Attachments: Simple Simon Balance Line Trading

Simple Simon Balance Line Trading

#1,521
Jun 28, 2011 8:14am Jun 28, 2011 8:14am

netwatchpips
| Joined Mar 2011 | Status: Trader | 97 Posts

Quoting Colostarr

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Maybe kitty, kitty want to come out and play after all!

Buy stop triggered from the 50 EMA bounce

Ignored

Hi,
Is it 50 EMA high?

#1,522
Jun 28, 2011 8:18am Jun 28, 2011 8:18am

Colostarr
| Commercial User | Joined Oct 2007 | 1,015 Posts

For me - yes I applied to high

Quoting netwatchpips

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Hi,
Is it 50 EMA high?

Ignored

#1,523
Jun 28, 2011 8:19am Jun 28, 2011 8:19am

Thu
| Joined Jun 2011 | Status: Trader | 25 Posts

Quoting pipdude

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eurusd short exit 1/4 +20, 2/4 +0, 1/4 -20 on 15m, long entry on 60m, audusd and eurgbp long entry on 60m.

Ignored

Hello pipdude

how do you get out of trade bit by bit?

#1,524
Jun 28, 2011 8:39am Jun 28, 2011 8:39am

paul56
| Joined Oct 2009 | Status: Trader | 44 Posts

Thank you for straight forward answer. It was what I thought it will be. No need to apologize, I knew you were busy, you wrote so.
As for that trade - I did not adjust entry. Moved SL to B/E asa I could because the whole "market thing" on GU (and EUR) is kind of nervous - which in turn makes me jumpy. Anyway I ended up being stopped out at B/E.
Thanks Colostarr for sharing this system and your time you put in here. Not bad at all - I think.

Quoting Colostarr

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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...

Ignored

#1,525
Jun 28, 2011 8:52am Jun 28, 2011 8:52am

paul56
| Joined Oct 2009 | Status: Trader | 44 Posts

Thank you frollollc. I knew someone will pick up on that! And yes you right. I am just at the beginning of testing this system - true in Live but with mini-lot only. Just to see if I got good grasp of this system. The flatness was one of the reasons I moved the SL to B/E when I could.

Quoting frollollc

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Well, it's morning for me....Lake George, NY. May I comment on paul56's chart?.............your chart shows the balance line to be very flat. I would not place any trades at all until price breaks out and then retraces to the balance line at a decent angle. A flat balance line will chew you to pieces.

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#1,526
Jun 28, 2011 8:52am Jun 28, 2011 8:52am

Colostarr
| Commercial User | Joined Oct 2007 | 1,015 Posts

Thank you Paul! I appreciate comments like that!

Quoting paul56

Disliked

Thank you for straight forward answer. It was what I thought it will be. No need to apologize, I knew you were busy, you wrote so.
As for that trade - I did not adjust entry. Moved SL to B/E asa I could because the whole "market thing" on GU (and EUR) is kind of nervous - which in turn makes me jumpy. Anyway I ended up being stopped out at B/E.
Thanks Colostarr for sharing this system and your time you put in here. Not bad at all - I think.

Ignored

#1,527
Jun 28, 2011 8:52am Jun 28, 2011 8:52am

pipdude
| Joined Nov 2007 | Status: Trader | 289 Posts

Quoting Thu

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Hello pipdude

how do you get out of trade bit by bit?

Ignored

if you have an account with tradestation or ninjatrader you can setup 3 exits. i also have a metatrader trade manager ea that sets up exits and SL. but, i just exited manually to manage my losses using my fxcm account, with them i can exit parts of my position quickly. i like to scale out of positions, so, i also have to scale out losses.

#1,528
Jun 28, 2011 9:21am Jun 28, 2011 9:21am

Titch
| Commercial User | Joined Jun 2011 | 362 Posts

Quoting Thu

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Hello pipdude

how do you get out of trade bit by bit?

Ignored

Hi Thu

If you are trading on mt4 when you open up the ticket to close out a position say you have a position of .1 change the amount on the top (lot size) of the ticket to say .02 and this will only exit out .02 and leave .08 still in the trade.

I hope this helps

Happy trading all. Titch

#1,529
Jun 28, 2011 9:31am Jun 28, 2011 9:31am

Colostarr
| Commercial User | Joined Oct 2007 | 1,015 Posts

2 trades signaled in for me.
1st was EURAUD stop currently at BE
2nd was the AUDUSD breakout trade Stop at BE

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#1,530
Jun 28, 2011 9:35am Jun 28, 2011 9:35am

frollollc
| Joined Jul 2010 | Status: Trader | 128 Posts

I entered the EURUSD long a couple hours ago on the 1 hour chart. I'm currently up 100 pips. What a great system you have here, Colostarr. I have not had a losing day since I started your system. Many thanks!

#1,531
Jun 28, 2011 9:40am Jun 28, 2011 9:40am

indy360
| Joined Feb 2010 | Status: Trader | 189 Posts

Hi all,

First of all thanks fro a great thread and simple system.

I have taken this trade on EU as a bounce trade. Currently +100 with 60 locked in.

Have i understood the rules for a bounce trade correctly or did I just get lucky!?

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#1,532
Jun 28, 2011 9:42am Jun 28, 2011 9:42am

Thu
| Joined Jun 2011 | Status: Trader | 25 Posts

Hello pipdude and titch,

thank you both for your answers.

i trade with oanda. i just try to set a limit order in the opposite direction to make a partial cash out.

mt4: i have tried like titch said, but the volume is grey and unchangable.

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#1,533
Jun 28, 2011 9:44am Jun 28, 2011 9:44am

Colostarr
| Commercial User | Joined Oct 2007 | 1,015 Posts

USDJPY also from a breakout triggered in

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#1,534
Jun 28, 2011 9:48am Jun 28, 2011 9:48am

pipdude
| Joined Nov 2007 | Status: Trader | 289 Posts

Quoting Titch

Disliked

Hi Thu

If you are trading on mt4 when you open up the ticket to close out a position say you have a position of .1 change the amount on the top (lot size) of the ticket to say .02 and this will only exit out .02 and leave .08 still in the trade.

I hope this helps

Ignored

thanks for helping out with explanation.

#1,535
Jun 28, 2011 9:55am Jun 28, 2011 9:55am

Titch
| Commercial User | Joined Jun 2011 | 362 Posts

Quoting Thu

Disliked

Hello pipdude and titch,

thank you both for your answers.

i trade with oanda. i just try to set a limit order in the opposite direction to make a partial cash out.

mt4: i have tried like titch said, but the volume is grey and unchangable.

Ignored

I think you have opened up the order to amend. You want it for instant execution

Happy trading all. Titch

#1,536
Jun 28, 2011 9:57am Jun 28, 2011 9:57am

pipdude
| Joined Nov 2007 | Status: Trader | 289 Posts

Quoting Thu

Disliked

Hello pipdude and titch,

thank you both for your answers.

i trade with oanda. i just try to set a limit order in the opposite direction to make a partial cash out.

mt4: i have tried like titch said, but the volume is grey and unchangable.

Ignored

open close order window, and try pending order or instant execution, volume is changeable.

#1,537
Jun 28, 2011 9:57am Jun 28, 2011 9:57am

danbuttigieg
| Joined Dec 2008 | Status: Trader | 109 Posts

This is one of those afternoons where most crosses have been moving sideways between yesterday and today, and now all of a sudden they're all bursting like firecrackers