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Simple Simon Balance Line Trading

  • #2,001
  • Jul 7, 2011 8:52pm Jul 7, 2011 8:52pm
Quoting mfinab
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
Nice trade, well done!
Happy trading all. Titch
  • #2,002
  • Jul 7, 2011 8:56pm Jul 7, 2011 8:56pm
Quoting Titch
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...


these rules if correct, have not been followed in the chart example in post no.8, especially the 3rd trade.
  • #2,003
  • Jul 7, 2011 8:57pm Jul 7, 2011 8:57pm
Hi Titch,

Thanks for your comment. We just need to wait for a good setup.

Now I have to go to bed. Have a good night or good morning for my friends of Australia.

Mfinab,
  • #2,004
  • Jul 7, 2011 9:02pm Jul 7, 2011 9:02pm
Quoting whatfx
these rules if correct, have not been followed in the chart example in post no.8, especially the 3rd trade.
This is the way I trade it as per post 1. Have a go with it on a demo. Works well.
Happy trading all. Titch
  • #2,005
  • Jul 7, 2011 9:05pm Jul 7, 2011 9:05pm
Quoting whatfx
these rules if correct, have not been followed in the chart example in post no.8, especially the 3rd trade.
Hi whatfx,

I do have success on this system right now. I cant say yet if it will all the time but for now it's very impressive.

Have a good day

Mfinab,
  • #2,006
  • Jul 7, 2011 9:19pm Jul 7, 2011 9:19pm
Quoting mfinab
Hi Titch,

Thanks for your comment. We just need to wait for a good setup.

Now I have to go to bed. Have a good night or good morning for my friends of Australia.

Mfinab,
No problems. I wouldn't normally be on here this late but I don't trade a friday. Golf day!
Happy trading all. Titch
  • #2,007
  • Jul 8, 2011 3:02am Jul 8, 2011 3:02am
Hello Neil, enjoy golfing brother!

There is a possible setup on EUR/USD. Also be careful with unemployement figure if anyone is trading usd.

Good luck all
  • #2,008
  • Jul 8, 2011 3:23am Jul 8, 2011 3:23am
Quoting southbeach
Hello Neil, enjoy golfing brother!

There is a possible setup on EUR/USD. Also be careful with unemployement figure if anyone is trading usd.

Good luck all
Yes, could be a tricky day. I took the 15m EU short from 43 and trailing above each new low (just above the high of the previous candle), +13 locked in atm. Good trading all.
  • #2,009
  • Jul 8, 2011 3:54am Jul 8, 2011 3:54am
Quoting sidefx
Yes, could be a tricky day. I took the 15m EU short from 43 and trailing above each new low (just above the high of the previous candle), +13 locked in atm. Good trading all.
Yes I agree. As I said, today is unemployement day, market right now is unpredictable and usd isn't moving much.
  • #2,010
  • Jul 8, 2011 4:05am Jul 8, 2011 4:05am
Quoting sidefx
Yes, could be a tricky day. I took the 15m EU short from 43 and trailing above each new low (just above the high of the previous candle), +13 locked in atm. Good trading all.
All out at the RN for +40. No more for me now until after NFP.
  • #2,011
  • Jul 8, 2011 4:57am Jul 8, 2011 4:57am
Hi Guys,

1st time I try this trading system in demo account:
1st trade EU Long 1.4374 -41 - I did not notice the candle touching EMA50
2nd trade GU Short 1.5967 -13 - got SL, the candle hanging on the blue line
3rd trade EU Short 1.4335 +50 - TP too fast
4th trade EU Short 1.4305 +21 - TP too fast too.

Thanks for sharing this great system with us.....looking forward to testing more and more before entering the live account.
  • #2,012
  • Jul 8, 2011 5:10am Jul 8, 2011 5:10am
EUR/USD turnedout to be a good trade. +60pips so far.
  • #2,013
  • Jul 8, 2011 6:43am Jul 8, 2011 6:43am
Quoting hibore
Hi Guys,

1st time I try this trading system in demo account:
1st trade EU Long 1.4374 -41 - I did not notice the candle touching EMA50
2nd trade GU Short 1.5967 -13 - got SL, the candle hanging on the blue line
3rd trade EU Short 1.4335 +50 - TP too fast
4th trade EU Short 1.4305 +21 - TP too fast too.

Thanks for sharing this great system with us.....looking forward to testing more and more before entering the live account.
Good idea. Test on demo until you are fully comfortable. Demo trading is the time to learn and perfect.

Great start though.

Well done!
Happy trading all. Titch
  • #2,014
  • Jul 8, 2011 6:43am Jul 8, 2011 6:43am
Quoting southbeach
EUR/USD turnedout to be a good trade. +60pips so far.
Nice one Adam, keep it up mate!
Happy trading all. Titch
  • #2,015
  • Jul 8, 2011 6:54am Jul 8, 2011 6:54am
Quoting Titch
Nice one Adam, keep it up mate!
Thanks Neil, eur/usd is going smooth right now, but it is time to exit before the storm within half an hour haha. Unemployement figure is coming up.
  • #2,016
  • Jul 8, 2011 6:56am Jul 8, 2011 6:56am
Quoting southbeach
Thanks Neil, eur/usd is going smooth right now, but it is time to exit before the storm within half an hour haha. Unemployement figure is coming up.
Good idea I would defiantly exit sooner rather than later.
Happy trading all. Titch
  • #2,017
  • Jul 8, 2011 7:19am Jul 8, 2011 7:19am
As a matter of fact WhatFX - I have taken 8 trades so far this week with this method. I am to where I can pick and choose my entries (which is the best practice anyway). Which leads to my point: 8 trades - 8 winners now pushing 900 pips since this Monday (well over 10,000 pips since the 1st of June 2011!).

Flaws with this sytem? Let me tell you what a flaw is:

If you are continually pip hunting, drilling into lower TF's and forcing entries - any system would SEEM flawed. There are NO flaws here brother! I am LIVING PROOF.

Of my 8 trades this week - 4 from the 4H and 4 the from 1H.

The key to this system is PATIENCE. Everyone see's how popular this thread is, and WANTS to get into a TRADE like RIGHT NOW!

Pip hunting is detrimental to your account balance.

If you force your entry without looking at the chart you will have LOSERS! So the FLAW is the trader - not the system!)

One more post like this brother and you can go somewhere else. I won't have this behavior in this forum. If this turns into another bickerrng and fighting thread - I will remove the thread.

last Warning WhatFx

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...
  • #2,018
  • Jul 8, 2011 7:20am Jul 8, 2011 7:20am
Hi Guys,

Have a nice and good Friday!!

NFP in few minutes...

I do a test on AUD USD 1H chart
Do not trade this live !!

Just want to see what It will do ! ... EU got down an hour ago and AUD USD didn't move so much....

Mfinab,
http://mfinab.dyndns.org:8000/20110708-a91-233kb.jpg
  • #2,019
  • Jul 8, 2011 7:27am Jul 8, 2011 7:27am
I think one of the things that I was mosted tempted in doing is having say 14 prs open and convincing myself that every signal on the BL is a signal to trade
This is a big NO NO
even though a signal arrives the pin bar, trend , SR , trend , trend , trend has to taken account or or else it will eat you (or your account ) eventually
Its better to wait for that perfect continuation trade , bounce and trade on just that pair and gain 100 pips than trade on 8 pairs and try to cash in when each is in credit, literally trying to claw 100 pips
Later on when you have more confidence you can introduce more pairs in parallel , (or when you are (BE + some profit) on your orignal trade at least
This all sounds simple stuff , but if your success rate is not more than say 70% of winners and you tend not to let the winners run more than RR at 1:1 your account will dissapear guaranteed
This could only be learnt, in my case, trading live cos the sheer thought of losing makes you go back and think think think "what am I doing wrong or right all the time to perfect it" because you cannot afford not to
I just didnt get the same feeling on demo
start with 0.01 lots -you still get the same feeling as if it was 1 lot , I assure you

Thanks for this strategy and have a nice weekend
  • #2,020
  • Jul 8, 2011 7:35am Jul 8, 2011 7:35am
Quoting mfinab
Hi Guys,

Have a nice and good Friday!!

NFP in few minutes...

I do a test on AUD USD 1H chart
Do not trade this live !!

Just want to see what It will do ! ... EU got down an hour ago and AUD USD didn't move so much....

Mfinab,
http://mfinab.dyndns.org:8000/20110708-a91-233kb.jpg
Hi!
http://mfinab.dyndns.org:8000/20110708-br2-92kb.jpg
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