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Simple Simon Balance Line Trading

  • #1,641
  • Jun 29, 2011 7:24am Jun 29, 2011 7:24am
Also keep in mind that a resistance whether moving or a pivot will effect price until price CLEARS that resisatance free and clear (moves away from it). If it looks like the trend might be changing, the spread +- 3 pips will keep you out of trouble in this situation. But if the candles ride the blue line for more than 3 or so - move away.

Quoting indy360
sorry USD/CHF. Set the order thinking that the trend could be changing. Looks like it was a false signal judging by the current candle. The formula for entry certainly keeps you away from the signals that dont work out.
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  • #1,642
  • Jun 29, 2011 7:27am Jun 29, 2011 7:27am
Quoting Colostarr
The GBPUSD trade was a bit too close to resistance in my opinion. I might have set my buy stop above that resistance line.

USDCHF looks good to me
Have sent an email to you work one. Are you still there?
Happy trading all. Titch
  • #1,643
  • Jun 29, 2011 7:30am Jun 29, 2011 7:30am
Quoting Colostarr
Yes Neil and Indy - I actually have always liked using that formula. I found that using the spread plus or minus 3 pips will indeed keep you out of trouble.

I found that either the bid or the ask price (depending on buy or sell) would seem to be what got "caught" or "hung" on a previous candle high / low or resistance / support line.

Often time if price (bid and ask) clears an obstacle by 3 pips it tends to continue in that direction. Any less than 3 pips often times resulted in the trade going the other way.

I actually took it...
Thought so mate!
Happy trading all. Titch
  • #1,644
  • Jun 29, 2011 7:35am Jun 29, 2011 7:35am
Trade still alive. Momentum has slowed
AUDUSD +120 locked currently at +142
Attached Image (click to enlarge)
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  • #1,645
  • Jun 29, 2011 7:41am Jun 29, 2011 7:41am
I am liking the USDJPY 1H approach to the line. The 50 and balance line are spun nice and tight, I think we might see a nice push through here.
Attached Image (click to enlarge)
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  • #1,646
  • Jun 29, 2011 7:41am Jun 29, 2011 7:41am
Quoting Colostarr
Trade still alive. Momentum has slowed
AUDUSD +120 locked currently at +142
Nice move mate!
Happy trading all. Titch
  • #1,647
  • Jun 29, 2011 7:47am Jun 29, 2011 7:47am
Did the vote about Greece just happen? Markets just went nuts!
  • #1,648
  • Jun 29, 2011 7:52am Jun 29, 2011 7:52am
riots in Athens
  • #1,649
  • Jun 29, 2011 7:53am Jun 29, 2011 7:53am
Cant believe I missed this move - oh wait yes I can as it would have triggered WHILE I DIDN'T HAVE ANY INTERNET LAST NIGHT
Attached Image (click to enlarge)
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  • #1,650
  • Jun 29, 2011 8:18am Jun 29, 2011 8:18am
the markets going madness lol. greeks on streets carrying the terrible crap across to USD, then USd bringing it intoall crosses. lol
  • #1,651
  • Jun 29, 2011 8:21am Jun 29, 2011 8:21am
Quoting Colostarr
Also keep in mind that a resistance whether moving or a pivot will effect price until price CLEARS that resisatance free and clear (moves away from it). If it looks like the trend might be changing, the spread +- 3 pips will keep you out of trouble in this situation. But if the candles ride the blue line for more than 3 or so - move away.
I was thinking that this trade would trigger within a couple of hours and i was correct. Currently still in the trade but -6 at the moment.

Thanks again.
  • #1,652
  • Jun 29, 2011 8:22am Jun 29, 2011 8:22am
WOAH THE USD JPY ....
  • #1,653
  • Jun 29, 2011 8:28am Jun 29, 2011 8:28am
Quoting zelandia
WOAH THE USD JPY ....
I was watching it thinking we may get a bounce signal, how wrong was I!!
  • #1,654
  • Jun 29, 2011 8:39am Jun 29, 2011 8:39am
Quoting indy360
I was watching it thinking we may get a bounce signal, how wrong was I!!
might catch the eur/jpy. go check the h1!
  • #1,655
  • Jun 29, 2011 8:39am Jun 29, 2011 8:39am
Anyone know why the USDJPY dropped like it did? I had set a pending order just below the balance line and then left my office for about 35 minutes. Came back to a nice 24 pip surprise.

USDJPY +10 pips locked currently at +24
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 17 KB
  • #1,656
  • Jun 29, 2011 8:44am Jun 29, 2011 8:44am
hey colo, go pull out a chart on USDX, ull know why. haha. greece caused it.
  • #1,657
  • Jun 29, 2011 8:57am Jun 29, 2011 8:57am
anybody gonna trigger sell on EURJPY?
  • #1,658
  • Jun 29, 2011 8:59am Jun 29, 2011 8:59am
Sell Stop at 115.81
  • #1,659
  • Jun 29, 2011 9:02am Jun 29, 2011 9:02am
Quoting godwin2002
Sell Stop at 115.81
probably the most hybrid currency triple cross ive seen....
  • #1,660
  • Jun 29, 2011 9:03am Jun 29, 2011 9:03am
Titch, are you still in the USDCHF from earlier?

I have just moved S/L to BE, just cant have a +15 winner turn into a loss! Currently +12
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