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Simple Simon Balance Line Trading

  • #1,421
  • Jun 27, 2011 12:56pm Jun 27, 2011 12:56pm
Hi Titch
thanks for nice comments, great to help others and get appreciated for it, what life is all about.
I wanted to recap the comments I made earlier on this pair,
the price had originally broken the balance and the 50ma, but I was looking beyond that, for 2 reasons 1/ firstly price was approaching the daily pivot very strong resistence 2/ the trend is very much down
and so it has proved price bounced off the pivot back through the 50ma and is now retesting the balance,
To me if price was to break the balance down, I would be more inclined to enter a/ with the trend and b/ down to retest the recent lows 1.5913

please correct me if wrong
respect to all

Tom

P.s Also the bounce candle was a beovb, nice reverse signal
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  • #1,422
  • Jun 27, 2011 1:12pm Jun 27, 2011 1:12pm
Sell Stop on USd/Chf H1.
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  • #1,423
  • Jun 27, 2011 1:21pm Jun 27, 2011 1:21pm
Quoting booktimes
Hi Titch
thanks for nice comments, great to help others and get appreciated for it, what life is all about.
I wanted to recap the comments I made earlier on this pair,
the price had originally broken the balance and the 50ma, but I was looking beyond that, for 2 reasons 1/ firstly price was approaching the daily pivot very strong resistence 2/ the trend is very much down
and so it has proved price bounced off the pivot back through the 50ma and is now retesting the balance,
To me if price was to break the balance down, I would be more inclined...
You are right Tom however I reckon it might go in to a range then a reversal. If you look at the last few bars it is showing signs of a reversal but the bars are very small and one of each. Usually meaning an undecided market. Also look at the 50 and balance line they kind of seem to be flattening out meaning sideways range. Worth keeping an eye on over the next few bars and catching the break.
I hope this helps
Happy trading all. Titch
  • #1,424
  • Jun 27, 2011 1:39pm Jun 27, 2011 1:39pm
Quoting Titch
Do you use a trade plan? I did post a blank one up on here a while ago with tick boxes. I fill on out for every trade and if I can't tick all of the rules boxes I will not enter a trade. It helped me immensely as it removes any emotional trading.

Anyway thanks again for contributing.

Much appreciated.
Yes, I have trading plans....lots of them. It seems like I'm writing a new one every couple weeks because I didn't have faith in the methods I was using. This method, however, is a great perspective on Williams' "Trading Chaos" theory. I have read his books in the past, but Colostar's opening remarks to this thread was a "lightbulb" moment for me.

Now is the time to write this trading plan with the nuances needed for entry decision and incorporate my trade management into it.
  • #1,425
  • Jun 27, 2011 1:51pm Jun 27, 2011 1:51pm
Quoting frollollc
Yes, I have trading plans....lots of them. It seems like I'm writing a new one every couple weeks because I didn't have faith in the methods I was using. This method, however, is a great perspective on Williams' "Trading Chaos" theory. I have read his books in the past, but Colostar's opening remarks to this thread was a "lightbulb" moment for me.

Now is the time to write this trading plan with the nuances needed for entry decision and incorporate my trade management into it.
Good idea my friend.

I don't mean a full trade plan. I use a tick chart for the set of rules. Some people call them a trading journal. I have all the rules on there with tick boxes. As well as a space for any news announcements, S/R levels to watch for and space for a few other things. I then fill one out for every trade. Also filling in what happened. Ie how much I took from the trade or not. Then at the end of each trading session I go through all of my trades and look at what worked and what didn't. I started to see what wasn't working and adjusted my trading to what did. I also found it helped me avoid emotional trading.
Just a thought
Happy trading all. Titch
  • #1,426
  • Jun 27, 2011 1:59pm Jun 27, 2011 1:59pm
Quoting Titch
Good idea my friend.

I don't mean a full trade plan. I use a tick chart for the set of rules. Some people call them a trading journal. I have all the rules on there with tick boxes. As well as a space for any news announcements, S/R levels to watch for and space for a few other things. I then fill one out for every trade. Also filling in what happened. Ie how much I took from the trade or not. Then at the end of each trading session I go through all of my trades and look at what worked and what didn't. I started to see what wasn't working and...
Yes, I'll defintely start a trading journal. Over the weekend I bought a new three ring binder for the trading journal for this method. I bought a big one because I think it will need to hold a lot of trades.
  • #1,427
  • Jun 27, 2011 2:03pm Jun 27, 2011 2:03pm
Quoting frollollc
Yes, I'll defintely start a trading journal. Over the weekend I bought a new three ring binder for the trading journal for this method. I bought a big one because I think it will need to hold a lot of trades.
Wise move,

They soon stack up!
Happy trading all. Titch
  • #1,428
  • Jun 27, 2011 2:13pm Jun 27, 2011 2:13pm
Just woke up to see that my EURGBP 4HR trade went for +40. That makes up for the fact that I closed the 1HR trade on EURGBP due to not triggering after three candles. Would figure that the very next candle it triggers.
  • #1,429
  • Jun 27, 2011 2:16pm Jun 27, 2011 2:16pm
No problem Titch. Just felt that this one can absorb some more clarification. And I (hopefully others as well) learn another bit.
Wish all the best re. heath troubles.
Thank you.
Quoting Titch
Thanks for helping paul56 with this!
Neither colo or I were online. This shows that the community we are trying to build is working.
Thanks
  • #1,430
  • Jun 27, 2011 2:18pm Jun 27, 2011 2:18pm
Quoting prof8t
Just woke up to see that my EURGBP 4HR trade went for +40. That makes up for the fact that I closed the 1HR trade on EURGBP due to not triggering after three candles. Would figure that the very next candle it triggers.
Nice surprise! Well done. It is always worth trading down (check the higher time frames) even before you enter or delete a trade to see what is actually happening.

Well done!
Happy trading all. Titch
  • #1,431
  • Jun 27, 2011 2:23pm Jun 27, 2011 2:23pm
Hi all

I am signing off to get a large glass of wine after my good news today! If anyone needs any help I will be in the FB members area for the next 10 min on live chat. If not I'll see you all tomorrow and have a great evening.
I can hear that wine calling!
Happy trading all. Titch
  • #1,432
  • Jun 27, 2011 3:13pm Jun 27, 2011 3:13pm
When you see this cross, it looks like a potential setup to me, however going to the 4H timeframe shows you that there is no real trend, it's just like an AC oscillating wave, which for me means a SKIP

Just wanted to get your insight into this ? (or whether I am wrong and am missing a good oppotunity right infront of my eyes?)
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  • #1,433
  • Jun 27, 2011 4:51pm Jun 27, 2011 4:51pm
Quoting danbuttigieg
When you see this cross, it looks like a potential setup to me, however going to the 4H timeframe shows you that there is no real trend, it's just like an AC oscillating wave, which for me means a SKIP

Just wanted to get your insight into this ? (or whether I am wrong and am missing a good oppotunity right infront of my eyes?)
I would of passed also.

USD/CHF triggered and B/E so cant complain.
  • #1,434
  • Jun 27, 2011 6:03pm Jun 27, 2011 6:03pm
Grabbed a nice 45 pips from eurgbp, this morning I set the pending buy order above the trend line for a good breakout..Order just closed..
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  • #1,435
  • Jun 27, 2011 6:08pm Jun 27, 2011 6:08pm
held a runner from this morning eurusd long closed 1/4 +180
  • #1,436
  • Jun 27, 2011 6:11pm Jun 27, 2011 6:11pm
Titch,

I´m really,really happy for your good news. I really know what happened to you well. Today I will raise my glass to drink a toast for you !

JOn
  • #1,437
  • Jun 27, 2011 6:22pm Jun 27, 2011 6:22pm
So far good run on cad/jpy up 20 pips and moving my sl above BE.
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  • #1,438
  • Jun 27, 2011 6:37pm Jun 27, 2011 6:37pm
I just got a couple trades initiated. gbp/cad short ( this one should fall like a rock) , aud/jpy long , and im waiting for aud/usd to hit my pending order for a long..All on the one hour chart.. Happy trading !
  • #1,439
  • Jun 27, 2011 6:38pm Jun 27, 2011 6:38pm
Quoting Fx_Pipin
So far good run on cad/jpy up 20 pips and moving my sl above BE.
Got a question. Did the H4 TF on this pair not worry you? Not saying you did anything wrong just want to know if you saw something because on the H4 it has tested the 50 ema several times without crossing. Just want to know what you are seeing. I am learning too and thanks.
  • #1,440
  • Jun 27, 2011 7:19pm Jun 27, 2011 7:19pm
Is that a valid trade setup on the 4HR chart?
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