actions in the future I think the idea of a trade plan from Neil would help. So here is the list of all requirements. If someone thinks that one requirement is missed on my list, feel free to add to. (sorry if my english sounds somehow weird or unpolite, not my purpose, im not a native speaker and was bad in school, hope you understand what i mean)

So now here is the list of all requirements

 

  1. Price crosses Balance Line and closes above[below] it. Possible Setup for buy [sell].
  2. The Closing Price is close to Balance Line: < 10 pips
  3. The angle is steep.
  4. Balance Line is not flat.
  5. There is a short term trend.
  6. The 50 sma is below [above] the Balance Line.
  7. No critical Support and Resistance Levels on higher timeframe in the near
  8. No News

  • #1,217
  • Jun 23, 2011 11:47pm Jun 23, 2011 11:47pm
Morning Rick
Both e/u and G/u triggered for shorts, but London opens in 15 mins and without sounding too cautious, Would it be better to wait to see if that has an adverse effect?
Ihave put so many trades on in past before Lon and saw them reverse so many times, am I just too anal lol
hope you well brother

Tom
  • #1,218
  • Jun 23, 2011 11:49pm Jun 23, 2011 11:49pm
Next resistance from the GU is the 1H fib level 0.0 (1.5936)
  • #1,219
  • Jun 23, 2011 11:50pm Jun 23, 2011 11:50pm
That is completely up to you brother. Currently have stop at BE for GU, watching EU

Quoting booktimes
Morning Rick
Both e/u and G/u triggered for shorts, but London opens in 15 mins and without sounding too cautious, Would it be better to wait to see if that has an adverse effect?
Ihave put so many trades on in past before Lon and saw them reverse so many times, am I just too anal lol
hope you well brother

Tom
  • #1,220
  • Jun 23, 2011 11:52pm Jun 23, 2011 11:52pm
Good Stuff Rick,
german ifo at 9.00 UK time, not 8.00
you trade like silk my friend

Tom
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