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Simple Simon Balance Line Trading

  • #1,341
  • Jun 27, 2011 4:08am Jun 27, 2011 4:08am
Quoting prof8t
What do you all think?

The previous range freaks me out a little and the signal candle is a little larger than I'd like to see.
I learned my lesson last week if you check my chronicles of mistakes posted by me. Its by a big resistance line so would pass.But wish you luck because I got a little to spare.
  • #1,342
  • Jun 27, 2011 4:09am Jun 27, 2011 4:09am
Quoting Colostarr
Set your buy stop at the high of that candle on the 1H. Broke through 50ema and the approach is good.

I'm gonna set a buy stop on this one!
Done
  • #1,343
  • Jun 27, 2011 4:10am Jun 27, 2011 4:10am
Quoting Colostarr
Set your buy stop at the high of that candle on the 1H. Broke through 50ema and the approach is good.

I'm gonna set a buy stop on this one!
What about the resistance line?
  • #1,344
  • Jun 27, 2011 4:11am Jun 27, 2011 4:11am
EURGBP - I'm a little skeered entry would be .8900
  • #1,345
  • Jun 27, 2011 4:13am Jun 27, 2011 4:13am
Not seeing anything other the 50EMA on the 1h. Can you post a chart?

Quoting nawlins51
What about the resistance line?
  • #1,346
  • Jun 27, 2011 4:14am Jun 27, 2011 4:14am
Quoting Colostarr
Not seeing anything other the 50EMA on the 1h. Can you post a chart?
yeah
Attached Image (click to enlarge)
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  • #1,347
  • Jun 27, 2011 4:15am Jun 27, 2011 4:15am
USDCAD triggered short 15tf
  • #1,348
  • Jun 27, 2011 4:17am Jun 27, 2011 4:17am
Interesting - my chart doesn't show that level. Neither here nor there, your entry would be well above that resistance anyway

Quoting nawlins51
yeah
  • #1,349
  • Jun 27, 2011 4:21am Jun 27, 2011 4:21am
Quoting Colostarr
Interesting - my chart doesn't show that level. Neither here nor there, your entry would be well above that resistance anyway
It is interesting and yes I agree entry would be above it. Here is the question. Would you wait for entry above resistance with a close of the candle then set your buy stop?
  • #1,350
  • Jun 27, 2011 4:38am Jun 27, 2011 4:38am
About to hit the sack. Made 60 pips today and had a good time.

Good luck to yall. Keep your eye on the M15 with pairs - NZD/USD and USD/JPY. Aud/USD might be interesting but by some S/R. GBP/CHF is another. All M15 timeframe.

Good luck yall. Hope everyone does good today.
  • #1,351
  • Jun 27, 2011 4:39am Jun 27, 2011 4:39am
Ah - there was a trade to be had! I set a buy stop on EURAUD 4H this morning. It triggered is now at +15


HEY NAWLINS - ONE GUESS WHAT DID I DO?
  • #1,352
  • Jun 27, 2011 4:43am Jun 27, 2011 4:43am
The close of the long candle was your signal Nawlins. You take into account other factors that might hinder entry - resistance is a great hinderance!

So, if it is close enough to the top or bottom of your candle, set your stop above or below that support / resistance (spread plus or minus 3 pips).

Treat the support / resistance as the new high/low of the candle, for entry purposes.

Make sense?

Quoting nawlins51
It is interesting and yes I agree entry would be above it. Here is the question. Would you wait for entry above resistance with a close of the candle then set your buy stop?
  • #1,353
  • Jun 27, 2011 5:10am Jun 27, 2011 5:10am
eur/usd etry
  • #1,354
  • Jun 27, 2011 5:13am Jun 27, 2011 5:13am
EURAUD 10 pips locked
USDCAD: Stop at BE
  • #1,355
  • Edited 5:35am Jun 27, 2011 5:24am | Edited 5:35am
eurusd long 15m, exit 3/4 +80.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 13 KB
  • #1,356
  • Jun 27, 2011 5:25am Jun 27, 2011 5:25am
sell stop triggered
  • #1,357
  • Jun 27, 2011 5:29am Jun 27, 2011 5:29am
Quoting pipdude
eurusd long 15m
hey bro what blue line uusing? totally different from mine LOL
  • #1,358
  • Jun 27, 2011 5:35am Jun 27, 2011 5:35am
Quoting godwin2002
sell stop triggered
What time frame?

Jerry
  • #1,359
  • Jun 27, 2011 5:37am Jun 27, 2011 5:37am
Quoting zelandia
hey bro what blue line uusing? totally different from mine LOL
okay sorry didnt see ur TF
  • #1,360
  • Jun 27, 2011 5:39am Jun 27, 2011 5:39am
Quoting zelandia
hey bro what blue line uusing? totally different from mine LOL
using balance line on 15m chart
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