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Simple Simon Balance Line Trading

  • #2,161
  • Jul 19, 2011 8:41am Jul 19, 2011 8:41am
It just happened om cad/jpy. Hit my BE then moved up 80 pips. Really frustrating.
  • #2,162
  • Jul 19, 2011 8:41am Jul 19, 2011 8:41am
Quoting Colostarr
I think that is going to be a nice move off the 50 Neil. Just need it to clear that resistance!
Mate sent you 2 pm's back. If it clears resistance will be a good move, high from day before yesterday but is showing good movement so fingers crossed
Happy trading all. Titch
  • #2,163
  • Jul 19, 2011 8:44am Jul 19, 2011 8:44am
Quoting Jules9
It just happened om cad/jpy. Hit my BE then moved up 80 pips. Really frustrating.

...i think there was a trailing stoplosses vid posted a while ago, ...might help you let the trades breathe a bit more.

Inserted Video
  • #2,164
  • Jul 19, 2011 8:51am Jul 19, 2011 8:51am
Quoting Jules9
It just happened om cad/jpy. Hit my BE then moved up 80 pips. Really frustrating.
Hi Jules9 I know it is frustrating when it happens but as I posted on the facebook members area the other day, don't be annoyed when you hit be, if price had reversed you would be pleased to get out at be. Also don't worry what is left on the table, better to protect your equity and live to trade another day as there will always be opportunities to catch another one. The market decides when it is going to give you money so it kept it's 80 pips this time but you will take some back over the next few trades. Keep at it my friend and together we'll take some pips from the beast all together.
Happy trading all. Titch
  • #2,165
  • Jul 19, 2011 8:53am Jul 19, 2011 8:53am
Jules this is always a judgement call. If the trade looks like it will continue, then when your BE gets taken out, set another entry at your original price.

Often what I will do is to use a "limit" order to set a trigger at BE of the original trade. When the original trade hits at BE then the limit order triggers and I am right back in the trade.

I ONLY DO THIS WHEN I FEEL THE TRADE WILL CONTINUE IN MY FAVOR

keep in mind that by setting to BE you have removed ALL of your risk.

Setting a limit order is risky in that the risk you just avioded from the original trade is right back in your face when the BE gets hit and limit is triggered in.

Bottom line, set to BE when you can. My rule of thumb is +20 pips for BE.

Last week I must have been taken out at BE 10 times. It's frusterating, but I lost nothing.

Again this is a judgement call on your part.

RULE #1 REMOVE THE RISK!

Hope this helps

Quoting Jules9
How fast and what point would you set break even? Sometimes I set it when I get to 20 pips then I get stopped out just to have it turn and go in favor of the intial trade. I think I am setting it to early. Any ideas on this would help.
  • #2,166
  • Jul 19, 2011 8:59am Jul 19, 2011 8:59am
For anyone who has not joined the facebook members area here is the link.

http://www.facebook.com/groups/210608625643756?ap=1

We have had some great live chats recently on different topics.
Happy trading all. Titch
  • #2,167
  • Jul 19, 2011 9:02am Jul 19, 2011 9:02am
I am trying to load the "!SSbalance line with alert" idi on my chart but the mq4 file will not attach. does anyone have he ex4 file or a fix to this problem?
  • #2,168
  • Jul 19, 2011 9:03am Jul 19, 2011 9:03am
That does help. Thats what I wanted to know. Thats when I set my BE at +20. Thought I was doing it wrong.
  • #2,169
  • Jul 19, 2011 9:06am Jul 19, 2011 9:06am
Quoting Jules9
That does help. Thats what I wanted to know. Thats when I set my BE at +20. Thought I was doing it wrong.
Hi Jules I do the same at around +20
Happy trading all. Titch
  • #2,170
  • Jul 19, 2011 9:11am Jul 19, 2011 9:11am
Great. Thanks Titch.
  • #2,171
  • Jul 19, 2011 9:32am Jul 19, 2011 9:32am
Off to pick my son up now so catch you all later
Happy trading all. Titch
  • #2,172
  • Jul 19, 2011 10:36am Jul 19, 2011 10:36am
Hi everybody, welcome back Rick and Neil. this thread is moving great thanks. About BE after 20 profit is great idea, I always get confused on when to be even, sometimes I do it too early and it hits it and I keep entering with no rules, but after 20 in profit, it does make sense. So if it goes to 15pips in my favor and then reverse back against me, do you think we place stop loss of -5 pips at the buy+ the 15 pips in profit? which comes again to 20 pips or just place it behind previous high or low candle? this is where I do get confused and I let my loss grow. Thanks guys.

Happy trading.
  • #2,173
  • Jul 19, 2011 11:28am Jul 19, 2011 11:28am
you need to compile it
press F4
then file - open
then click on it
and then compile

it will then be converted to ex4
  • #2,174
  • Jul 19, 2011 11:29am Jul 19, 2011 11:29am
Titch is absolutely right (as always).

Preservation of capital is really important.
  • #2,175
  • Jul 19, 2011 2:31pm Jul 19, 2011 2:31pm
Quoting handy148
you need to compile it
press F4
then file - open
then click on it
and then compile

it will then be converted to ex4
As soon as I get home ill do that. Thanks
  • #2,176
  • Jul 19, 2011 3:33pm Jul 19, 2011 3:33pm
Evening guys
Firstly I would like to say welcome back to Neil and Rick, you have been missed.
I am writing this particular post to highlight my stupidity and to offer my last 2 weeks losing run to any newbies.
This actually has nothing to do with this wonderful system and thread but is a way of showing what a great system this actually is.
examples
I entered 2 losing GAP trades a week last sunday which both turned out to be big losers, VERDICT- GAP trades are a Gamble and are not the near certainty they used to be, wont trade GAP trades again and set stop losses
Then I got angry and lost patience and saw price moving and jumped in quick before checking why price moving and more importantly where was support and resis, and yeah it immeadiately turned round against me and I watched and watched it go against me, with HOPE that it would turn round, it didnt I lost, VERDICT- Be patient, keep emotions under control and set stop losses
today I had to go out for the day and so SHOULDNT have traded, but checked charts in morning and decided I was the cleverest bastard in the world, so set a random buy order on E/U at 1.4205, it triggered and came straight back down and slapped my face again, VERDICT-Why guess and set stop losses

but now the good news, I followed the strategy to the letter on the 1hr charts for 3 other trades, u/c, a/u and e/j, i MANAGED (very important) the trades, taking profit at next s/r, I didnt guess, leave to luck, gap trade or go out and leave in the lap of the gods, i MANAGED the trades and profited.
Now I may be stupid but Neil once said to me TRADE LIKE A ROBOT and you will succeed, needless to say I have learnt a very expensive lesson over the last 2 weeks but now realise that trade this strategy properly, be patient, wait for the price to come to you and manage the trade then you have a very very good chance of success.
Hope my little sad but true story helps some people.
I am off now to oil my parts
respect

Tom
  • #2,177
  • Jul 19, 2011 3:58pm Jul 19, 2011 3:58pm
Quoting booktimes
Evening guys
Firstly I would like to say welcome back to Neil and Rick, you have been missed.
I am writing this particular post to highlight my stupidity and to offer my last 2 weeks losing run to any newbies.
This actually has nothing to do with this wonderful system and thread but is a way of showing what a great system this actually is.
examples
I entered 2 losing GAP trades a week last sunday which both turned out to be big losers, VERDICT- GAP trades are a Gamble and are not the near certainty they used to be, wont trade GAP trades again and...
Actually, that is a a good story for us with happy ending. It is true that we traders need to trade like a ROBOT as Neil said manytimes. Emotions do change our way of trading and we keep making mistakes. As successful trader told me once before, wait for your setup with patience, enter the trade, place your stop loss by the R & S or wherever you feel comfortable, then set your profit and shut your computer and let the setup work itself. He said that's the way you can build discipline en following your setup. I am still working on it myself . Good luck

regards,
  • #2,178
  • Jul 19, 2011 4:32pm Jul 19, 2011 4:32pm
G'day! Thank you very much for this system, been following the thread for sometime. Just a question what is the best time to trade this system? I live in Australia and had couple of losses when I trade the asian session. Is that due to low volatality?
  • #2,179
  • Jul 20, 2011 4:36am Jul 20, 2011 4:36am
Quoting booktimes
Evening guys
Firstly I would like to say welcome back to Neil and Rick, you have been missed.
I am writing this particular post to highlight my stupidity and to offer my last 2 weeks losing run to any newbies.
This actually has nothing to do with this wonderful system and thread but is a way of showing what a great system this actually is.
examples
I entered 2 losing GAP trades a week last sunday which both turned out to be big losers, VERDICT- GAP trades are a Gamble and are not the near certainty they used to be, wont trade GAP trades again...
Hi Tom

Great result in the end and it seems part 1 of the robot training complete! Lol
I know I keep banging on about trading like a robot but it really works. If you remove emotion from your trades you will definitely see an improvement in your trading.
Happy trading all. Titch
  • #2,180
  • Jul 20, 2011 4:41am Jul 20, 2011 4:41am
Quoting southbeach
Hi everybody, welcome back Rick and Neil. this thread is moving great thanks. About BE after 20 profit is great idea, I always get confused on when to be even, sometimes I do it too early and it hits it and I keep entering with no rules, but after 20 in profit, it does make sense. So if it goes to 15pips in my favor and then reverse back against me, do you think we place stop loss of -5 pips at the buy+ the 15 pips in profit? which comes again to 20 pips or just place it behind previous high or low candle? this is where I do get confused and I let...
Hi Adam thanks for the kind words.
The only thing you need to be careful of when moving the sl so much is on a lot of trades you will see a pullback to retest support from the break of resistance. I would not want to stifle the trade too much until I have a good idea it is on it's way in the desired direction. I have found normally arround the 20 - 25 mark it will tend to then keep going for a while.
Only my opinion but it works for me.
I hope this helps
Happy trading all. Titch
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