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Simple Simon Balance Line Trading

  • #1,541
  • Jun 28, 2011 10:32am Jun 28, 2011 10:32am
Quoting Thu
thanx titch i can exit now partially in mt4
Hi all

I have had a great response about doing the live chat but very few ideas about what you want it on.
My thoughts
Managing a trade
Increasing positions
Money management
Basic trading
Support and Resistance
Let me know your thoughts?
I am kind of leaning towards managing a trade at the moment as to me this is the art of trading.
Remember if you have not joined the group on face book please click on the link below. Then click on the picture of money which is the link to the members area as this chat will only be available to members of the group.

http://www.facebook.com/pages/Simple...40230812655376
Happy trading all. Titch
  • #1,542
  • Jun 28, 2011 10:40am Jun 28, 2011 10:40am
Hi Colostarr,

In the Aud/Usd the first bounced candle closed above the resistance high is 1.0493 and the resistance is at 1.0479. Where the ideal entry should be placed, either at the candle high + 3 + spread or resistance + 3 + spread and where should be the SL.

Thanks in advance.
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 15 KB
  • #1,543
  • Jun 28, 2011 10:40am Jun 28, 2011 10:40am
Quoting Thu
thanx titch i can exit now partially in mt4
Hi Thu

Glad it worked
Happy trading all. Titch
  • #1,544
  • Jun 28, 2011 10:47am Jun 28, 2011 10:47am
Quoting godwin2002
Hi Colostarr,

In the Aud/Usd the first bounced candle closed above the resistance high is 1.0493 and the resistance is at 1.0479. Where the ideal entry should be placed, either at the candle high + 3 + spread or resistance + 3 + spread and where should be the SL.

Thanks in advance.
Hi godwin

If it has already broken resistance then it should be high of the candle + 3pips + spread and SL should be low of candle -3pips - spread. You would only use the resistance + spread +3 if the candle closed below but close to the resistance because there is a chance price could bounce.

I hope this helps
Happy trading all. Titch
  • #1,545
  • Jun 28, 2011 11:05am Jun 28, 2011 11:05am
Quoting Titch
Hi godwin

If it has already broken resistance then it should be high of the candle + 3pips + spread and SL should be low of candle -3pips - spread. You would only use the resistance + spread +3 if the candle closed below but close to the resistance because there is a chance price could bounce.

I hope this helps
Hi Titch,

I still don't understand why we add (substract) the spread for the short entry.

Normally you only would add the spread for the entry of a long trade or for the stoploss of a short trade (due to the ask price).

Perhaps Colostarr can comment also on this matter.

Cheers,
Olarion
  • #1,546
  • Jun 28, 2011 11:07am Jun 28, 2011 11:07am
Quoting indy360
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!?
Attachment
Not luck my friend! You seem to have grasped it!
Happy trading all. Titch
  • #1,547
  • Jun 28, 2011 11:23am Jun 28, 2011 11:23am
Thanks, but im still a little unsure of some entries. Also trying to resist the urge to always be in a trade! I guess that's what demo accounts are for.

When checking on the 15 min chart for entries do you still use the same formula, high/low + spread + 3 pips?

Thanks again everyone
  • #1,548
  • Jun 28, 2011 11:32am Jun 28, 2011 11:32am
Quoting indy360
Thanks, but im still a little unsure of some entries. Also trying to resist the urge to always be in a trade! I guess that's what demo accounts are for.

When checking on the 15 min chart for entries do you still use the same formula, high/low + spread + 3 pips?

Thanks again everyone
I do still use the same but I use the 15 for scalping. I would avoid until you have perfected using the system as you have to watch the PA as it is faster and you really have to manage the trade.

Great that you are trading on a demo thats the best way to practice.

Most new traders are the same and feel that they need to be in a trade all the time. Avoiding this will come with experience.

Discipline does take practice.

The best advice I could give you is trade your demo the same way you would a live account. IE use SL, use a trade plan, Etc then when you do go live it will be a lot easier.

I hope this helps
Happy trading all. Titch
  • #1,549
  • Jun 28, 2011 11:45am Jun 28, 2011 11:45am
Great advice, thanks.

I'm looking forward to contributing to the thread and I will post any potential set up's I see. In doing this hopefully i'll learn a bit quicker!
  • #1,550
  • Jun 28, 2011 1:04pm Jun 28, 2011 1:04pm
Hi Guys, at last a trading style that makes sense to me !!. THANK YOU.
I have used some scripts before and wondered if it would be possible to adapt one to enter the trade using a hot key.
We should be able gather the last candle high and low, spread, and add or subtract our 3 pips depending on the direction. This would give us a way of entering using a buy hot key or sell hot key.
Any thoughts?
  • #1,551
  • Jun 28, 2011 1:28pm Jun 28, 2011 1:28pm
I have lost all the gains I made this week from yesterday. Pretty bummed about that. It just tells me I need more experience with this method and that comes with time. I had a great chance to chat with a great trader who uses this method and gave me tons of tips. What a group of great people we have. I have seen some other threads around here and we know how they become. Anyway going to keep trying and eventually it will click.

The point of this post is to let others who are new to not give up. Its a real good system just takes time. Don't give up.
  • #1,552
  • Jun 28, 2011 2:00pm Jun 28, 2011 2:00pm
Quoting sweed73
Hi Guys, at last a trading style that makes sense to me !!. THANK YOU.
I have used some scripts before and wondered if it would be possible to adapt one to enter the trade using a hot key.
We should be able gather the last candle high and low, spread, and add or subtract our 3 pips depending on the direction. This would give us a way of entering using a buy hot key or sell hot key.
Any thoughts?

Hot keys are nice and they are a must if you're trading on a one minute chart. One of the many things I like about this method is how leisurely it is. We are primarily trading on the 1 hour chart. In my opinion hot keys are not necessary. I have traded with hot keys before and inevitably I'll buy when I meant to sell because it is only 1 or 2 buttons to place a trade. Do that and you are already down 2 spreads plus 6 pips....So, manual trade entries and exits for me.
  • #1,553
  • Jun 28, 2011 4:23pm Jun 28, 2011 4:23pm
Quoting Fx_Pipin
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 !
Every one of these trades in profit...!
  • #1,554
  • Jun 28, 2011 4:30pm Jun 28, 2011 4:30pm
Quoting Fx_Pipin
Every one of these trades in profit...!
Always nice!
Happy trading all. Titch
  • #1,555
  • Jun 28, 2011 5:12pm Jun 28, 2011 5:12pm
Hi all

I have had a lot of pm's from new traders asking about bounce trades and I was going through the charts this evening and found a great example. I have removed the 50 ma just to make the chart clearer. As you can see I have marked up trend lines on this chart so you can see how the balance line is relative to a trend line. Essentially what we are trying to catch with the Simple Simon method is trends. Hopefully the break of a new trend but if not the bounce from a trend line. In our case the balance line.

I thought this was a great example to show and I hope it helps
Attached Image (click to enlarge)
Click to Enlarge Name: eur cad.gif Size: 25 KB
Happy trading all. Titch
  • #1,556
  • Jun 28, 2011 5:54pm Jun 28, 2011 5:54pm
results on earlier trade entries, eurusd long on 60m exit 2/4 +100, audusd long on 60m exit 2/4 +60.
  • #1,557
  • Jun 28, 2011 7:32pm Jun 28, 2011 7:32pm
eurusd short entry on 15m
  • #1,558
  • Jun 28, 2011 8:36pm Jun 28, 2011 8:36pm
Quoting pipdude
eurusd short entry on 15m
Hi pipdude,

the eur/usd has been ranging market for the last 12hours between 1.4339 and 1.4377. so you have to make sure it breaks out of those bandaries before you enter. just an observation, check it ou.
  • #1,559
  • Jun 28, 2011 10:42pm Jun 28, 2011 10:42pm
Took 4 trades yesterday afternoon:
EURAUD stopped out at BE
USDJPY (breakout trade) stopped for a loss -34 pips
USDCAD +20 pips locked currently at +30
AUDUSD +20 pips locked Currently at +44
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 18 KB
Click to Enlarge Name: usdcad.gif Size: 18 KB
  • #1,560
  • Jun 28, 2011 11:00pm Jun 28, 2011 11:00pm
Logged into my Oanda trade station to see that the EURUSD trade I took yesterday is alive and doing quite well.

EURUSD +40 pips locked currently at +63

I guess losing internet isn't always bad after a trade triggers. This is exactly why god invented the stop loss!

Very nice surprise!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 35 KB
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