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Simple Simon Balance Line Trading

  • #1,561
  • Jun 28, 2011 11:43pm Jun 28, 2011 11:43pm
Well lets hope that this is the start of a nice long ride x3

EURUSD: +60 locked currently at +84
AUDUSD: +40 locked currently at +61
USDCAD: +20 locked currently at +38

See charts, let me know if you have any questions
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 36 KB
Click to Enlarge Name: audusd.gif Size: 18 KB
Click to Enlarge Name: usdcad.gif Size: 17 KB
  • #1,562
  • Jun 29, 2011 12:00am Jun 29, 2011 12:00am
Just looked at today's news calendar. This is listed as tentative for today:



EUR Greek Gov Debt Crisis Vote



Should be interesting. Hopefully my trades aren't stopped out before (if) this vote comes in, and if not I hope the vote is favorable to our trading!
  • #1,563
  • Jun 29, 2011 12:11am Jun 29, 2011 12:11am
Quoting Colostarr
Well lets hope that this is the start of a nice long ride x3

EURUSD: +60 locked currently at +84
AUDUSD: +40 locked currently at +61
USDCAD: +20 locked currently at +38

See charts, let me know if you have any questions
Hi,
Could you please explain how you set the take profit? I think i am closing my trade bit early.
  • #1,564
  • Jun 29, 2011 12:15am Jun 29, 2011 12:15am
Hi Colostarr

Do you take Gpb/Usd calls? If not why?

Buy stop at 1.6015 above resistance.
  • #1,565
  • Jun 29, 2011 12:40am Jun 29, 2011 12:40am
eurusd short closed -5 loss, long entry on 15m, long audusd on 15m
  • #1,566
  • Jun 29, 2011 1:17am Jun 29, 2011 1:17am
There are NO TP levels with this method. Using a TP level will only serve to aggravate you when price continues beyond where your TP was.

You trail your stops, locking in pips as the trade progress's. You decide what you are willing to walk away with and move your stops accordingly. For most people they move their stop to the next candle high / low until price takes you out

LET PRICE COME TO YOU - EVEN IF IT MEANS COMING TO YOUR STOP LEVEL

Please go back and read the method rules.

Quoting netwatchpips
Hi,
Could you please explain how you set the take profit? I think i am closing my trade bit early.
  • #1,567
  • Jun 29, 2011 1:21am Jun 29, 2011 1:21am
I do take GBPUSD trades. Just not today. I have 3 live trades open, with 120 total pips guaranteed. I am not greedy enough to go pip hunting at this point.

When you ride a trade into profit, you should MANAGE that trade as it progress's. Think of it as your job! Squeeze every pip out of that trade that price will allow

If you are lucky enough to have 3 trades in profit - you should stop searching for new entries until your job managing your existing open trades is finished!

This rule should apply especially to newbies!

Set a daily goal and when you achieve it - quit trading. My personal goal is +20 pips a day

Quoting godwin2002
Hi Colostarr

Do you take Gpb/Usd calls? If not why?

Buy stop at 1.6015 above resistance.
  • #1,568
  • Jun 29, 2011 1:24am Jun 29, 2011 1:24am
Yeah Pipdude - We NEED the EUR/USD and AUD/USD to keep heading north!

Can you call the ECB and tell them to make sure that happens? Tell them we would really appreciate their help!

Quoting pipdude
eurusd short closed -5 loss, long entry on 15m, long audusd on 15m
  • #1,569
  • Edited 1:57am Jun 29, 2011 1:37am | Edited 1:57am
OK,
Look at the attached charts. PLEASE NOTICE THAT THERE ARE NO TP LEVELS. I AM MANAGING THESE TRADES FOR AS LONG AS PRICE ALLOWS.

EURUSD: +60 Locked currently at +84
AUDUSD: +60 Locked currently at +80
USDCAD: +30 locked currently at +45

You notice I could literally close all three trades right now and bank 209 pips. But I ask you - why would I do that?

You NEVER know what price is going to do.

How many of you have removed a stop loss from a trade only to watch it progressively go against you? It just keeps going and going and going. Doesn't it?

Wouldn't it stand to reason - that when you get a trade that goes for you, you do the same thing?

You WILL set a TP but not set a Stoploss? Isn't that counter productive?

So bottom line is I could close my trades for 209 pips right now, but why should I when I now have +150 pips guaranteed? And price could just keep going, and going and going.

It is nice to be able to flip price the bird and watch IT work for YOU!

TP levels are counter productive to your trading livelihood!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 18 KB
Click to Enlarge Name: eurusd.gif Size: 35 KB
Click to Enlarge Name: usdcad.gif Size: 17 KB
  • #1,570
  • Jun 29, 2011 2:01am Jun 29, 2011 2:01am
EURUSD: +80 locked currently at +100
AUDUSD: +70 locked currently at +98
USDCAD: +30 locked currently at +58

180 pips guaranteed
  • #1,571
  • Jun 29, 2011 2:16am Jun 29, 2011 2:16am
Quoting Colostarr
EURUSD: +80 locked currently at +100
AUDUSD: +70 locked currently at +98
USDCAD: +30 locked currently at +58

180 pips guaranteed
Hi, am I right saying, that your entry on EURUSD was whipsawed for loss at first and only on the second candle you entered for +100 pips run ?
  • #1,572
  • Jun 29, 2011 2:47am Jun 29, 2011 2:47am
No - I was NOT whipsawed look at the attachment and see "Entry candle"

This is a BOUNCE trade

Quoting Pip Assassin
Hi, am I right saying, that your entry on EURUSD was whipsawed for loss at first and only on the second candle you entered for +100 pips run ?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 36 KB
  • #1,573
  • Jun 29, 2011 3:02am Jun 29, 2011 3:02am
All trades are coming to an end. I won't post USDCAD chart because I closed it on my own at +38 pips.

USDCAD: Closed +38 pips
EURUSD: stop at 1.4383 (+97 pips)
AUDUSD: stop at 1.0567 (+81 pips)

EURUSD and AUDUSD both have formed bearish divergent candles.

Notice from the charts how I SQUEEZED every pip from these trades.

I closed the USDCAD on my own because it correlates to the EURUSD and was only at +38 pips.

3 trades - 3 wins +216 pips

Was a good day trading and will now only look for really nice set ups, or potential bounces from these 3 pair
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 36 KB
Click to Enlarge Name: audusd.gif Size: 18 KB
  • #1,574
  • Edited 3:16am Jun 29, 2011 3:06am | Edited 3:16am
Quoting Colostarr
No - I was NOT whipsawed look at the attachment and see "Entry candle"

This is a BOUNCE trade
Hi Colostarr

Thanks for sharing your strategy with us
I have just started last night to look at the thread

Was there any reason why you did not take the candle just before the entry candle on the EURUSD chart which would put you out with a SL
I would like to know how you choose your entry candles especially when they hug the blue line
Was it because the candle body was too small
  • #1,575
  • Jun 29, 2011 3:17am Jun 29, 2011 3:17am
Was just dumb luck. I missed the candle previous because i wasn't at the computer. But if I were at the computer I would have taken the long trade, only to be stopped out for what would have been -30 pip loss.

You can also take it straight to the bank that I would have re-entered at the completion of what was my entry candle.

Bottom line, there will be losses, but if managed correctly your wins will far out weigh your losses.

If I had only taken those 2 trades, it would have resulted in a +68 pip win.

2 trades, 1 loss 50% win rate +68 pips banked.

This method will reduce your losses and is designed to capitalize on your gains if followed properly

Quoting peterporter
Hi Colostarr

Thanks for sharing your strategy with us
I have just started last night to look at the thread

Was there any reason why you did not take the candle just before the entry candle on the EURUSD chart which would put you out with a SL
I would like to know how you choose your entry candles espcially when they hug the blue line
Was it because the candle body was too small
  • #1,576
  • Jun 29, 2011 3:18am Jun 29, 2011 3:18am
Quoting Colostarr
EURUSD: +80 locked currently at +100
AUDUSD: +70 locked currently at +98
USDCAD: +30 locked currently at +58

180 pips guaranteed

your trading is awesome! love it.

Just a quick one can i know what it that red line on your chart and how do you use that line ?
  • #1,577
  • Edited 3:35am Jun 29, 2011 3:21am | Edited 3:35am
Quoting Colostarr
Was just dumb luck. I missed the candle previous because i wasn't at the computer. But if I were at the computer I would have taken the long trade, only to be stopped out for what would have been -30 pip loss.

You can also take it straight to the bank that I would have re-entered at the completion of what was my entry candle.

Bottom line, there will be losses, but if managed correctly your wins will far out weigh your losses.

If I had only taken those 2 trades, it would have resulted in a +68 pip win.

2 trades, 1 loss 50% win rate +68 pips...
Excellent

good honest answer
Count me in matey

It would be nice if we all show our tentative trades to see if our entries are correct , (which seems to be the most important factor here )
  • #1,578
  • Jun 29, 2011 3:26am Jun 29, 2011 3:26am
Because price has a mind of it's own - you simply never know what it will do - this is EXACTLY why you trail your stops and forget that TP's exist

It looks like for now price is ignoring the divergent candles on the EURUSD and AUDUSD 1H charts.

See attached

Both trades still alive!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 19 KB
Click to Enlarge Name: eurusd.gif Size: 36 KB
  • #1,579
  • Jun 29, 2011 3:27am Jun 29, 2011 3:27am
That is why we are all here brother. No question is a dumb question!

Quoting peterporter
Excellent

good honest answer
Count me in matey

It would be nice if we all show our tentative trades to see if our entries are correct , (which seems to be the most important factor here )
  • #1,580
  • Jun 29, 2011 3:29am Jun 29, 2011 3:29am
Hamad9 it is the 50EMA. I am in the process of updating the rules now, but basically think of it as a moving support/resistance line.

It is an essential part of this system!

We all have Titch (Neil) to thank for that


Quoting hamad9
your trading is awesome! love it.

Just a quick one can i know what it that red line on your chart and how do you use that line ?
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