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Simple Simon Balance Line Trading

  • #2,181
  • Jul 20, 2011 4:45am Jul 20, 2011 4:45am
Quoting harry1206
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?
Hi Harry1206

I trade the London session as we are looking for larger moving trends. This system can be traded on any session but I like to catch the larger movements.
Trading the asian session can be a lot slower movements as well as a lot of ranging, pre or post trends
I hope this helps
Happy trading all. Titch
  • #2,182
  • Edited 5:11am Jul 20, 2011 5:09am | Edited 5:11am
Hi all,

Have been trading this system for two days now (on demo)
The first day i had a couple of losses due to overtrading.
This morning had two trades, USDJPY (4h) and GBPJPY (1h) both stopt out @ +20 pips.
Today i'm going to try not to overtrade.

Right now i've got an EURAUD buy stop entered, waiting to be triggered.

p.s. Please ignore the two short MA's on the attached picture, they are not for this system.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.jpg Size: 77 KB
Persistence will get it. Consistency will keep it.
  • #2,183
  • Jul 20, 2011 5:44am Jul 20, 2011 5:44am
EURAUD triggered buy stop @ 1.3246 = 3 pips above 50EMA.
Persistence will get it. Consistency will keep it.
  • #2,184
  • Jul 20, 2011 6:27am Jul 20, 2011 6:27am
EURAUD trade not going as planned
And i see now that i forgot to add the spread to the buy stop level, otherwise the trade wouldn't have been triggerd.
I have raised my SL a little to the bottom of previous candle @ 1.3221
Persistence will get it. Consistency will keep it.
  • #2,185
  • Jul 20, 2011 7:08am Jul 20, 2011 7:08am
EURAUD SL hit -24 pips, guess this was not a good setup.
But I should have added the spread to the buy stop, then this shouldn't have happened.
Lesson learned I hope, fortunately it is still on demo.
Actually it looks like a nice bounce trade right now.
Think i'm going to enter a sell stop order.

Edit: to late, i'm not going to chase it.
Persistence will get it. Consistency will keep it.
  • #2,186
  • Jul 20, 2011 7:17am Jul 20, 2011 7:17am
...just taken the hrly EA short.
Attached Image (click to enlarge)
Click to Enlarge Name: EA200711Entry.GIF Size: 42 KB
  • #2,187
  • Jul 20, 2011 7:26am Jul 20, 2011 7:26am
Hi Walb99,

Yes you are right, this trade was taken on the 1H timeframe as seen on the chart i posted a couple of postings before.
And while you are right in that you shouldn't trade against the trend, in my opinion there is room for a little countertrend on lower TF's like the 1H.
But maybe its best to not do this anymore, i'll take your advice and will watch the overall trend a little better.

Do you always look at daily for the trend? or just one TF up, like when i trade the 1H look at the 4H for the trend?
Persistence will get it. Consistency will keep it.
  • #2,188
  • Jul 20, 2011 7:34am Jul 20, 2011 7:34am
Hello everyone.
Here you have version 0.2 of my Compilation rules. I added a table of contents and two new items. I hope you find it useful. This system must grow!
Attached File(s)
File Type: pdf Compilation rules (ver 0.2) SSBL.pdf   860 KB | 801 downloads
  • #2,189
  • Jul 20, 2011 7:39am Jul 20, 2011 7:39am
Quoting walb99
I watch all timeframes
1month to 1min
LOL
That's not really answering my question but ok..
Thanks for the warning.
Persistence will get it. Consistency will keep it.
  • #2,190
  • Jul 20, 2011 7:39am Jul 20, 2011 7:39am
Hello Chake,
I can't see any problem with the spread, I'm still in that trade. Why did you raise your SL? Isn't that against the rules?
Attached Image
  • #2,191
  • Jul 20, 2011 7:45am Jul 20, 2011 7:45am
Hi Marian,

In my chart you can see the 50EMA (the red one) i use this as discussed in this thread as an extra hurdle price must take before one enters.
Colostarr did this, and he entered 3 pips + spread above the EMA.

Moving SL is not really a hard rule in this system, manage your trade is what has been said.
Persistence will get it. Consistency will keep it.
  • #2,192
  • Jul 20, 2011 8:14am Jul 20, 2011 8:14am
Thanks Walb

I'm now looking to sell USDCHF @ 0.8195
Daily TF also in a nice downtrend.
Persistence will get it. Consistency will keep it.
  • #2,193
  • Jul 20, 2011 8:29am Jul 20, 2011 8:29am
Quoting Chake
Thanks Walb

I'm now looking to sell USDCHF @ 0.8195
Daily TF also in a nice downtrend.

I agree. I am also waiting for a short entry on the one hour chart.... and then I hope the 4 hour chart confirms the short entry.

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf 7-20 1 hour.gif Size: 36 KB


Attached Image (click to enlarge)
Click to Enlarge Name: usdchf 7-20 4 hour.gif Size: 35 KB
  • #2,194
  • Jul 20, 2011 8:40am Jul 20, 2011 8:40am
Quoting walb99
this is very tricky
imo
price has to stay below 0.8210
if it moves higher expect more to the upside
If I may ask, what is special about 0.8210?
  • #2,195
  • Jul 20, 2011 8:45am Jul 20, 2011 8:45am
Glad to hear you learned your lesson! Sorry it had to come at a price. Emotions will definetly cost you! You have rules for entry and stop loss for this very reason! You stick them while using this method you WILL excel I promise you that!

Good Luck

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...
  • #2,196
  • Jul 20, 2011 9:07am Jul 20, 2011 9:07am
Quoting frollollc
I agree. I am also waiting for a short entry on the one hour chart.... and then I hope the 4 hour chart confirms the short entry.
Exactly the same thoughts here frollollc.
Trade triggered couple minutes ago.
Persistence will get it. Consistency will keep it.
  • #2,197
  • Jul 20, 2011 9:39am Jul 20, 2011 9:39am
Well, that didn't take long for the USDCHF 1 hour trade to stop out. Now the 4 hour may be a bounce long in an hour and 20 minutes
  • #2,198
  • Jul 20, 2011 10:43am Jul 20, 2011 10:43am
Indeed frollollc, same here, also stopped out.
Two trades up and now two down, that makes me BE for the day.
I think tommorow I should even trade less than today.

Maybe Colostarr or Titch or someone else could give a rough estimate on how many trades do you guys generally take in a day using this system?
Persistence will get it. Consistency will keep it.
  • #2,199
  • Jul 20, 2011 11:14am Jul 20, 2011 11:14am
Quoting Chake
Indeed frollollc, same here, also stopped out.
Two trades up and now two down, that makes me BE for the day.
I think tommorow I should even trade less than today.

Maybe Colostarr or Titch or someone else could give a rough estimate on how many trades do you guys generally take in a day using this system?
Well I am trading only two pairs and mainly on 30 min tf by keeping a close eye on 1H tf. So on 30 min TF on EU I had 2 trades since yesterday 1 eneded in BE and one still running. On 1 Hour TF EU still running cos my SL placement is a bit different and is now around +28 pips. On GU 30 min I had 1 trade yesterday and it ended -1 no trade today for me on 30 min. GU 1 trade yesterday still running +10 pips now. On 30 min TF there might be trade developing lets see what the price wants to do.

K
  • #2,200
  • Jul 20, 2011 11:16am Jul 20, 2011 11:16am
Took this long trade couple of hours ago. TP is next R level. See how it turns out to..Had quite a bit of losers last night. How strict are you guys with the 50 Ema confirmation.?
Attached Image (click to enlarge)
Click to Enlarge Name: ej.jpg Size: 71 KB
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