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Simple Simon Balance Line Trading

  • #1,921
  • Jul 6, 2011 5:07am Jul 6, 2011 5:07am
usdjpy long entry 15 M
  • #1,922
  • Edited 5:40am Jul 6, 2011 5:28am | Edited 5:40am
EU entered on H4, +60 pips locked

PS: +70 locked
  • #1,923
  • Jul 6, 2011 6:53am Jul 6, 2011 6:53am
Hi guys,
Here is USD CAD on 4h chart ! Nice looking for a long setup but need to wait that CAD News is out at 8h30 NY Time.

Mfinab,
http://mfinab.dyndns.org:8000/20110706-0p0-96kb.jpg
  • #1,924
  • Jul 6, 2011 7:59am Jul 6, 2011 7:59am
eurusd short entry on 15m, exit 2/4 +100
Attached Image (click to enlarge)
Click to Enlarge Name: 3.gif Size: 12 KB
  • #1,925
  • Jul 6, 2011 8:17am Jul 6, 2011 8:17am
Buy:

When the candle closes above the blue line (the closer to the blue line the better) set a pending buy stop order at the high of that candle plus the spread, plus 3 pips. The same applies for your stop loss. Set your stop at the low of the candle minus spread, minus 3 pips

EXAMPLE: GBP/JPY closes above blue line at 131.61, the spread for this pair is 3 pips (for my broker), plus 3 pips = Buy stop at 131.67 (131.61+.03+.03=131.67)

Sell

When the candle closes below the blue line (the closer to the blue line the better) set a pending sell stop order at the low of that candle minus the spread, minus 3 pips. The same applies for your stop loss. Set your stop at the high of the candle plus spread, plus 3 pips

EXAMPLE: GBP/JPY closes below the blue line at 131.61, the spread for this pair is 3 pips (for my broker), minus 3 pips = sell stop at 131.55 (131.61-.03-.03=131.55)


Just have a quick question. For BUY we add the spread + a buffer of 3 pips.. and for SELL we subtract spread - a buffer of 3 pips..

Not sure why we are adding the spread to the SHORT positions.. I understand for the LONGS..
  • #1,926
  • Jul 6, 2011 8:22am Jul 6, 2011 8:22am
Depends what price your chart is showing - if it's the bid price then no spread to factor in when shorting.
  • #1,927
  • Jul 6, 2011 8:25am Jul 6, 2011 8:25am
Quoting mfinab
Hi guys,
Here is USD CAD on 4h chart ! Nice looking for a long setup but need to wait that CAD News is out at 8h30 NY Time.

Mfinab,
http://mfinab.dyndns.org:8000/20110706-0p0-96kb.jpg

usdcad 4h pending order set at 9680 but 50 ema is under the BL and eurjpy 4h short i m up +25 pips for now and i moved my stop to BE !
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad pending order long at 9680.gif Size: 22 KB
Click to Enlarge Name: eurjpy short 4hr.gif Size: 23 KB
Respect and Honor !
  • #1,928
  • Jul 6, 2011 8:46am Jul 6, 2011 8:46am
Quoting mfinab
Hi guys,
Here is USD CAD on 4h chart ! Nice looking for a long setup but need to wait that CAD News is out at 8h30 NY Time.

Mfinab,
http://mfinab.dyndns.org:8000/20110706-0p0-96kb.jpg
USD CAD Long Triggered on 4H chart.... Let See...

Mfinab,
  • #1,929
  • Jul 6, 2011 8:48am Jul 6, 2011 8:48am
Quoting pipdude
eurusd short entry on 15m, exit 2/4 +100
Hey pipdude, can you post the indy that shows candle/bar color vs the Balance line... Thanks
  • #1,930
  • Jul 6, 2011 8:52am Jul 6, 2011 8:52am
Hello Klakson
I just noticed on your 4H USD/CAD chart you already got the "next candle" (seems like 50 min ago at full hour) ... HOW is that possible? Mine is coming up in next 10min.
I am sure it has something to do with the time set up (GMT / your broker time atc.)
Not sure ...
  • #1,931
  • Jul 6, 2011 8:56am Jul 6, 2011 8:56am
Quoting pilotui
Hey pipdude, can you post the indy that shows candle/bar color vs the Balance line... Thanks
Hi Pilotui,

Just check few post ago, this indi as already been shared couple of times in this thread.

Mfinab,
  • #1,932
  • Jul 6, 2011 9:13am Jul 6, 2011 9:13am
Quoting Klaxon
usdcad 4h pending order set at 9680 but 50 ema is under the BL and eurjpy 4h short i m up +25 pips for now and i moved my stop to BE !

up +40 pips eurjpy short 4H
Respect and Honor !
  • #1,933
  • Jul 6, 2011 9:23am Jul 6, 2011 9:23am
Quoting paul56
Hello Klakson
I just noticed on your 4H USD/CAD chart you already got the "next candle" (seems like 50 min ago at full hour) ... HOW is that possible? Mine is coming up in next 10min.
I am sure it has something to do with the time set up (GMT / your broker time atc.)
Not sure ...

I know Paul it s kind of strange but my broker is FXDD Malta and they are +7 hours so the all 4H candle change at 9am,1pm,5pm,9pm,01am,05am est time and so on

update on 4h eurjpy up +50 now
Respect and Honor !
  • #1,934
  • Jul 6, 2011 9:29am Jul 6, 2011 9:29am
Quoting mfinab
USD CAD Long Triggered on 4H chart.... Let See...

Mfinab,
hey MFinab it just testing the 50 ma now, must have an eye on it
Respect and Honor !
  • #1,935
  • Jul 6, 2011 9:32am Jul 6, 2011 9:32am
Quoting mfinab
Hi Pilotui,

Just check few post ago, this indi as already been shared couple of times in this thread.

Mfinab,
Thanks..sorry I missed it!
  • #1,936
  • Jul 6, 2011 10:04am Jul 6, 2011 10:04am
Quoting Klaxon
hey MFinab it just testing the 50 ma now, must have an eye on it
Hi Klaxon,

Thanks! I didn't take any chance. After testing the EMA I have closed the trade a BE +4 pips. Will wait for another opportunity.

Mfinab,
  • #1,937
  • Jul 6, 2011 10:51am Jul 6, 2011 10:51am
Hmmm... this is always confusing issue.
I do not want to clatter this thread with unrelated post so I'll try to keep it short. If your broker is in Malta Time = Central European Time.
In that case something is wrong. I use Alpari (GB) and they have their time set to CET as well. (Malta, Czech Republic, Germany all = CET).
I am assuming you are in North America. If your time zone is EST (New York, Toronto) the difference is EST to CET = +6H.
But better way to figure times is to start from GMT. Note the difference between GMT Standard and GMT London. GMT Standard does not change all year around.
Here is a link that helps me immensely every time!!:
http://wwp.greenwichmeantime.com/

Hope this helps. Pavel

Quoting Klaxon
I know Paul it s kind of strange but my broker is FXDD Malta and they are +7 hours so the all 4H candle change at 9am,1pm,5pm,9pm,01am,05am est time and so on

update on 4h eurjpy up +50 now
  • #1,938
  • Jul 6, 2011 10:55am Jul 6, 2011 10:55am
Quoting Klaxon
up +40 pips eurjpy short 4H

i had to leave for about 1 hours and just come back and saw the market come back for almost 45 pips now and with a pretty nice pin bar on the 4H bar who will close in about 1H fxdd but trade is still alive with about 8pips around !

Maybe the momentum will change after London close, will see !

Anyway it s my first day of testing this strategy !
Respect and Honor !
  • #1,939
  • Jul 6, 2011 11:02am Jul 6, 2011 11:02am
Quoting Olarion1975
EU entered on H4, +60 pips locked

PS: +70 locked
+80 pips locked
  • #1,940
  • Jul 6, 2011 11:05am Jul 6, 2011 11:05am
Quoting paul56
Hmmm... this is always confusing issue.
I do not want to clatter this thread with unrelated post so I'll try to keep it short. If your broker is in Malta Time = Central European Time.
In that case something is wrong. I use Alpari (GB) and they have their time set to CET as well. (Malta, Czech Republic, Germany all = CET).
I am assuming you are in North America. If your time zone is EST (New York, Toronto) the difference is EST to CET = +6H.
But better way to figure times is to start from GMT. Note the difference between GMT Standard and GMT...

I m with fxxd since about 6years now but at start it was fxdd in US territory but now i m in UK because of all the change in US recently with the leverage but FXDD have always offer a platform with +7 for est time because their platform come from russia, but don t ask me why !
Respect and Honor !
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