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Simple Simon Balance Line Trading

  • #1,961
  • Jul 7, 2011 12:43am Jul 7, 2011 12:43am
congrats Colostarr, nothing better than being able to provide for your family on your own. Love your system and thank you for sharing it. I am a CO guy myself so don't be a stranger when you get back. What part do you call home? again Congrats!!!!!
  • #1,962
  • Jul 7, 2011 1:29am Jul 7, 2011 1:29am
Thank you very much!
  • #1,963
  • Jul 7, 2011 2:32am Jul 7, 2011 2:32am
hey Ric - good on yer man. And nothing wrong with limiting risk - after all preservation of capital is very important.
  • #1,964
  • Jul 7, 2011 3:53am Jul 7, 2011 3:53am
Quoting Colostarr
I had 2 reasons for starting this thread.

1. To FORCE myself to stick to a trading plan and trading rules - Mission accomplished!

2. To help as many people as I could - Mission accomplished 138,831 views and growing!

[color=black][font=Verdana]I will never forget where I came from, I will...
Just wanted to say that I have been a little busy myself of late, but have been trying to follow your thread. It is rare to find someone of integrity and sincerity like yourself in this industry, who is willing to share and inspire others.

So I would like to thank you for that.

Wishing you all the best in your new career, and hoping that I am not far behind you.
  • #1,965
  • Jul 7, 2011 4:07am Jul 7, 2011 4:07am
CAD JPY

Hi guys,

Here is my trade triggered right now

Mfinab,

http://mfinab.dyndns.org:8000/20110707-571-140kb.jpg
  • #1,966
  • Jul 7, 2011 4:09am Jul 7, 2011 4:09am
Wow that takes some real courage to quit work and do this full time. I dont know if I could do that . Really impressive. It would be nice though. You are far from home and that is brutal so I hope this works out for you and your dreams come true. Thanks for everyting.

Steve
  • #1,967
  • Jul 7, 2011 4:19am Jul 7, 2011 4:19am
Hi Rick

Congratulations!!! Self Employed now ...

I aslo want to thank you very very very much to share with us this system and also your feelings.

Thanks again

Mfinab,
  • #1,968
  • Jul 7, 2011 4:23am Jul 7, 2011 4:23am
Hi,
Thank you for a fantastic thread. Been hanging round for a few weeks, haven't had the time to actually trade yet, hopefully will start again from Monday.
Going to give it another read-through over the weekend and then see how it goes......... Happy pippin'
  • #1,969
  • Jul 7, 2011 4:33am Jul 7, 2011 4:33am
Are you still using hourly chart or the 15 min chart more?
  • #1,970
  • Jul 7, 2011 4:53am Jul 7, 2011 4:53am
USD CAD

Here is Pending order short on UCAD Triggered

Have a good day

Mfinab,

http://mfinab.dyndns.org:8000/20110707-4gw-94kb.jpg
  • #1,971
  • Edited 7:50am Jul 7, 2011 5:07am | Edited 7:50am
Quoting Jules9
Where have you guys been?
Sorry Jules9 I have been a bit busy.

To all

First I would like to say publicly congratulations to Rick.
As you all know Rick and I have become good friends since meeting on this thread. I have said many times that one of my ambitions was to help to get Rick back home. Rick and I have decided to join forces to help him reach his goal. I will also be on here a little less as I have some exciting things going on at the moment as well as mentoring another new trader. I would also say there is some great experienced traders who are very active on here and some who keep an eye on the thread and pop in now and then when required. People like mike w, The Roper and codemeister to name a few who are great thinking traders and the other experienced traders who all give advice . The one thing I would say to new traders is take advice from the experienced traders as the best training you will find is experience.
As most of you know on here I got in to full time trading after a horrendous accident which made the decision for me. Rick followed his dream and as mike w's signature says. "I dream therefore I become".
Don't let anyone tell you, you can't do this. You can! The first thing to do is BELIEVE in yourself! It really does not matter what anyone else thinks or says, you can do it and if you believe it you will!
I will still be doing posts and live chats on facebook as I would still like to be involved as I will still be trading this method. Feel free to pop on there and leave posts or catch me on live chat.
Good luck all with your trading and I will still be watching from the sidelines and posting when I can.


Take care

Neil
Happy trading all. Titch
  • #1,972
  • Jul 7, 2011 7:02am Jul 7, 2011 7:02am
Congrats Rick, that is amazing. Question to others:

I've been trying to trade this during the NY session, GBP/USD on 5 min charts and have quite a few small losers and a few small winners. I know pip dude trades on 15M charts...whats the feeling of those who have traded this system for a while? 15M, 1H or 4H? I would like to try and stick to 1 TF and trade it the same way for 30 days.

Also, if you do trade the higher TF, 1h & 4H, do you then look at multiple pairs since it could be 3-5 days before PA comes back to the balance line?

Thanks in advance!
  • #1,973
  • Jul 7, 2011 7:12am Jul 7, 2011 7:12am
Quoting pilotui
Congrats Rick, that is amazing. Question to others:

I've been trying to trade this during the NY session, GBP/USD on 5 min charts and have quite a few small losers and a few small winners. I know pip dude trades on 15M charts...whats the feeling of those who have traded this system for a while? 15M, 1H or 4H? I would like to try and stick to 1 TF and trade it the same way for 30 days.

Also, if you do trade the higher TF, 1h & 4H, do you then look at multiple pairs since it could be 3-5 days before PA comes back to the balance line?

Thanks...
i'm also trading this on the 15 with EU & GU, throughout London and NY sessions. Too early for me to give you some stats, but suits me so far. Good luck.
  • #1,974
  • Jul 7, 2011 7:22am Jul 7, 2011 7:22am
I'm thinking of keeping the SL @ 3 pips above the candle that breaches and triggers the pending order (usually @ 5 pips from the signal candle for me) and then moving SL to BE @ +10 pips (on 15M) or +25 (on 1H) Then using a Trailing Stop of 30 pips...what is everyone else doing???

Thanks!
  • #1,975
  • Jul 7, 2011 7:30am Jul 7, 2011 7:30am
Inserted Video
  • #1,976
  • Jul 7, 2011 7:31am Jul 7, 2011 7:31am
Quoting pilotui
I'm thinking of keeping the SL @ 3 pips above the candle that breaches and triggers the pending order (usually @ 5 pips from the signal candle for me) and then moving SL to BE @ +10 pips (on 15M) or +25 (on 1H) Then using a Trailing Stop of 30 pips...what is everyone else doing???

Thanks!
I wouldn't recommend using a trailing stop as an automatic one. Manually trail the stop to either previous 1 or two candles low and then wait for pa to take you out.
Happy trading all. Titch
  • #1,977
  • Jul 7, 2011 7:32am Jul 7, 2011 7:32am
EU entry @ 1.4322
SL @ 14273

About to cross the BL at H1,

Will place another stop buy order at candle close.

It broke previous today high so, looks promissing

Jorge
  • #1,978
  • Jul 7, 2011 7:36am Jul 7, 2011 7:36am
Quoting pilotui
Congrats Rick, that is amazing. Question to others:

I've been trying to trade this during the NY session, GBP/USD on 5 min charts and have quite a few small losers and a few small winners. I know pip dude trades on 15M charts...whats the feeling of those who have traded this system for a while? 15M, 1H or 4H? I would like to try and stick to 1 TF and trade it the same way for 30 days.

Also, if you do trade the higher TF, 1h & 4H, do you then look at multiple pairs since it could be 3-5 days before PA comes back to the balance line?

Thanks...
Hi pilotui

I use the 15 tf mainly to scalp or for a better entry if trade continues. You will find the higher the time frame the less amount of false signals. I have traded this on 4hrs and daily with good success. It depends on you equity and risk factor as to which tf is best for you. 15min lower equity risk but also lower rewards. If you are risking say 2.5% of equity work out how many pips that is for the size lots you trade and the determine which tf suits.
Funny, I have just done a piece on the facebook members area this afternoon when someone asked the exact same question there
I hope this helps
Happy trading all. Titch
  • #1,979
  • Jul 7, 2011 7:37am Jul 7, 2011 7:37am
The best time frame I have found is the 1hr. Shorter ones and you are subject to whipsaw, longer ones and you miss out on a lot. This is not to say that others maybe able to do very well with either, for me the 1 hr works best, in the fx. I am trying the system with stocks and commodities as well. So far, and I haven't been at it too long, it looks impressive.
  • #1,980
  • Jul 7, 2011 8:12am Jul 7, 2011 8:12am
Quoting kook
EU entry @ 1.4322
SL @ 14273

About to cross the BL at H1,

Will place another stop buy order at candle close.

It broke previous today high so, looks promissing

Jorge
Another entry

@4367 (5 pips above daily pivot)




Made a mistake (1-click trade option) and have another one @ 1.4351

So right now
p1: +42 (20 locked in)
p2: +14 (SL to BE +2 )
p3: -1

All running, TP target @ 1.4400 for all 3 positions

let see how it goes.

Jorge
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