Simple Simon Balance Line Trading

Thanks for the help Titch! I appreciate it!

Hi Colostarr,
I took these
What do you think?

yesterday's and today's eurusd long entry on the 15m, top line is yesterday's long closed at +190.

Hello everyone / anyone who has applied this Alert Indicator.
I hope it is permissible to post this in this thread (Colostarr) since it's possible positive use is mentioned on pg. 9 & pg.10 of this thread.
The author of "Pips2MA" as I understand is CodeMeister, post # 12 at:
http://www.forexfactory.com/showthre...20#post4013020

I've been trying to apply this Alert indi to my charts but remain uncertain whether I have set correct settings. I did not have sufficient time to really test / verify it's functionality. (too much time away from my trading).
Seems to me that alerts it does give are incorrect - further then settings (setting = 10pips, actual alert more like 25 or 30 pips). Hence my suspicion that my settings are wrong. Or perhaps not.

Now parameters of Balance Blue Line (we use in this Colostarr's system):
Period = 13, Shift = 8, Method = "S" (Smoothed), Apply to = Median Price(HL/2).

My settings of "Pips2MA" Alert indi.:
AlertPips =10, AlertBarsSkip = 3,
MAperiods = 13,
MAmethod = "S" (as for "Smooth" intended),
MAapply = "M" (as for "Median Price(HL/2)",
MAshift = 0

Note: setting options in "Pips2MA" do not sufficiently specify "method" and "apply to" and therefore it is unclear to which the available choices of "letter "S" and "M" actually do apply. (i.e. "S" could stand for Simple for example).

Settings Questions-
Q1.) METHOD: the letter "S" (single option only available) apply to "Simple" or "Smoothed" (as per Blue Line Balance).
Q2.) Apply to: the letter "M" apply to "Median Price(HL/2)" (as per Blue Line Balance).
Q3.) MAshift: is "0" setting good or should that correspond exactly to setting of Blue Line Balance (i.e. should it read "8")?

Additional question re. "Color setting" in Pips2MA - color setting sort of suggests that there is a "visual" alert attached to the audio alert. Am I wrong about this? So far have not seen any.

Yet another possibility - does anything in the mt4 has to be set differently (or in addition) for this indi to work properly?

Thank you in advance to anyone who can give definite solution answer. Please do not speculate - that I already did plenty off.
This is not a major problem but would be nice to know whether one can rely on this indicator. To rely on it = understand it and being able to set it's functions correctly.

Not sure if CodeMeister is still around this thread.
Thank you everyone.

I stopped using that indicator and am using CodeMeister's dashboard found here:

http://www.forexfactory.com/showthread.php?p=4717106

Works great. Having alerts sent to my phone...

Hope that helps!

Jerry

Thanks a lot paqtrade, appreciated.
Will try it.
Pavel

hey guys. G/J showing down, GU going up. any taken on either side, and why so?

Fantastic! Welcome aboard brother!

Sure thing,
Look at the attached chart. You will notice that I placed a buy stop just above the resistance level where it broke out.

In the trading world this is known as a "Breakout" trade. See how price was rangebound between support and resistance, just before it broke out??

This is from another method I trade (formerly posted here as Small Hours).

I actually had a buy and a sell stop placed. With the addition of the 50EMA, I placed the buy stop just above that level (plus spread, plus 3 pips). I had a sell stop below the support.

I was simply waiting for a breakout - I anticipated a breakout up, and that is what happened.

The Balance line method is one of many tools in my trading arsenal. Although is my favorite to use!

This method is not only powerful by itself but it compliments other systems well also!

Hope this answers your question!

>insert>indicators>trend>Moving average

1. Change Period to 50
2. Change MA Method to "Exponential"
3. Change "Apply To:" High
4. Click apply>click ok
5. Create template

Neither would have been valid for me. The first candle (the Bull candle) closed way too far from the blue line for me to consider.

The second candle (the Bear candle) closed above the blue line voiding any potential entry here.

Hope this helps

They look good Danny. Although why did you set a pending buy and a sell on the GBPCHF. The way i see it, there is only one trade there.

You should really decrease your exposure. If there was a spike triggering your buy stop, it could have resulted in a loss.

Unless you are looking at a pattern breakout - setting 2 pending orders in opposite directions is asking for trouble, in my opinion.

Otherwise it looks like you have it down pat!

Hi Colo,

Thanks for a great thread. Question: What are your general considerations when deciding whether, on the close of a candle, the distance from the blue line is too great. I assume this is largely a judgement call?

Rgds

I have a few trades open from yesterday, but otherwise from 1H standpoint price has moved well away from almost all Blue lines. After movement like yesterday, seems the next day always uncertain.

These trades are all from other methods. Reason for posting is to show trade management.

USDCAD: +10 locked currently at +17
USDJPY: Oanda and IBFX +20 locked x2 (+40 locked total) currently at +37

Hi colostarr,

What do you feel about the EurCad pair. My spread is 6.5 pips.

Colo, are you looking at a short USD/JPY on H4?

With a spread of 6.5 I would limit my trades to the 1H timeframe or higher.

Kind of hard to scalp when you go 6.5 pips in the hole immediatley!

Not for nothing but you might consider changing brokers.

Oanda shows this pair with a 4 pip spread

Oanda has shown consistantly that no other broker can match their spreads.

EURUSD has a .5 pip spread with Oanda

As for the 1H setup on this pair currently - it looks like it might be setting up for a bounce off the blue line!

Yes I would have considered that trade, but only because of the current state of affairs with price and volatility with the reaction to the Greece news release.

If this set up happened yesterday at this time, in my opinion price would have closed too far away from the Blue Line. I might have avoided it!

Hi Colo,

Is that EUR/CAD on H1 forming a bounce trade, i am just tempted to place a Sell Stop? But not confident..Any suggestion will be a help..

there was a nice scalp trade on M15 - bounce off the balance line with 50 MA not far underneath.