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Simple Simon Balance Line Trading

  • #1,741
  • Jun 30, 2011 5:08am Jun 30, 2011 5:08am
GBPUSD Moved to B/E
  • #1,742
  • Jun 30, 2011 5:12am Jun 30, 2011 5:12am
Colostarr,

When in a trade do you look to move your stop to BE as soon as you are a set number of pips in profit, and do you do this mid candle or would you wait for the current candle to close?

The reason I ask is because I have taken a trade this morning on GU according to the entry rules for a cross trade. The trade went into profit for +18 and I moved my SL to BE at this point. I have a feeling that I did this to early (mid candle) as it has now retraced to +8 and I dont think i have given the trade enough room.

Any advice much appreciated.

Indy360

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  • #1,743
  • Jun 30, 2011 5:27am Jun 30, 2011 5:27am
As i thought, stopped out at BE. To be honest it was against the main trend but is did break the 50ema so a possible change of trend, maybe I should have scalped it and taken 18 pips to the bank.

We live and learn.
  • #1,744
  • Edited 6:32am Jun 30, 2011 6:09am | Edited 6:32am
Quoting indy360
As i thought, stopped out at BE. To be honest it was against the main trend but is did break the 50ema so a possible change of trend, maybe I should have scalped it and taken 18 pips to the bank.

We live and learn.

OK although you have gone by the rule (big near vertical move through the BL ) you gotta realize a the difference from a move originating from news and one originating from a natural trend
Putting such a trade at BE at 18 pips (when it may retrace at any minute cos of its previous news move) it was a good chance it would hit BE
There is a difference in the type of move
I would not do that trade at the end of news but if I did I would just scalp a few pips and the other way -buy
I have not bothered to look but I presume that was a news move from GBP
Although not part of this strat I have brought on GBPJPY to profit from the retrace as I mentioned above as it a was quite a move down
presently at +15 pips on a buy retrace

I hope that helps , just be aware of the type of move but hey you did well cos its not a loss , so its a win in my book
probably find the market will be slow until NY come online - i think in an hour or so

Get ready for GBPCHF
  • #1,745
  • Jun 30, 2011 6:38am Jun 30, 2011 6:38am
Thanks for responding.

At the moment i am on demo until i feel confident with the system. I am taking all the signals i can as per the rules so that i can practice trade mangement, however you are quite right about the type of move and i will take this into consideration on future trades.
  • #1,746
  • Edited 7:06am Jun 30, 2011 6:44am | Edited 7:06am
AUDCAD but my spread is wide
also hard to decipher which way it will go up or down
anyway lunctime now
Colostarr
you have probably answered before , although you trade only certain pairs, do you still scan for other pairs seeing if there are any super duper giveaway trades
  • #1,747
  • Jun 30, 2011 6:58am Jun 30, 2011 6:58am
Yes you move to BE as soon as you can, or at least I do anyway.

The thought process is to remove the risk of the trade. You move to BE and if price comes back and takes you out - so be it -you've lost NOTHING!

If you feel the need to re-enter on the same candle - take it.

To me it is better to move to BE and watch price take out your stop as opposed to price coming back and taking out your initial stop for a substantial loss.

If given a choice - would you take a BE stop hit for no loss, or your initial stop hit for minus 50 pips?

You never know what price is going to do. I usually wait for price to get +10 pips then I move my stop to BE.

About 40% of the time you will be taken out, but you will have lost nothing. The other 60% of the time 1 of 2 things WILL happen.

1. your initial stop is hit for a loss
2. You get on a wave and ride it for as long as you can

The premise is to ride a wave, if price isn't ready to carry you it will take you out - you will fall off your surf board (or in this case your pip board!)

Hopefully this clarifies things for you!

Quoting indy360
Colostarr,

When in a trade do you look to move your stop to BE as soon as you are a set number of pips in profit, and do you do this mid candle or would you wait for the current candle to close?

The reason I ask is because I have taken a trade this morning on GU according to the entry rules for a cross trade. The trade went into profit for +18 and I moved my SL to BE at this point. I have a feeling that I did this to early (mid candle) as it has now retraced to +8 and I dont think i have given the trade enough room.

Any advice much appreciated....
  • #1,748
  • Jun 30, 2011 7:10am Jun 30, 2011 7:10am
what do you think?
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  • #1,749
  • Jun 30, 2011 7:14am Jun 30, 2011 7:14am
Quoting Colostarr
Yes you move to BE as soon as you can, or at least I do anyway.

The thought process is to remove the risk of the trade. You move to BE and if price comes back and takes you out - so be it -you've lost NOTHING!

If you feel the need to re-enter on the same candle - take it.

To me it is better to move to BE and watch price take out your stop as opposed to price coming back and taking out your initial stop for a substantial loss.

If given a choice - would you take a BE stop hit for no loss, or your initial stop hit for minus 50 pips?

You never...
Exactly the way I view it too. In the example i gave my SL at BE was taken out but as you say, much better at BE than at a loss.

Thanks very much
  • #1,750
  • Jun 30, 2011 7:14am Jun 30, 2011 7:14am
Indy - Here's the thing. The way I approach trading. if I initiate a trade from the 1H or higher, I NEVER intend to scalp a few. It is ALWAYS my intention to ride that pip wave.

When you trade from the lower TF's, sure scalping is the way to go.

You did the right thing in moving to BE on the 1H chart.

Let's say you scalp the 18 pips - GREAT! You just nabbed 18 pips.

But then price throws the finger up to you, gives a head fake and leaves you crying in your pippios leaving behind a trail smoke as you watch it pile in pip after pip after pip.

What then? Now you have to go through the pain staking process of finding another entry.

Be patient my friend - ride them waves - they are so much fun! If you jump off the ride before it's had time to get underway - you are the one that suffers!

Quoting indy360
As i thought, stopped out at BE. To be honest it was against the main trend but is did break the 50ema so a possible change of trend, maybe I should have scalped it and taken 18 pips to the bank.

We live and learn.
  • #1,751
  • Jun 30, 2011 7:15am Jun 30, 2011 7:15am
I think I would stay away. Too much PA for my liking

Quoting Danyjoe
what do you think?
  • #1,752
  • Jun 30, 2011 8:21am Jun 30, 2011 8:21am
THU Sorry I overlooked your post! Yes I fully agree with the way you set up that trade. Sorry I couldn't have answered sooner but was away from the computer

Quoting Thu
Hello Colostarr

i see a range in EURUSD 15 min and have placed buy stop over the range. because there is an uptrend in 30 M and 1 H. what do you think about it?
  • #1,753
  • Jun 30, 2011 8:34am Jun 30, 2011 8:34am
Quoting Colostarr
Indy - Here's the thing. The way I approach trading. if I initiate a trade from the 1H or higher, I NEVER intend to scalp a few. It is ALWAYS my intention to ride that pip wave.

When you trade from the lower TF's, sure scalping is the way to go.

You did the right thing in moving to BE on the 1H chart.

Let's say you scalp the 18 pips - GREAT! You just nabbed 18 pips.

But then price throws the finger up to you, gives a head fake and leaves you crying in your pippios leaving behind a trail smoke as you watch it pile in pip after pip after pip....
I think the key word is patience! As Titch said "sometimes the best trade is no trade"

Not found many set ups today, PA on most pairs I watch is too far away from the balance line, it will return eventually!
  • #1,754
  • Jun 30, 2011 8:39am Jun 30, 2011 8:39am
USDCHF Caught the wave... Was patient through a few bars...
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  • #1,755
  • Edited 9:00am Jun 30, 2011 8:41am | Edited 9:00am
Just captured the USDCHF and GBPCHF up surge
My problem is when I get up 50 pips on each I am so tempted to cash in , especially when I see it retracing a bit
Do you ever just cash in like that ??
It's just that I cannot guarantee that there is any main trend behind such moves , going up
If the trend was up I would be tempted to let it run more

UPDATE well I am glad I didnt cash in cos its just doubled
Wow I love this strat , up 248 pips today

What do people reckon of EURJPY
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  • #1,756
  • Jun 30, 2011 8:58am Jun 30, 2011 8:58am
eur/jpy is one to look at on 1 hr.
  • #1,757
  • Jun 30, 2011 9:02am Jun 30, 2011 9:02am
Quoting Jules9
eur/jpy is one to look at on 1 hr.
Yep got it thanks
  • #1,758
  • Jun 30, 2011 9:02am Jun 30, 2011 9:02am
eur/jpy triggerd
  • #1,759
  • Jun 30, 2011 9:03am Jun 30, 2011 9:03am
got nstop at 116.21 . how about you pete?
  • #1,760
  • Jun 30, 2011 9:04am Jun 30, 2011 9:04am
Man that closed right on the blue line.
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