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Simple Simon Balance Line Trading

  • #1,461
  • Jun 27, 2011 11:08pm Jun 27, 2011 11:08pm
EURUSD 15TF riding that Blue line - Look to jump in on the Daily Bias!
  • #1,462
  • Jun 27, 2011 11:14pm Jun 27, 2011 11:14pm
This is a BIG Fish! Took my bait and is running with it! Got the drag set on my reel, beer in hand (or is it a cup of coffee?), how much fight is in this fish!

I don't know - but I do know I won't tire of this fight! Bring it on Fishy!

Currently at +102 with +80 locked
Attached Image (click to enlarge)
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  • #1,463
  • Jun 27, 2011 11:21pm Jun 27, 2011 11:21pm
Quoting Colostarr
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
Quick update on this....it's been going sideways all night

I omitted the resistance / support lines for the sake of having a cleaner chart, however I do place no more than a handful of key s/r lines (normally around round numbers)

Re: Spread - how can you get such a low spread? I'm using Alpari and their spreads are much worse
Attached Image (click to enlarge)
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  • #1,464
  • Jun 27, 2011 11:24pm Jun 27, 2011 11:24pm
Quoting Colostarr
EURUSD 15TF riding that Blue line - Look to jump in on the Daily Bias!
Are you going to go long with this pair, or waiting for a break to the downside on the EURUSD?

On a separate note, AUDCAD just triggered a short after a 3 tap on the blue line...hhheeeerrrre kitty kitty kitty
Attached Image (click to enlarge)
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  • #1,465
  • Jun 27, 2011 11:43pm Jun 27, 2011 11:43pm
I use IBFX; their spreads are decent, but can't compare to Oanda. With Oanda this pair has a 4 pip spread!

Quoting danbuttigieg
Quick update on this....it's been going sideways all night

I omitted the resistance / support lines for the sake of having a cleaner chart, however I do place no more than a handful of key s/r lines (normally around round numbers)

Re: Spread - how can you get such a low spread? I'm using Alpari and their spreads are much worse
  • #1,466
  • Jun 27, 2011 11:45pm Jun 27, 2011 11:45pm
Good Stuff! yes I am looking at the EURUSD to break down today. The daily bias seems unsure at the moment though.

I have 30 minutes before I am gone out of the office to meetings for the next few hours!

Wish I had someone to trade for me!!

Quoting danbuttigieg
Are you going to go long with this pair, or waiting for a break to the downside on the EURUSD?

On a separate note, AUDCAD just triggered a short after a 3 tap on the blue line...hhheeeerrrre kitty kitty kitty
  • #1,467
  • Jun 28, 2011 12:28am Jun 28, 2011 12:28am
eurusd short triggered on 15m.
  • #1,468
  • Jun 28, 2011 12:37am Jun 28, 2011 12:37am
Hello again. Perhaps this may be best suited for Colostarr. When you get a minute would you give your opinion / advice.
Moving Entry Target = yes / no, maybe /never?
1H TF.
Q1.) Would you move the pending order closer upon closure 2nd last candle (pic GUb)? I think you mentioned something like that in earlier posts or maybe it was something different.
Pix attached (I hope hehe).
Q2.) Let's assume the Pending order is not triggered after 2 maybe 3 candles but price still bellow Blue Line (just having hard time to continue further along in your direction). How long would you wait ? (assuming price does not move in opposite direction and close on the "other" side of BL).
Thank you.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gu b.gif Size: 27 KB
  • #1,469
  • Jun 28, 2011 12:53am Jun 28, 2011 12:53am
It's a B/E trade now.
Attached Image (click to enlarge)
Click to Enlarge Name: gu c.gif Size: 26 KB
  • #1,470
  • Jun 28, 2011 12:54am Jun 28, 2011 12:54am
Colstar,

Thanks for having the patience to share your system. It is simple and extremely effective. Certainly has helped my account balance

Thanks again,

Puritan
  • #1,471
  • Jun 28, 2011 1:47am Jun 28, 2011 1:47am
looks like I'm gonna get stopped out on the M15 short
  • #1,472
  • Jun 28, 2011 2:11am Jun 28, 2011 2:11am
Hello everybody, I am here to join you guys after bad Monday for me 4 not following the rules and following my instinct LOL

Happy trading to you all.
  • #1,473
  • Jun 28, 2011 2:26am Jun 28, 2011 2:26am
had a sell stop on Audusd...looks like its not happening.

Buy stop on Usdcad. Not giving up yet on this pending order

gbpjpy had a sell stop now looks like I will have to cancel it at the close and go with a buy stop. Will check charts for confirmation on higher TF's.

I am on the H1 TF
  • #1,474
  • Jun 28, 2011 2:28am Jun 28, 2011 2:28am
Quoting handy148
looks like I'm gonna get stopped out on the M15 short
Hope you dont bro. Pulling for you.
  • #1,475
  • Jun 28, 2011 3:02am Jun 28, 2011 3:02am
Hi Titch Im glad to hear you got a clean bill of health with the back
good on you
  • #1,476
  • Jun 28, 2011 3:13am Jun 28, 2011 3:13am
eurusd short exit 1/4 +30, closed +0
  • #1,477
  • Jun 28, 2011 3:24am Jun 28, 2011 3:24am
7 minutes to news!
  • #1,478
  • Jun 28, 2011 3:39am Jun 28, 2011 3:39am
EURAUD stopped out at +80
USDCAD stopped out +10
EURUSD stopped out for a loss -25

Otherwise - News made little difference to movement today. PA is seems range bound. Will stay out until a valid signal presents itself.

EURUSD still undetermined with regard to it's daily BIAS.
  • #1,479
  • Jun 28, 2011 3:47am Jun 28, 2011 3:47am
Sorry for the late response - been in meeting all morning. To answer your first question. As long as price stays below the blue line and continues with the trend, yes I would continue to edit my entry signal to the next candle.

As to your second question. This is really a matter of personal taste. For me if it doesn't trigger by the end of the 2nd candle I will delete the pending order. However, if it looks like it might continue, I'll leave the order for the next candle.

Again this is more of a personal taste rather than a hard and fast rule

Quoting paul56
Hello again. Perhaps this may be best suited for Colostarr. When you get a minute would you give your opinion / advice.
Moving Entry Target = yes / no, maybe /never?
1H TF.
Q1.) Would you move the pending order closer upon closure 2nd last candle (pic GUb)? I think you mentioned something like that in earlier posts or maybe it was something different.
Pix attached (I hope hehe).
Q2.) Let's assume the Pending order is not triggered after 2 maybe 3 candles but price still bellow Blue Line (just having hard time to continue further along in your direction)....
  • #1,480
  • Jun 28, 2011 4:19am Jun 28, 2011 4:19am
M15 short triggered. Something of a dilemma cos it's right at the bottom of my dynamic channel so may find support there. Was exactly the same on my USDJPY short earlier which I got stopped out on but I believe that if you trade a system then in theory you should take all trades regardless.
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