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Simple Simon Balance Line Trading

  • #1,801
  • Jul 1, 2011 6:42am Jul 1, 2011 6:42am
Quoting Colostarr
Good afternoon everyone! Sorry for my absenteeism but I've been a little busy!

What have I missed?

Its either been very quiet ie AUDUSD or very porcupiney ie GBPJPY so trading wise its been pretty rubbish .
No trends at all really
Im talking from a H1 point of view

may well be a touch trade setting up on EU though
ALthough not part of the strat at the moment , look at any CHF pair , looks like a good trend upwards is forming
  • #1,802
  • Jul 1, 2011 6:59am Jul 1, 2011 6:59am
Quoting Colostarr
Good afternoon everyone! Sorry for my absenteeism but I've been a little busy!

What have I missed?

Hello Colostarr
I want ask you if in the work at 4H you always keep 3pips+spread, or increase the pips..
because not have much time to trade and I would prefer to 4h
works the same or advice only to 1 hour?

thanks!
  • #1,803
  • Jul 1, 2011 7:20am Jul 1, 2011 7:20am
I made these orders with stop loss and take profit
are correct?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Schermata 2011-07-01 a 14.19.33.png Size: 31 KB
Click to Enlarge Name: Schermata 2011-07-01 a 14.19.41.png Size: 32 KB
  • #1,804
  • Jul 1, 2011 7:32am Jul 1, 2011 7:32am
Hello Danyjoe.
Personally when I want to trade on higher TF first I make sure that my intended trade will be in the direction of the current trend. i.e. if my trading TF is to be 4H I confirm trend on higher TF's. I prefer these trends correspond to the one on 4H - actually the other way around, the 4H has to be going with the trend on higher TF.
As for entry itself I usually enter on lower TF (1H, 30min). This means that usual rules used for those TF's do apply. Then when I secure this trade (SL at least at B/E) I switch to intended 4H.
To enter on 4H (right off it) could get little bit tricky especially if one does not understand intricacies of higher TF. One thing to consider is also Money management and size of your account. If the trade takes sudden turn against the trader it can be a account killer if one relies on "long term" nature of the trade. So even if you trade on higher TF you still need to check status quite frequently. I'm talking specifically about early stages of such trade you understand.
Just my thoughts. I am sure Colostarr will give you his approach to this.
Pavel
Quoting Danyjoe
Hello Colostarr
I want ask you if in the work at 4H you always keep 3pips+spread, or increase the pips..
because not have much time to trade and I would prefer to 4h
works the same or advice only to 1 hour?

thanks!
  • #1,805
  • Jul 1, 2011 8:36am Jul 1, 2011 8:36am
eurusd short entry on 60m
  • #1,806
  • Jul 1, 2011 8:49am Jul 1, 2011 8:49am
Quoting pipdude
eurusd short entry on 60m
missed that but I have an old AUDUSD sell trigger from 11.00 am GMT that I forgot to delete hahah great
If EU retraces to the entry value and I drill down to 1m or 5m and see it start to turn down again I may enter direct EU
Surely thats not really against the rules as I am just mimicking a sell stop
  • #1,807
  • Jul 1, 2011 8:54am Jul 1, 2011 8:54am
Quoting paul56
Hello Danyjoe.
Personally when I want to trade on higher TF first I make sure that my intended trade will be in the direction of the current trend. i.e. if my trading TF is to be 4H I confirm trend on higher TF's. I prefer these trends correspond to the one on 4H - actually the other way around, the 4H has to be going with the trend on higher TF.
As for entry itself I usually enter on lower TF (1H, 30min). This means that usual rules used for those TF's do apply. Then when I secure this trade (SL at least at B/E) I switch to intended 4H.
To enter...
thanks a lot!
  • #1,808
  • Jul 1, 2011 9:05am Jul 1, 2011 9:05am
You are very welcome. Hope it'll help you.
Quoting Danyjoe
thanks a lot!
  • #1,809
  • Jul 1, 2011 9:14am Jul 1, 2011 9:14am
Quoting peterporter
missed that but I have an old AUDUSD sell trigger from 11.00 am GMT that I forgot to delete hahah great
If EU retraces to the entry value and I drill down to 1m or 5m and see it start to turn down again I may enter direct EU
Surely thats not really against the rules as I am just mimicking a sell stop
peterporter,

i've been watching the eurusd, because it has been testing the 60m support. wandering if it might break to the downside.
  • #1,810
  • Jul 1, 2011 9:36am Jul 1, 2011 9:36am
eurusd short exits on 60m entry, 2/4 +30, closed +0.
  • #1,811
  • Jul 1, 2011 9:44am Jul 1, 2011 9:44am
Finally I get some time to get back on my computer. Teacher strike, then a days teacher training. 2 days looking after a 5 year old and I am shattered! Trading is a lot less stressful! LOL

Got to have my pip fix!

Have I missed any good moves?
Happy trading all. Titch
  • #1,812
  • Jul 1, 2011 9:50am Jul 1, 2011 9:50am
Anyone else miss that 5M GU move...35 pips (news related, yes but still found by this system)

Dang!
  • #1,813
  • Jul 1, 2011 11:34am Jul 1, 2011 11:34am
Titch I dont know how you do this for a living. It is really unpredictable. Just when i think i have the right setup following all rules price seems to go against and stop me out. I hope i can get the hang of this. I've been doing this part time for a few years and just do not get it. Really frustrated. Sorry if i sound negative but it does bug me. Not trying to be a naysayer.
  • #1,814
  • Jul 1, 2011 11:39am Jul 1, 2011 11:39am
Question for anyone
I want to do some backtesting this weekend
Does anyone know if the BL (alligator jaws )repaints at all
Ta
peter

Titch maybe ??
  • #1,815
  • Jul 1, 2011 11:50am Jul 1, 2011 11:50am
Guys,

I know that this may not be the *perfect* place to address this, however I've had some unfortuntate losses with my trailing stop loss today, and since this system uses the Trailing stop loss to run with your trade, I thought of dropping it here:

I had an entry this morning on the GBPJPY and set an unusually high stop loss as I was not going to be infront of my Pc.

So what happened is this:

Entry was triggered at 129.280 - OK
Stop Loss had been pre-set to 130.00 - too high (I know!)
Trailing Stop Loss was set to 80points
As the trade went my way, and the pair travelled (very much to my liking) to around 129.106, the trailing stop loss did not kick in. Then there was a reversal and I got stopped out! *damn!*

Ever happened to y'all? It is at times like these that I get paranoid about my broker and think he's playin' me
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 15 KB
  • #1,816
  • Jul 1, 2011 11:58am Jul 1, 2011 11:58am
Quoting Jules9
Titch I dont know how you do this for a living. It is really unpredictable. Just when i think i have the right setup following all rules price seems to go against and stop me out. I hope i can get the hang of this. I've been doing this part time for a few years and just do not get it. Really frustrated. Sorry if i sound negative but it does bug me. Not trying to be a naysayer.
I know what you mean Jules,

The only thing I can say is everyone goes through the same. Screen time! Practice, practice, practice. I went through the same thing. The key I found is trade demo. Keep practicing and don't give up. All of a sudden you start to see set ups that kind of work. Don't get me wrong I still have bad days, everybody does. What I did is learn a strategy. Demo trade it until I can spot set ups that give you the best chance, then learn another strategy and do the same. All of a sudden it comes together and you have the tools to trade any market no matter what pa is doing. I use a trade plan for each strategy and if I can't tick all of the boxes for the perfect set up I don't enter the trade. As I keep saying on here sometimes the best trade is not to trade. Stick with it and you will get there. I am mentoring someone at the moment and I keep saying if you are going to get in to trading you must love it because you will spend a lot of time learning and studying charts. Think of it like a game of chess. Very strategic! I also treat it as a business! When your money is involved you have to take it serious.
One of the best things you can do is use a trade plan and stick to it. As I say if you can't tick all of the boxes don't take the trade. If you need a blank trade plan go to my profile and one of my attachments is called neils trade plan. Download it, print it out and fill it in. I guarantee it will improve your trading.
Keep at it and you will get there and anything I can do to help feel free to mail me of go on to the facebook members area on live chat and I will help any way I can.
Also learn to fully manage a trade so when you take a good one you squeeze every pip you can. Have a look in the facebook members area and I have written a piece on managing trades. I am also planning to do a live chat on trade management soon.
Remember we are not trying to predict what the market is going to do we are trying to jump in on what it is doing.
All we do is play a game of probability.
I hope this helps and as I say anything I can do to help don't hesitate to ask!
Neil
Happy trading all. Titch
  • #1,817
  • Jul 1, 2011 12:01pm Jul 1, 2011 12:01pm
Quoting danbuttigieg
Guys,

I know that this may not be the *perfect* place to address this, however I've had some unfortuntate losses with my trailing stop loss today, and since this system uses the Trailing stop loss to run with your trade, I thought of dropping it here:

I had an entry this morning on the GBPJPY and set an unusually high stop loss as I was not going to be infront of my Pc.

So what happened is this:

Entry was triggered at 129.280 - OK
Stop Loss had been pre-set to 130.00 - too high (I know!)
Trailing Stop Loss was set to 80points
As the trade...
Just checked your levels and thats correct
Up and down like a yoyo
  • #1,818
  • Jul 1, 2011 12:12pm Jul 1, 2011 12:12pm
Neil, Thanks so much. I will llok at your trade plan and see if I can improve my trading. The great thing about this thread is the willingness to help otheres here. You dont see that much.

Thanks Steve
  • #1,819
  • Jul 1, 2011 12:12pm Jul 1, 2011 12:12pm
Quoting danbuttigieg
Guys,

I know that this may not be the *perfect* place to address this, however I've had some unfortuntate losses with my trailing stop loss today, and since this system uses the Trailing stop loss to run with your trade, I thought of dropping it here:

I had an entry this morning on the GBPJPY and set an unusually high stop loss as I was not going to be infront of my Pc.

So what happened is this:

Entry was triggered at 129.280 - OK
Stop Loss had been pre-set to 130.00 - too high (I know!)
Trailing Stop Loss was set to 80points...
Hi danbuttigieg

The trailing stop should not be an automatic TS. If you had been manually trailing the stop you probably would have walked away either with a small profit or at worst BE. If I can't be in front of the computer to manage the trade now I won't enter. I have been caught before using a trailing stop so I feel for you my friend!
Happy trading all. Titch
  • #1,820
  • Jul 1, 2011 12:15pm Jul 1, 2011 12:15pm
Quoting Jules9
Neil, Thanks so much. I will llok at your trade plan and see if I can improve my trading. The great thing about this thread is the willingness to help otheres here. You dont see that much.

Thanks Steve
No worries

That is why colo and I set up the facebook group so we could really help new traders before they decided to give up. As I said stick with it we have all been there!
Happy trading all. Titch
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