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Simple Simon Balance Line Trading

  • #1,981
  • Jul 7, 2011 8:17am Jul 7, 2011 8:17am
Afternoon guys
The E/u crossed the balance line on the 1 hr tf, but banged its head on the 50ma, that is what the 50ma is another confirmation, I wouldnt personally trade this until it clears the 50ma and came back to it so it turns from resis to support, but the e/u is still very much in a down trend and todays rally has been completely news driven, good trading chaps
and hi to Neil (Titch) where you been man
respect

Tom
  • #1,982
  • Jul 7, 2011 8:26am Jul 7, 2011 8:26am
Quoting booktimes
Afternoon guys
The E/u crossed the balance line on the 1 hr tf, but banged its head on the 50ma, that is what the 50ma is another confirmation, I wouldnt personally trade this until it clears the 50ma and came back to it so it turns from resis to support, but the e/u is still very much in a down trend and todays rally has been completely news driven, good trading chaps
and hi to Neil (Titch) where you been man
respect

Tom
Long time no speak.

I've been a bit snowed under mate. Have a look at post 1971.

Neil
Happy trading all. Titch
  • #1,983
  • Jul 7, 2011 8:27am Jul 7, 2011 8:27am
...horses for courses - i use the 15min 200SMA and took 50% off (4365)as it hit it on this latest long. Of course, the 200SMA on the 1hr tf is trending upwards and gives a further upside target of 4415ish. Whatever floats your boat.

15min trailing stop on remaining 50% now filled for +31.
Attached Image (click to enlarge)
Click to Enlarge Name: EU07071115Mblb.GIF Size: 28 KB
  • #1,984
  • Jul 7, 2011 8:32am Jul 7, 2011 8:32am
All 3 closed at SL.

final result +3 pips.

it was a bad trade management.

Well have to look for the next opportunity and get profits earlier.

J
  • #1,985
  • Jul 7, 2011 8:43am Jul 7, 2011 8:43am
Last 15min candle closed the lowest of today so far and worked its way through the BL, so pending short order set...we know it has to break sometime, we'll see.
Attached Image (click to enlarge)
Click to Enlarge Name: GU07071115Mbla.GIF Size: 15 KB
  • #1,986
  • Jul 7, 2011 9:22am Jul 7, 2011 9:22am
Quoting Titch
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.
Ok, that makes sense. Appreciate the help.
  • #1,987
  • Jul 7, 2011 9:45am Jul 7, 2011 9:45am
When do most of yoy set your breakeven mark. How many pips in your favor do you set it. 10,15 etc...
  • #1,988
  • Jul 7, 2011 9:48am Jul 7, 2011 9:48am
Also say yopu are up 20 pips when do you set your stop at profit say like 10 pips locked in.
  • #1,989
  • Jul 7, 2011 9:59am Jul 7, 2011 9:59am
Quoting Jules9
Also say yopu are up 20 pips when do you set your stop at profit say like 10 pips locked in.
I'using not fixed but, close.

P SL
15 - 4
25 - 10
30 - 15
40 - 20
>40 => price -20

or track low of candle or 1, 2 candles before, it depends on type of candle, range, S/R levels near by.
  • #1,990
  • Jul 7, 2011 10:47am Jul 7, 2011 10:47am
Thanks. Sounds reasonable
  • #1,991
  • Jul 7, 2011 12:05pm Jul 7, 2011 12:05pm
Hi Colostar or Titch

What is the Leverage you use to do this system ? Is it better to use 50:1 or 20:1 ?

Thanks,

Mfinab,
  • #1,992
  • Jul 7, 2011 2:59pm Jul 7, 2011 2:59pm
Quoting Colostarr
Ok
So take at a look at the mock up charts. Bear with me if this post runs long winded, but this is important stuff to note.


When you are looking for setups, you want to look for candles that close, really close to the blue line.



For a BUY signal you want the candle to close above the blue line, whether it is bearish or bullish in nature. The “Close” of the candle MUST occur above the blue line.



[size=4]The closer that it closes to the blue...


MASS CONFUSION STILL REIGNS.....!
Sorry but your rules are very confusing. you seem to add or take away rules as and when you please. after reading this thread twice i still dont get the rules.

you say to enter a buy order when candle closes above the blue line. sure , but i thought in your first post you said to enter BOTH buy and sell orders from the high and low of that candle, not just a buy order. so why would you just enter just a buy order if candle closes above the blue line ???

similar thing for a sell order you mention.


you say the closer the candle closes nearer the blue line the better. but then you say if the candle closes on the blue line, it is a risky trade. so not too sure what you are getting at here....contradictory or what.

you mention good angle. what do you mean by a good angle, how steep ? chart example would help. i have seen you take trades even when there was no good steep angles ! again, you are picking and choosing...

the chart example you gave on post 177 correcting jon0 mistakes, shows you are taking into account the 2nd candles high / low and then entering trade, not the first candle high / low that crossed the blue line...
why ?


your example above of when to not enter a trade i.e. ranging market is good, but by that time the pending orders would have been triggered and then the price would go in a range...too late then !


if colostarr or someone can clarify the above that would be helpful.
  • #1,993
  • Jul 7, 2011 3:02pm Jul 7, 2011 3:02pm
Quoting whatfx
MASS CONFUSION STILL REIGNS.....!
Sorry but your rules are very confusing. you seem to add or take away rules as and when you please. after reading this thread twice i still dont get the rules.

you say to enter a buy order when candle closes above the blue line. sure , but i thought in your first post you said to enter BOTH buy and sell orders from the high and low of that candle, not just a buy order. so why would you just enter just a buy order if candle closes above the blue line ???

similar thing for a sell order you mention.


you say...


sorry i meant post 114, not 177...
  • #1,994
  • Jul 7, 2011 3:17pm Jul 7, 2011 3:17pm
Quoting whatfx
MASS CONFUSION STILL REIGNS.....!
Sorry but your rules are very confusing. you seem to add or take away rules as and when you please. after reading this thread twice i still dont get the rulesl.
I find your comments argumentative and disrespectful. There is a way to make your point without being obnoxious. You don't seem to understand that people don't post perfect rules and that a little of interpretation and past experience is necessary. Perhaps you should move on.
  • #1,995
  • Jul 7, 2011 4:02pm Jul 7, 2011 4:02pm
Quoting whatfx
MASS CONFUSION STILL REIGNS.....!
Sorry but your rules are very confusing. you seem to add or take away rules as and when you please. after reading this thread twice i still dont get the rules.

you say to enter a buy order when candle closes above the blue line. sure , but i thought in your first post you said to enter BOTH buy and sell orders from the high and low of that candle, not just a buy order. so why would you just enter just a buy order if candle closes above the blue line ???

similar thing for a sell order you mention.


you...
I agree with CodeMeister

This is no way to ask for help in this thread.

1. Post 1 says to set a pending sell / buy stop. This means either depending if price has broken above or below!

2. There is a difference between near or on!

3. 1st trade on jon0's chart would have resulted in a be trade if the sl had been moved so was showing a re entry or an add on if trade was still running! Hence colo saying possible add on!

4. Ranging market. Check the bl and 50 ema if laying flat ranging market. Avoid!

This system will never give 100% winners. No system will!

There are a lot of traders here willing to help. But there is a way of asking for it and posting posts like this is NOT the way!

If you can not get this system to work for you then kindly and gracefully move on to find a system that suits you!
Happy trading all. Titch
  • #1,996
  • Jul 7, 2011 4:11pm Jul 7, 2011 4:11pm
Quoting mfinab
Hi Colostar or Titch

What is the Leverage you use to do this system ? Is it better to use 50:1 or 20:1 ?

Thanks,

Mfinab,
Hi Michel

I have answered this in the fb live chat

Hope this helps
Happy trading all. Titch
  • #1,997
  • Jul 7, 2011 6:04pm Jul 7, 2011 6:04pm
Quoting Titch
I agree with CodeMeister

This is no way to ask for help in this thread.

1. Post 1 says to set a pending sell / buy stop. This means either depending if price has broken above or below!

2. There is a difference between near or on!

3. 1st trade on jon0's chart would have resulted in a be trade if the sl had been moved so was showing a re entry or an add on if trade was still running! Hence colo saying possible add on!

4. Ranging market. Check the bl and 50 ema if laying flat ranging market. Avoid!

This system will never give 100%...


well, you have actually confused yourself as well..

you say to set a pending buy/sell stop, depending on whether the candle closes above or below the blue line. i.e. if it closes above then set buy, if it closes below then set sell order. i.e. either a buy or sell order, not both.

from what i understand that is not the case. what colo meant is when the candle closes above or below, you must set BOTH a pending buy at the high of the candle and a pending sell at the low of the candle. and then whichever one gets triggered first, you close the other pending order. that is the correct rule. see, you dont even appear to know the correct rule yourself.

that is why i stated the rules are confusing, hence clarification required from colo. himself.

not trying to be disrespectful in my last post at all. the post reflects the confused state of mind i was in after reading this thread twice and coming up with all the descrepencies...

if you guys dont like others being critical, then you really need to grow up. criticism is good. otherwise all too often we are spoonfed nonsense and people just take it as humble pie and go with it. i have seen it time and time again. those same people 6 months down the line realise that they have wasted thier time without getting anywhere.

iam sure colo is one of the better traders here on ff. but one needs to be critical when required.

i remember in july last year a guy started a thread on trading the GU. everyone was on board. they were all praising this guy. what a great system he had ! i was the only one that had the guts to identify the flaws and asked for improvement, only to be shunned by everyone and told to go away and not to hurt thier beloved thread starter. 3 months later the thread dies, the system never worked for anyone. and iam wondering where are all these so called traders that were following the thread blindly and being rude towards me. i guess they just moved on to the next thread to waste a few more weeks of thier time, praising someone else... oh dear.

so guys if you dont like me being critical and asking for clarification, would it not be better if you guys moved on...?

i would be interested in knowing how many pips you make in the next two months and how well you do. now that would be a true test of this thread. hope you do well by the way. i know iam.
  • #1,998
  • Jul 7, 2011 6:30pm Jul 7, 2011 6:30pm
Quoting whatfx
well, you have actually confused yourself as well..

you say to set a pending buy/sell stop, depending on whether the candle closes above or below the blue line. i.e. if it closes above then set buy, if it closes below then set sell order. i.e. either a buy or sell order, not both.

from what i understand that is not the case. what colo meant is when the candle closes above or below, you must set BOTH a pending buy at the high of the candle and a pending sell at the low of the candle. and then whichever one gets triggered first, you close the...
Taken from the first post

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)

Not so sure I am confused

You hope I do well!

I get by!
Happy trading all. Titch
  • #1,999
  • Jul 7, 2011 6:31pm Jul 7, 2011 6:31pm
Hi guys,

Here is a trade I took from this system today. IMPRESSIVE - AMAZING!!!

Have a good Friday all!

Mfinab,
http://mfinab.dyndns.org:8000/20110707-8is-155kb.jpg
  • #2,000
  • Jul 7, 2011 6:52pm Jul 7, 2011 6:52pm
Hi Guys,

Another trade I took today.
USD CAD

WIN

Mfinab,
http://mfinab.dyndns.org:8000/20110707-559-278kb.jpg
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