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Simple Simon Balance Line Trading

  • #1,281
  • Jun 24, 2011 10:38am Jun 24, 2011 10:38am
earlier trades, audusd long, exit +60, closed +0, eurgbp long closed +0.

eurusd long exit +20, closed +0.
  • #1,282
  • Jun 24, 2011 10:39am Jun 24, 2011 10:39am
Hi Titch
hows your day been

Tom
  • #1,283
  • Jun 24, 2011 10:54am Jun 24, 2011 10:54am
Quoting frollollc
If I'm not mistaken, for a trade entry to be valid, the trade must trigger on the very next bar. If it does not, then the trade is invalidated. So, no entry in this case. Also, the balance line is flat and far away, so no entry IMO.

Attachment
took entry from break lower, after price had pulled back. thanks for the feedback. i was looking for a stronger move down.
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  • #1,284
  • Jun 24, 2011 11:56am Jun 24, 2011 11:56am
Good Job and Great Work Colostarr
this is my first post in this forum. I was called upon by a friend to see this thread.

The Balance Line is been in my arsenal as a trader for over 5 years.
the concept as described by the owner of this thread in my opinion is a must. and all traders should follow thru and try to understand the flow of the balance

balance tips over to upside. you buy
balance tips over to downside, you sell

basic concept if incorporated with a daily pip objective. you will not be sorry


Keep up the good work
  • #1,285
  • Jun 24, 2011 1:26pm Jun 24, 2011 1:26pm
Quoting booktimes
Hi Titch
hows your day been

Tom
Good Tom

Thanks
Happy trading all. Titch
  • #1,286
  • Jun 24, 2011 1:31pm Jun 24, 2011 1:31pm
Quoting frollollc
If I'm not mistaken, for a trade entry to be valid, the trade must trigger on the very next bar. If it does not, then the trade is invalidated. So, no entry in this case. Also, the balance line is flat and far away, so no entry IMO.

Attachment
You are correct. This will need to be clarified by Colo but I have held some for a max 3 candles. Its just me anticipating a turn and something not really you should do. He may be an experienced trader and saw something. Personally on that euro pair it hit a level of s/r if you look a session back. I would of canceled the trade. Again Colo or Titch could tell you what they are doing. I am sure they may hold but thats their experience. The rules are set to make it simple.
  • #1,287
  • Jun 24, 2011 3:16pm Jun 24, 2011 3:16pm
Hello all,

I'm a noob on this site. Read through all 86 pages of posts for this thread. I've been working on trading Forex for about 1.5 years this time. Tried Forex trading back in 2005 and quit after blowing up an account in about six months.

I've blown up another account this year. I've read a boat load of books, including all three of Bill Williams books. I felt there is something to his methods, but haven't been able to put it together YET. I actually went to the Las Vegas Trader's Expo last year and met his daughter Justine Gregory-Williams, along with a lot of other traders trying to figure this business out.

I heard something from Colostarr in one of his posts, that he was about ready to give up. I was about ready to give up again myself, but something pulled me back in. Like Thomas Edison said, "Our greatest weakness lies in giving up. The most certain way to succeed is to TRY just one more time."I've been looking at charts along with the balance line and PA and am fascinated with the simplicity and apparent success of this method.

It's awesome that many other traders are also helping with their various perspectives and insights. Titch's trading plan pdf and comments on the 50 period SMA are a couple of beneficial ideas for me. Also, thanks to codemeister for his various indicators and alerts that he has been working on. I've set up the dashboard to alert me by telephone when a potential trade is nearing. I've also set up my smartphone to remote control my computer when I can't be around it. What a concept, trading from anywhere with the smartphone!

I'm hopeful to become a profitable trader, and am hoping that this thread will help.

Many thanks to you all,

Jerry
  • #1,288
  • Edited 4:08pm Jun 24, 2011 3:56pm | Edited 4:08pm
Quoting paqtrade
Hello all,

I'm a noob on this site. Read through all 86 pages of posts for this thread. I've been working on trading Forex for about 1.5 years this time. Tried Forex trading back in 2005 and quit after blowing up an account in about six months.

I've blown up another account this year. I've read a boat load of books, including all three of Bill Williams books. I felt there is something to his methods, but haven't been able to put it together YET. I actually went to the Las Vegas Trader's Expo last year and met his daughter Justine Gregory-Williams,...
Hi Jerry

Welcome along.

Stick with it and I am sure you will soon become a profitable trader.
Anything we can help with don't hesitate to ask.
We have set up a face book page and members area where we are able to have group discussions and help with any questions or problems. Feel free to join. The link is on one of the posts.
Happy trading all. Titch
  • #1,289
  • Jun 25, 2011 6:10am Jun 25, 2011 6:10am
Quoting Thu
waiting

Hey Thru....

How does your BalanceIndicator with the various crosses work? Does it also take into consideration the trigger, ie the 50ema?
  • #1,290
  • Jun 26, 2011 2:13pm Jun 26, 2011 2:13pm
Hi danbuttigieg

i donīt understand exactly your question. sorry. if you mean the indi: i use the template from colorstarr. i think it does not contain 50 sma. my trade with nzdusd was a loser, becos price bounced on 50 sma and didnīt go down. Next time i should better check every points of the trade plan
  • #1,291
  • Jun 26, 2011 3:57pm Jun 26, 2011 3:57pm
Quoting Thu
Hi danbuttigieg

i donīt understand exactly your question. sorry. if you mean the indi: i use the template from colorstarr. i think it does not contain 50 sma. my trade with nzdusd was a loser, becos price bounced on 50 sma and didnīt go down. Next time i should better check every points of the trade plan
...this is what I am referring to How does this work and where'd ya get this sexy lookin' indicator?
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  • #1,292
  • Jun 26, 2011 4:04pm Jun 26, 2011 4:04pm
The sexy looking dashboard can be found here:

http://www.forexfactory.com/showthread.php?t=300082

Jerry

Quoting danbuttigieg
...this is what I am referring to How does this work and where'd ya get this sexy lookin' indicator?
  • #1,293
  • Jun 26, 2011 4:10pm Jun 26, 2011 4:10pm
http://www.forexfactory.com/showthre...=1#post4715949
  • #1,294
  • Jun 26, 2011 4:18pm Jun 26, 2011 4:18pm
Thanks
  • #1,295
  • Jun 26, 2011 4:45pm Jun 26, 2011 4:45pm
Great dashboard indicator .Makes it easier monitoring all the pairs .
Once I get proficient at the system I was thinking of using 2% of my account on trades the first 1% would be a 20 pip profit and the 2nd 1% would go to break even when the first profit is taken and then look for the big profit on 2nd trade using the 50 ema as a stop loss or the high or low of the previous hourly candle
Great system Colostarr
  • #1,296
  • Edited 5:00pm Jun 26, 2011 4:50pm | Edited 5:00pm
Quoting raylin
Great dashboard indicator .Makes it easier monitoring all the pairs .
Once I get proficient at the system I was thinking of using 2% of my account on trades the first 1% would be a 20 pip profit and the 2nd 1% would go to break even when the first profit is taken and then look for the big profit on 2nd trade using the 50 ema as a stop loss or the high or low of the previous hourly candle
Great system Colostarr
Now you are starting to think like a trader. Well done my friend!

Don't rely on the 50 for exiting though as price retraces back to it meaning you will be giving pips back to the market. You are on the right track and starting to look at managing the trade which is great news for you and your trading.
Happy trading all. Titch
  • #1,297
  • Jun 26, 2011 5:23pm Jun 26, 2011 5:23pm
Hello everybody, The indi is great, it is working fine for me.
Let's hope and work hard with discipline this week so it can be as good or better than last profitable week . Last week jacked up my account over 30% thanks to all of you working as a team.

Happy trading.
  • #1,298
  • Jun 26, 2011 5:49pm Jun 26, 2011 5:49pm
short eurusd - 15m
  • #1,299
  • Edited 6:02pm Jun 26, 2011 5:51pm | Edited 6:02pm
Quoting pipdude
short eurusd - 15m

Yeah I was gunning for it. Guess What??? Frickin MBTrading MT4 down system wide. Getting off quotes errors. son of a gun. Oh well plenty more but love it bro and good luck.
  • #1,300
  • Jun 26, 2011 5:51pm Jun 26, 2011 5:51pm
yep
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