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Simple Simon Balance Line Trading

  • #1,441
  • Jun 27, 2011 7:20pm Jun 27, 2011 7:20pm
Quoting nawlins51
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.
Good question nawlins51,

No it did not worry me as i did not look at it. All of my trades are on the one hour chart because i believe it is best not to look at multiple time frames when using indicators. Why? Because they will tell you different things at the same time.. So i keep it as simple as i can by sticking to the 1 hour chart and not looking at the 4 hr. The only tool that i use to determine support and resistance are trend lines..
  • #1,442
  • Jun 27, 2011 8:04pm Jun 27, 2011 8:04pm
Quoting prof8t
Is that a valid trade setup on the 4HR chart?
yes it is, but for reasons surrounding the outsides of this system.
  • #1,443
  • Jun 27, 2011 8:22pm Jun 27, 2011 8:22pm
Quoting Fx_Pipin
Good question nawlins51,

No it did not worry me as i did not look at it. All of my trades are on the one hour chart because i believe it is best not to look at multiple time frames when using indicators. Why? Because they will tell you different things at the same time.. So i keep it as simple as i can by sticking to the 1 hour chart and not looking at the 4 hr. The only tool that i use to determine support and resistance are trend lines..
Thanks bro and great explanation!!!

Well I look at other TF's due to being snake bitten by it with this system and Colo told me it can help you and should look back. But I hear ya by just taking it. i want to also.

Do want to add the market has sucked today imo. Trying in the 15m TF to get in the gbp/usd long. and trying to get long in the Aud/jpy M30 TF
  • #1,444
  • Jun 27, 2011 8:28pm Jun 27, 2011 8:28pm
GBP/USD triggered on M15
Aud/JPY triggered on M30
  • #1,445
  • Jun 27, 2011 8:37pm Jun 27, 2011 8:37pm
IMHO, I don't like to trade during times of low movement/volume. Although, I haven't been very successful yet either lol... Did have a good day today, but trading during the London/US overlap.

Quoting nawlins51
Thanks bro and great explanation!!!

Well I look at other TF's due to being snake bitten by it with this system and Colo told me it can help you and should look back. But I hear ya by just taking it. i want to also.

Do want to add the market has sucked today imo. Trying in the 15m TF to get in the gbp/usd long. and trying to get long in the Aud/jpy M30 TF
  • #1,446
  • Jun 27, 2011 8:58pm Jun 27, 2011 8:58pm
Quoting nawlins51
Thanks bro and great explanation!!!

Well I look at other TF's due to being snake bitten by it with this system and Colo told me it can help you and should look back. But I hear ya by just taking it. i want to also.

Do want to add the market has sucked today imo. Trying in the 15m TF to get in the gbp/usd long. and trying to get long in the Aud/jpy M30 TF
Hey no problema, The least i can do is share my opinions, hey thats why we are all here on this forum...
  • #1,447
  • Jun 27, 2011 9:09pm Jun 27, 2011 9:09pm
Quoting Fx_Pipin
Hey no problema, The least i can do is share my opinions, hey thats why we are all here on this forum...

Appreciate it bro.Got stopped out on cable. Praying Aud/Jpy goes into profit.Getting smoked right now. I am not doing something right. Gonna reevaluate WTF I am doing wrong if I get stopped out on both.
  • #1,448
  • Jun 27, 2011 9:33pm Jun 27, 2011 9:33pm
There are no TP's with this method. Please refrain from discussing TP levels.

Read the rules - familiarize yourself.

Quoting zelandia
bro whats your TP on this? scored 20 pips on it locked in SL
  • #1,449
  • Jun 27, 2011 9:36pm Jun 27, 2011 9:36pm
frollollc,
Fantastic Analysis

Quoting frollollc
I just thought I'd throw my 2 cents into why I did not take this trade.

1. The buy stop was under the 50ema, so I was expecting a bounce down at that point.

2. I could take a buy stop 3 pips plus the spread above the 50 ema, but at that point I would be 27 pips above the balance line ...too far away for me.

3. Additionally, it is coming to that time of day when things seem to quiet down and go sideways.

4.There is also some consolidated resistance that would be needed to overcome.

5.Lastly, I took the EURGBP buy on the 1 hour chart...
  • #1,450
  • Jun 27, 2011 9:40pm Jun 27, 2011 9:40pm
Neil - glad to hear it brother! Good things happen to good people!

Sorry I missed you last night. Maybe I should have stayed at work, seems FB was working just fine here!

Quoting Titch
Thanks

Things are great as I have just had the all clear from the spine specialist to say my spine seems to have healed fine. Now no need for an op! If I could do a cart wheel I would!
  • #1,451
  • Jun 27, 2011 9:42pm Jun 27, 2011 9:42pm
Believe it or not - I started using it last Thursday! Wednesday was a bad day for me, so I did a gut check, broke out the checklist, followed through and haven't missed a beat since!

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.
  • #1,452
  • Jun 27, 2011 9:47pm Jun 27, 2011 9:47pm
Dan - I like your chart setup! However - I don't see any pivot points or support and resistance lines. How can you place a trade without them?

I can't tell you how many trades I forego because the signal is too close to a pivot, or support / Resistance.

As to your analysis - It is always a good idea to get confirmation from 1 time frame higher. If the 4H is showing a range bound, and if it triggers a red flag in your mind - just skip it.

What is your spread for this pair - my broker has it 6 pips

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?)
  • #1,453
  • Jun 27, 2011 9:54pm Jun 27, 2011 9:54pm
Fx pipin,
Why did you close the order? Did you close it, or did you let price hit your stop as you trailed it?


The main objective of this method is to ride a pips wave. Once you get a wave started just ride it.

I'll post an example.

Yesterday I had a trade trigger on the EURAUD 4H.
1st Goal - set stop to BE accomplished

2nd goal - lock in 20 pips - accomplished

3rd goal - ride that wave! Still riding as I currently have +70 pips locked, and trade is now at +93 pips.

You need to try and SQUEEZE every pip you can from a move, whether it be +10 pips or +100 -

Ride that pip wave! The big moves will erase any small losses you incurred, trust me on this!

Quoting Fx_Pipin
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..
Attached Image (click to enlarge)
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  • #1,454
  • Jun 27, 2011 9:59pm Jun 27, 2011 9:59pm
Yes it is - set your buy stop just above that resistance line

Quoting prof8t
Is that a valid trade setup on the 4HR chart?
  • #1,455
  • Jun 27, 2011 10:04pm Jun 27, 2011 10:04pm
Losses will happen Nawlins just don't get discouraged. I had 4 consecutive losers on Wednesday last week. But - Also found a couple big waves and rode them long enough to erase my losses and put a few pips in the account.

If you manage your trades properly, and place your stops where they are supposed to be, you have managed your risk well.

A few small losses will occur, but when you hook into one of those big fishy's and he pulls you for a long ride - it will far outweigh your losses!

Trust me, there are many little fishy's out there that will cause you to lose your bait, but with patience and determination there are also BIG hungry fishy's that will pull you into profit brother!

Quoting nawlins51
Appreciate it bro.Got stopped out on cable. Praying Aud/Jpy goes into profit.Getting smoked right now. I am not doing something right. Gonna reevaluate WTF I am doing wrong if I get stopped out on both.
  • #1,456
  • Jun 27, 2011 10:08pm Jun 27, 2011 10:08pm
Quoting Colostarr
Fx pipin,
Why did you close the order? Did you close it, or did you let price hit your stop as you trailed it?


The main objective of this method is to ride a pips wave. Once you get a wave started just ride it.

I'll post an example.

Yesterday I had a trade trigger on the EURAUD 4H.
1st Goal - set stop to BE accomplished

2nd goal - lock in 20 pips - accomplished

3rd goal - ride that wave! Still riding as I currently have +70 pips locked, and trade is now at +93 pips.

You need to try and SQUEEZE every pip you can from...
Thanks for your feedback Colostarr, I let price hit my TP, I completely missed on the fact that you indeed mentioned to ride the wave. I completely agree on not limiting my profits as i am a big believer on proper risk to reward ratio.
  • #1,457
  • Jun 27, 2011 10:18pm Jun 27, 2011 10:18pm
I set this trade up on Friday. I used a few different indicators to confirm this trade (both oscillators).

This is called the "Angulation Trade" and is one of Bill Williams favorite trades.

This is also the premise of the approach to the balance line. Look for divergent candles that close at a steep angle from the Blue line. Set your pending order (which in this case for me - took 2 trading day!)

It triggered last night - currently at +26 pips with 10 pips locked in.

If you haven't already done so - Get the book Trading Chaos Second Edition!
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 22 KB
  • #1,458
  • Jun 27, 2011 10:19pm Jun 27, 2011 10:19pm
Yes think of it this way. When you check to Break even - you are now looking at a REWARD TO REWARD RATIO!

Remove your risk, then there IS NO risk - Yes?

Quoting Fx_Pipin
Thanks for your feedback Colostarr, I let price hit my TP, I completely missed on the fact that you indeed mentioned to ride the wave. I completely agree on not limiting my profits as i am a big believer on proper risk to reward ratio.
  • #1,459
  • Jun 27, 2011 10:33pm Jun 27, 2011 10:33pm
Quoting Colostarr
Losses will happen Nawlins just don't get discouraged. I had 4 consecutive losers on Wednesday last week. But - Also found a couple big waves and rode them long enough to erase my losses and put a few pips in the account.

If you manage your trades properly, and place your stops where they are supposed to be, you have managed your risk well.

A few small losses will occur, but when you hook into one of those big fishy's and he pulls you for a long ride - it will far outweigh your losses!

Trust me, there are many little fishy's out there...
I agree they do happen but still evaluating myself. Found one error I made with the GBPUSD so know what i did there. On the AUDJpy its still going on but not looking good. It was a good setup. Chekced all Tf's. Above the 50ema. Basically 2 bounces off the blue line. Went with it. Still in it so the war is not over yet but losing some battles. It may turn for me. Eventually will run out of ways to make mistakes. Thats when it will be time.
  • #1,460
  • Jun 27, 2011 10:39pm Jun 27, 2011 10:39pm
Just to remind you also nawlins - this method works better on Major pairs! I tend to stay away from the exotics, too unpredictable!

Quoting nawlins51
I agree they do happen but still evaluating myself. Found one error I made with the GBPUSD so know what i did there. On the AUDJpy its still going on but not looking good. It was a good setup. Chekced all Tf's. Above the 50ema. Basically 2 bounces off the blue line. Went with it. Still in it so the war is not over yet but losing some battles. It may turn for me. Eventually will run out of ways to make mistakes. Thats when it will be time.
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