Simple Simon Balance Line Trading

USD CAD

Hi Guys,

What do you think of this one ?
Mfinab,

http://mfinab.dyndns.org:8000/20110704-ce3-432kb.jpg

Hi Paul56

Thanks for your reply on my charts. I agree that I didn't read everything yet. I will apply 50ema now on.

Thanks

Mfinab,

Hi all,
what do you feel about UsdJpy. Sellstop at 80.89. Please comment.

Hi!

Here is USD JPY

What should we do on that pair right now ?
When candle is bouncing on Balance Line or 50ema should we go short as soon as the candle as closed ? or we must put a pending order ?

Thanks
Mfinab,
http://mfinab.dyndns.org:8000/20110704-139-525kb.jpg

Hi Mfinab,
In my chart, previous candle closes close to the blue line and the 50 EMA in the middle of the candle. So I am expecting a upward momentum and placed buystop at 80.89. Until now the candle goes down and bounces at the 50 ema.

Hey everybody, hope everybody is doing good wherever you're at in the world. Here's a thought for the new guys and girls that might be trading today. Today is a national holiday for the United States and there will be really low liquidity in the market today. That means that prices could be pushed or just not move much at all. Most of the big players are out today. Take a day to enjoy yourself and don't worry about the money, it'll be here when you get back. Have a good one ladies and gents.

audusd short entry on 15m, closed -10, eurusd short entry on 15m , 3/4 +40, closed +0

Hi!

What you guys think of those setup on H1 for those pair ?

EJ Short
GU Short
GJ Long
EG Short
UCAD Long
NU Long


Mfinab,

Kijunsen looks UP for gbp/usd in 1 hr. chart! so I am in long since 1.6075 TP 1.6140.

Thanks Mike for posting this up.
I meant to put a notice up last night but forgot, mainly because I got caught up in having a few beers!
Meant to put up that I wouldn't be on here or trading today because of expected low velocity. You will notice on any national holiday the velocity drops ten fold and most big moves hardly move. For those that did trade I hope you had a good day. Even though it is not a holiday in England, without the big moves from America I find it is better to kick back and play a good old game of golf.
As Mike quite rightly said the market will always be there tomorrow!

Hi Guys,

Have a look on CHF JPY
http://mfinab.dyndns.org:8000/20110704-vk4-263kb.jpg

Helo Mfinab.
Sorry I did not get back earlier. But not much missed since there was a bank holiday in USA.
Just a quick note regarding your entry set up's. I noticed you are using the SS Blue Balance Line with build in Signal Alert indicator. This is fine. For Long signal this works just fine. However for SHORT signal this Alert is not exactly corresponding to the Colostarr's 1st pg. rules.
Explanation: many systems use this kind of entry calculation -
Long = high of signal candle + Spread + Buffer (3pips?)
Short = low of signal candle - Buffer (3pips?)
This is the case with this Signal Entry Indicator you using and it is fine if you doing that intentionally. BUT!!! it is NOT as per rules of this Colostar's Aligator Blue Balance Line rules.
If you go back to pg.1 rules the Short position is set as follows:
Short = low of signal candle - Spread (2.5 pips) -Buffer (3 pips).
[Your attached pic (post 1861) shows approximately 2.5 pips Spread ].
So in conclusion if you want to use your Signal Entry Indicator as is and trade by the rules of this system you must subtract the Spread in addition to your given Signal.
Unless I am mistaken you are not doing that.
Also pay attention to SL as per Colostarr's rules.

As for your later posting regarding entry at 50 EMA.
Firstly the 50 EMA main function is to indicate Support or Resistance. It is there just to help YOU (the trader) to make a "discretionary" decision whether to:
a.) identify whether to set pending order at all.
b.) continue with your set pending entry OR maybe not and cancel your entry.
c.) possibly identify where you place or move your SL - some use EMA 50 to "decrease" their initial risk while their order is still at "Pending" stage. Others use it during the trade itself to identify where to put / move SL.
d.) EMA 50 is extremely useful in playing "bounce trades" as described earlier in this thread.

As for your CHF/JPY pairs ... can not really comment. I do not trade that particular pair. But have you checked what is your broker's Spread on that pair? Might be little too high. This system relies on lowest spread possible. So anything above 3 pips Spread should rise a flag of carefulness (when trading this Blue Balance Line system).

As final note: in this system you NEVER EVER!!! place a market order. ALWAYS DO PENDING ORDERS WITH THIS SYSTEM. (that is not my rule but it is the rule of this system).
Just my opinion I hope it'll help.
Pavel

Hi Paul56,

Thank you very much for your comment on my analysis. I really appreciate it. CHF/JPY is 4 pip spread here with Oanda.

I'm still watching that pair for now.

I really like this thread, ppl are so generous to help others to understand.

Thank you All!

Mfinab,

It's the least I can do. You are welcome. P.

eurusd long entry on 15m, closed -10, short entry on 15m.

Hi Buddy I have found that this strategy works best on 1 hr time frame u could make lot of pips with 1 hr.

Sorry for my absenteeism. Enjoyed the 4th of July holiday weekend. What have I missed??

Hi Colostarr ,nice to have you back,I bit quiet today with the holiday in the States but Im keeping an eye on things.

Ive just joined this thread after going through and seeing how simplistic your trading approach is.After trying many strategies and techniques this has proved to be very easy to implement.So just a BIG THANKS to you for sharing this thread and contributing to help newbies.Take Care.

Hi all,
finally i'd finished read all post in this thread ... very amazing, how could Colo setup William's method as simple as one blue line? -- 4thumbs up for you Colo.

I'd tried to OP yesterday, 5 OP - 3 closed at BE+1, 2 losses (sorry, didn't save the chart). After reviewed my trade, I found big mistake ... it is US holiday, low volatility, ranging price, 'n forgot to watch the angle
Have you standardized minimum angle to safe OP ... may be if the angle > 20 degree, you may OP ...

today, in the asian session, I have 3 OP with 15M TF (just follow Colo sugestion, use 15M TF before PA too volatile) ... text book OP, got 37 pips total.
EURCHF +37
EURGBP +0
USDCAD +0

prepare for London open with 1h TF

thanks all ... nice share

Your welcome Sparticus - Enjoy the thread