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Simple Simon Balance Line Trading

  • #1,821
  • Jul 1, 2011 12:25pm Jul 1, 2011 12:25pm
Quoting Titch
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!
Thanks for your words....previously the automatic TS worked (I thought that was the whole point of having automatic TS)... If I had the luxury of being infront of the Pc 24x7 with a caffeen drip, believe you me. I would

Sometimes I really wish the markets were open on weekends...sometimes I believe it spells divorce
  • #1,822
  • Jul 1, 2011 12:38pm Jul 1, 2011 12:38pm
Quoting danbuttigieg
Thanks for your words....previously the automatic TS worked (I thought that was the whole point of having automatic TS)... If I had the luxury of being infront of the Pc 24x7 with a caffeen drip, believe you me. I would

Sometimes I really wish the markets were open on weekends...sometimes I believe it spells divorce
LOL

I know what you mean. I spend about 18 hours a day in front of a computer. Luckily for me my wife has now grown used to it! Mind you thats probably why we have been married so long. LOL

I only started intraday trading again recently because I had kind of got in to longer term trades which suited me. Gives more time for golf. Then I got involved in this thread.

I tend to not work a friday as I don't like pa on a friday.
Happy trading all. Titch
  • #1,823
  • Jul 1, 2011 12:47pm Jul 1, 2011 12:47pm
nzdusd long on 60m pullback, audusd long on 60m
  • #1,824
  • Jul 1, 2011 12:47pm Jul 1, 2011 12:47pm
Quoting Titch
LOL

I know what you mean. I spend about 18 hours a day in front of a computer. Luckily for me my wife has now grown used to it! Mind you thats probably why we have been married so long. LOL

I only started intraday trading again recently because I had kind of got in to longer term trades which suited me. Gives more time for golf. Then I got involved in this thread.

I tend to not work a friday as I don't like pa on a friday.
Hi Titch
Please can you tell me what sort of days and hours you work
ie Do you trade mondays
do you start at 8.00 am UK time etc etc

It woyuld be a great help to get advice like this , cos I tend to live in front of the PC at the moment

18 hours a day ?? how many days is that
Mon Tues Wed Thurs
  • #1,825
  • Jul 1, 2011 12:54pm Jul 1, 2011 12:54pm
Hello danbuttigieg.
As Titch wrote - this system does not incorporate the TSL in "clasic / automated" sence of meaning. On this system you have to do the "manual" TSL i.e. moving SL gradually at your discretion.
As for your problem as described. There is number of things that could have happened.
1.) You did not set it properly / human error.
2.) You did set it properly but it did not triggered for some technical reason. Tech reason I can think off:
a) Your mt4 is all "cluttered and full" of old data which may be (some part of it) corupted. This does happen from time to time. The safest solution is to remove (close out) all your charts and then set up new ones from scratch (do not use previously deleted set-up's). Do completely new chart. I would not even use templates that I created recently when doing this.
b) Nothing wrong (no corruption) of your mt4 - at the crucial time you could have just lost internet at your end or to your broker. (At very high volatility some brokers choose to simply "shut down"). If during such time price moved back, from the TSL set level, it may have not triggered / trigger was missed.
Also you may want to check the time of this happening - at times of big volatility your broker may have increased the spread and that may be the cause - numbers simply did not add up.
c) I doubt very much that your broker is "playing you". The SL and TSL are actually "in your computer" so the broker does not have control of them. Yes broker can see your SL and can "hunt" for it. But the "stop hunting" is done mostly on bases of usual levels where many traders place these.
Just some thoughts and opinion only. Hope it helps.
Pavel
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...
  • #1,826
  • Jul 1, 2011 1:13pm Jul 1, 2011 1:13pm
Quoting peterporter
Hi Titch
Please can you tell me what sort of days and hours you work
ie Do you trade mondays
do you start at 8.00 am UK time etc etc

It woyuld be a great help to get advice like this , cos I tend to live in front of the PC at the moment

18 hours a day ?? how many days is that
Mon Tues Wed Thurs
Not all of the 18 hours is trading in fact a large portion of that is on here and facebook chat.

I get up at 6 and plot my charts for about an hour looking what has been happening through the night and log any potential set ups and set my alarms. Once I have done this I then get ready to take my son to school for 8. I drop him off and get back home or go to my office. I then start trading from about 8.30 until 3 when I pick him up from school. I will then trade from about 3.30 until about 7 or 8 maybe a bit later if I am in a trade. I then finish and go on to facebook chat for about an hour or so to help new traders. If I have seen a set up happening I may jump back on my station in the evening if I think it will be a good move. Thats pretty much my day. In between that I am on here. I am not looking for trades all the time, If I am trading the 1 Hr I will check the potential set ups I have listed on my pad about 10 to the hour each hour or every 4 hours if I am trading the longer charts. I do that mon - thur then have fridays off to play golf as my time and go through my trading logs for the week. Also at the end of each trading session I go through all of my trade logs to see the trades I have taken that worked and what didn't. You will be amazed at the patterns that appear of what worked and what didn't.
I don't only trade this strategy
But that is pretty much my day!
I hope this helps
Happy trading all. Titch
  • #1,827
  • Jul 1, 2011 1:26pm Jul 1, 2011 1:26pm
Thats me done for the day. I will be on facebook members area chat for the next 10 min's
Happy trading all. Titch
  • #1,828
  • Jul 1, 2011 1:56pm Jul 1, 2011 1:56pm
Quoting peterporter
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 ??
Hi peter

It is a moving average which is a lagging indicator which does not repaint but it is 8 bars in the future of pa which moves slightly behind pa

I hope this helps
Happy trading all. Titch
  • #1,829
  • Jul 1, 2011 2:07pm Jul 1, 2011 2:07pm
Quoting Titch
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...
Titch,

Really liked your advice and supporting comments here!

Nice one,

Kind regards,
  • #1,830
  • Jul 1, 2011 2:58pm Jul 1, 2011 2:58pm
Quoting 4Xfactor
Titch,

Really liked your advice and supporting comments here!

Nice one,

Kind regards,
Many thanks!
Happy trading all. Titch
  • #1,831
  • Jul 1, 2011 5:38pm Jul 1, 2011 5:38pm
Hello CodeMeister,


I am new to the Simple Simon Balance Line Trading thread and two days ago I started trading it on a demo account with great success. I really love the simplicity of the system; I don’t like being at my screen all the time though.


You being a coder might want to help me and us with this idea I have.
I like the entry, but the adding of the stop loss level, engaging trailing stop loss just waists time. Especially when there are more than one trade setups at the same time.

So here is what I am proposing;

I would like if possible to create 2 manual management ea’s. A buy and sell ea this is how it would work;

 

  1. One would have to place the ea manually when a set-up has been recognized.
  2. The ea will place a buy order and a stop loss on the previous bar (buy ea) visa versa for a sell ea and it will only trigger the once, until it starts the trade.
  3. If the trade has not been triggered an x (your choice) amount of bars after the set-up it should cancel the placement.
  4. The ea should have a trailing stop loss fitted, adjustable to what pips you want. Activated an x amount of pips in profit.
  5. It should have a stop loss which is moved to the previous x amount of bar/s you wish, when the bar is closed. With the pip distance you want below the bar.
  6. The bar step stop loss should start at an x amount of pips in profit.
  7. There should be a BE system once an x amount of pips is reached and the BE should have an adjustment of pips in profit if one wants it (so we go home with something lol)
  8. Now if a long bar has been created an auto trailing stop loss should start once the bar reaches an x amount of pips this then over rides the bar step stop loss.
  9. A take profit should be added for those that want to use it.
  10. A partial close could be incorporated for those who want to close part of a lot size.


What this ea will do is manage the trade for us while we are at work or doing something else.



As Colostarr has mentioned, once the BE has been placed sit on your hands and let the trade run and take care of itself.

The other thing is it will allow you to place set-ups more quickly allowing you to catch more trades if they appear.

What do you think of my idea?

Regards

Jan

  • #1,832
  • Jul 1, 2011 7:27pm Jul 1, 2011 7:27pm
Jan,

I responded to your suggestion on the other thread in Platform Tech.
  • #1,833
  • Jul 2, 2011 2:32am Jul 2, 2011 2:32am
Quoting Titch
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...
Hi Neil,
Thanks a lot for the positive attitude you giving us down here. We need it to fight our bad thoughts and giving up trading. It seems sometimes that some of us do good sometimes, but suddenly, we feel like we are one step up and then 2 step back, and that just drain the good emotions. I am sure, pro traders don't always win, but they have set of rules to follow incase the trade doesn't go their way. Greed and fear of getting stopped is an other reason most of us get scared off and that's why we don't follow the rules.

I hope we get more of success stories from people that have a positive results, and that adds up to our good thoughts and motivates us in this thread.

Thanks to all of you Neil, Rick and others.
  • #1,834
  • Jul 2, 2011 3:44am Jul 2, 2011 3:44am
Quoting CodeMeister
Jan,

I responded to your suggestion on the other thread in Platform Tech.
First of all, I don't write for an individual's wishes - at least not for free. The code I have written and posted is general purpose and meant for many people. I also don't write trade signal / trigger code for the general public even if many would benefit. I did that once and a month later, some EE type had written an improved version - without my permission or the source code.

I think part or most of what you have suggested has been written. There are some on the SS thread already using trade management tools - I think MPTM was mentioned. I believe that there are scripts to place pending orders based on the high/low of a bar - look in the sticky threads in this forum.[/quote]

CodeMeister,

sorry just to repeat here as well.

yes you are right the MPTM written by the famous SteveHopwood does do most of those things.

The few things it doesn't do is when implementing the ea it automatically places the pending order and stop loss.

And off course place a stop loss at the bottom of the previous bar/s with an x amount of pips below (if using the buy ea) that bar, when the candle closes

I am sorry I did not mean to bother you, it was just an idea which I thought could help us all not just me individually.

regards
Jan
  • #1,835
  • Jul 2, 2011 5:44am Jul 2, 2011 5:44am
Quoting southbeach
Hi Neil,
[color=black][font=Verdana]Thanks a lot for the positive attitude you giving us down here. We need it to fight our bad thoughts and giving up trading. It seems sometimes that some of us do good sometimes, but suddenly, we feel like we are one step up and then 2 step back, and that just drain the good emotions. I am sure, pro traders don't always win, but they have set of rules to follow incase the trade doesn't go their way. Greed and fear of getting stopped is an other reason most of us get scared off and that's why we don't follow the...
Hi Adam

Thanks for the kind words. You are right, fear and geed are two of the biggest emotions that will cause you trouble. Fear will make you jump out of a trade too soon leaving pips on the table and greed will keep you in a trade too long giving pips back. Unfortunately you have to be like a robot and remove any emotion. As you know the way I do this is to work to my trade plan and fully stick to it. This removes any emotion as well as stopping you making fast irrational decisions. As I say fill it in with everything, even how you will manage the trade and then the hard bit. Stick to it. It does take practice but when you have perfected it it will improve your trading ten fold.
Also mate I haven't forgotten about your pm I have just been snowed under. I will reply on monday.

Speak soon
Happy trading all. Titch
  • #1,836
  • Jul 2, 2011 6:11am Jul 2, 2011 6:11am
Quoting colostarr
fantastic! Welcome aboard brother!
where are your results colostarr ?

Also, iam unable to download your indis. I have actually downloaded them on my alpari mt4 3 times. But when i go onto the experts folder to attach them to the charts. There is nothing there...
  • #1,837
  • Jul 3, 2011 4:30am Jul 3, 2011 4:30am
that's cos they should be in experts - indicators file
  • #1,838
  • Jul 3, 2011 2:36pm Jul 3, 2011 2:36pm
Hi guys,

Since couple of days reading this thread and I see that it is very a good system.

Here is an example of my BackTest

On my last short order, could you guys tell me if I'm wrong with something ?

Have a nice Week-End!

Mfinab,
http://mfinab.dyndns.org:8000/20110703-l6b-948kb.jpg
  • #1,839
  • Jul 3, 2011 3:27pm Jul 3, 2011 3:27pm
Quoting mfinab
Hi guys,

Since couple of days reading this thread and I see that it is very a good system.

Here is an example of my BackTest

On my last short order, could you guys tell me if I'm wrong with something ?

Have a nice Week-End!

Mfinab,
http://mfinab.dyndns.org:8000/20110703-l6b-948kb.jpg
The biggest problem is trading against the trend. It looks like you have entered a sell stop in an up trend. Also could you tell me which line is the 50ema and which is the BL. As I say it looks to me like you might have been trading against the trend on your second trade.
I hope this helps
Happy trading all. Titch
  • #1,840
  • Jul 3, 2011 4:45pm Jul 3, 2011 4:45pm
Quoting Titch
The biggest problem is trading against the trend. It looks like you have entered a sell stop in an up trend. Also could you tell me which line is the 50ema and which is the BL. As I say it looks to me like you might have been trading against the trend on your second trade.
I hope this helps
Hi Titch,

I did not apply any 50 Ma on that chart. It is only the Balance Line.

Thanks for your quick reply I really appreciate !

Mfinab
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