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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #37,981
  • Jul 19, 2009 1:03pm Jul 19, 2009 1:03pm
Quoting mbqb11
...tighten up the screws on this bad boy
Best
Mike
Thanks Bundy,

You brought Mike back on track.

I believe . . .
  • #37,982
  • Jul 19, 2009 1:33pm Jul 19, 2009 1:33pm
Quoting ghous
I am looking at it as a short for sure.

This is just like dealing with a 2 bar pin bar or any other PA bar. so when a pin bar occurs after a pin bar it is only considered a 2 bar pin bar and does not loose it's authenticity, same goes for an IPB.

@TAC

IPB would be an inverted pin bar not an inside pin bar.

Regards,
Ghous.

Thanks buddy. Now would this be one of your blind entries?

Would you figure to enter where it's at or, what kind of confirmation would you want?
Ghost Rider - WWTBMD?
  • #37,983
  • Jul 19, 2009 1:33pm Jul 19, 2009 1:33pm
Looks like Watson crashed, sad though, he was so close.
I hear and I forget. I see and I remember. I do and I understand.
  • #37,984
  • Jul 19, 2009 2:01pm Jul 19, 2009 2:01pm
Quoting pipmax
We have this Daily IPB on NZD/USD.
If the Price breaches the 0,6400 and the low of the IPB we have a good signal to short the pair.

On H4 we have a fine PB that confirmed the IBP on the Daily, but don´t enter at the break low of this PB because it´s above the 0,6400and the 61.8 Fib.
Wait and be patiently for the break of the level and the low of the Daily IPB.

Hope i anlayze this correctly, we´ll see.

It´s only my view .


Trade well

Martin


Martin,
Help out a newbie.....
I've got an IB/bullish pin daily, DBLHC weekly, and IB/almost bullish pin monthly. Why are you looking to short?

Bryan
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  • #37,985
  • Jul 19, 2009 2:33pm Jul 19, 2009 2:33pm
Hi Jon it is a Hanging Man ,which is a reversal pattern.
Pattern Psychology is ,
After uptrend atmosphere is bullish, the next day bears take control pushing price lower but before the end of the day the bulls step in and take price back to the top of the higher end of the trading range. Even though the bulls have been able to keep prices up by the end of the day, the evidence of selling was apparent.
The longer the lower wick the higher the potential for reversal.
Especially, if you have wick cover on the previous candle.
Also its all about location as usual, ideally you need the formation at the top of a trend just like a Pin.




Quoting g_j_hook@yah
ye wot ghous said,
the bars show that the bears tried to take over but didnt quite succeed.( the lower shadow) but the fact that the bulls were unable to continue to push the price higher again shows that it is possible the upward momentum is over?? these bars are not a reversal bar like the PB but can still show the turning point. confirmation is nesesary to show that the bears(in this case) have indeed begun to take over.
to me they are very similar to IBs, except, (this is just my thinking i dont know how correct it is,) that i would be wary...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #37,986
  • Jul 19, 2009 2:38pm Jul 19, 2009 2:38pm
Defective cause of top wick (should have little to none)hanging man on this pair would be nicer at the top of a strong trend maybe not as effective in range.Anyway I think it will break down further.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #37,987
  • Jul 19, 2009 2:54pm Jul 19, 2009 2:54pm
Been searching around a little on FF and google but haven't found much yet. I'm still young but I'm trying to figure out how taxes on my trading profits will affect me. I am not trying to get to far ahead of myself but I was curious as to how some of those living in the US handle their taxes on trading. I believe 40% is capital gains tax? Do any of you operate as a sole proprietor so you can write off certain expenses? Any good resources for the legal and tax issues related to traders?

I know this could be a whole discussion somewhere else but I was just wondering if anyone here had some insight. Feel free to PM or e-mail if you don't want to take up space in this thread.

I'll make a followup post here if I find a good beginners guide for dealing with traders tax.

Thanks.
  • #37,988
  • Jul 19, 2009 2:56pm Jul 19, 2009 2:56pm
Quoting stoli7188
Been searching around a little on FF and google but haven't found much yet....
start here stoli
http://www.forexfactory.com/showthread.php?t=8177
  • #37,989
  • Jul 19, 2009 3:02pm Jul 19, 2009 3:02pm
Quoting mbqb11
start here stoli
http://www.forexfactory.com/showthread.php?t=8177

Good luck with that. Taxes are getting worse and more complicated every year. Sometimes I wonder if we aren't better losing, and taking the trades as write offs?

  • #37,990
  • Jul 19, 2009 3:09pm Jul 19, 2009 3:09pm
Quoting clockwork71
Good luck with that. Taxes are getting worse and more complicated every year. Sometimes I wonder if we aren't better losing, and taking the trades as write offs?

yes they are more complicated then if you say trade futures, but it isn't bad if you find a decent accountant with experience in financial markets.

I have plenty of write offs already LOL but anyone who is self employed it feels like a beating come tax time
  • #37,991
  • Jul 19, 2009 3:11pm Jul 19, 2009 3:11pm
Quote
Originaly postet by Bryan
Martin,
Help out a newbie.....
I've got an IB/bullish pin daily, DBLHC weekly, and IB/almost bullish pin monthly. Why are you looking to short?

Bryan


Hi Bryan

I´m a newbie too and it was more a question than a ascertainment.
Now when i see your view of the NZD/USD charts, i´m not sure about my short.

But we will see, if it break the TL of the HH in this sidewaymarket then it will be bullish and
if it break down through of the 0,64 then go down to the 365 EMA.
Trade well and many pips to all. Martin
  • #37,992
  • Jul 19, 2009 3:18pm Jul 19, 2009 3:18pm
Quoting pipmax
Hi Bryan

I´m a newbie too and it was more a question than a ascertainment.
Now when i see your view of the NZD/USD charts, i´m not sure about my short.

Thanks
That's ok. That is part of it. Learning and demoing while you get used to what works and what doesn't for you. There is a long trial and error period. It is unavoidable. You can give 10 traders on here the same chart, and you will get a range of analysis, and none is necessarily better then the other, if it is a trader that has their own "method". When I say method, a way they formulate the material into a workable(ie they earn actual money), that works for them.

I see the chart as consolidation, around 6500 and would like to see a break higher then a pullback turning into support at former resistance. Until we leave the boxed consolidation, there is not much for me to do as a trader

Mike
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  • #37,993
  • Jul 19, 2009 3:42pm Jul 19, 2009 3:42pm
Quote
Originaly postet by mbqb11
That's ok. That is part of it. Learning and demoing while you get used to what works and what doesn't for you......

Mike

Thank you Mike for always be there for newbies like me.
Trade well and many pips to all. Martin
  • #37,994
  • Jul 19, 2009 5:05pm Jul 19, 2009 5:05pm
Quoting albchr
OK, let me ask before Ghous answers. See this is a perfect example of what I meant by being mystified about these bars.

Since both of them were unable to break (close) the previous bar, and with everything else you mentioned, this would be a shot at a short? Or because buyers were able to push them back up after a series of bullish climbs in previous days, a long? My thinking is this is a nice retrace and a shot at going short.

Geezzz SO much to learn....
A "wide screen" view compels me to keep the weekly chart in the back of my mind as it could be argued that a break of 133.35 is the start of a move north based on a two week pin.

K.I.S.S.
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  • #37,995
  • Jul 19, 2009 7:08pm Jul 19, 2009 7:08pm
Thanks Mike, found that thread after I posted here.

For anyone curious read the thread mike suggested and then check this out http://www.greencompany.com/Educatio...Currency.shtml for a pretty good summary.
  • #37,996
  • Jul 19, 2009 7:43pm Jul 19, 2009 7:43pm
Hey, im a longtime lurker on FF, this thread in particular (thank you james!) I started trading a long time ago when i was younger, didnt get too far and just stopped altogether after losing some money.

Anyway, ive been demoing again for the last few months with a completely new mindset, following J16 advice to the T (plan your trade, trade your plan).

I dont have a SS of my charts yet unfortunately, but im looking at the AUD/USD Daily and Weekly

The Daily has a PB off a short TL, but the Weekly has a BUOB that ive been looking at since it was formed as of friday, it is also at a major PPZ, though im skeptical of taking it. I think I will wait for a fib ret.

Just figured I would share it, seems like it may have some major potential and was interesting on hearing everyone take.

Thanks, Nate


EDIT: Im using IBFX feed, if that helps, sorry about not having charts posted.
  • #37,997
  • Jul 19, 2009 7:50pm Jul 19, 2009 7:50pm
is this the day the A/U finally goes? getting mighty close to breaking the trend line
  • #37,998
  • Jul 19, 2009 7:54pm Jul 19, 2009 7:54pm
Quoting NateTheGreat
Hey, im a longtime lurker on FF, this thread in particular (thank you james!) I started trading a long time ago when i was younger, didnt get too far and just stopped altogether after losing some money.

Anyway, ive been demoing again for the last few months with a completely new mindset, following J16 advice to the T (plan your trade, trade your plan).

I dont have a SS of my charts yet unfortunately, but im looking at the AUD/USD Daily and Weekly

The Daily has a PB off a short TL, but the Weekly has a BUOB that ive been looking at since...
whoops didn't see your post. but yes, I've had my eyes on this one for awhile....been waiting for the pennant to break. Testing the upper TL right now, I've got my buy stop well above waiting for a clean break.
  • #37,999
  • Jul 19, 2009 8:24pm Jul 19, 2009 8:24pm
Quoting stoli7188
Been searching around a little on FF and google but haven't found much yet....
Hey Stolli -

There are a number of things that can be done. There is also divergent opinions in the IRS on how Forex trading is hamdled. It is NOT straight up in all cases.

While it is good to get some reading done, the subject is complex and varied - and when your trading begins to generate real income, it gets interesting because of the options you have to form LLC's, Partnerships, etc.

Add in a family and heirs and it gets silly real fast.

So - I always recommend a solid CPA who has broad experience with Forex traders and commodities, stocks and other instruments. He or she can set you up and expose the options to you.

Eventually a Tax attorney would be a great ally. A good CPA works in concert with them. Together they will get you and your family in the best spot - when your assets dictate doing so.

I never think I can handle this on my own. The taxing authorities are in business to take your money, and they are very good at it. They do not play, and neither should any of us.

Of course if you make it in this biz, you can move to Monaco and kiss the US tax wagon goodbye!

Cheers !
I'm pretty much done with all this ...
  • #38,000
  • Edited 9:00pm Jul 19, 2009 8:39pm | Edited 9:00pm
Quoting stoli7188
... I believe 40% is capital gains tax? Do any of you operate as a sole proprietor so you can write off certain expenses? Any good resources for the legal and tax issues related to traders?

I know this could be a whole discussion somewhere else but I was just wondering if anyone here had some insight. Feel free to PM or e-mail if you don't want to take up space in this thread.
That's easy!

Solution: Move to Uruguay...set up an FX company in the Isle of Man (Free Port)...pay 10% tax....and Bob's your Uncle!! Simple really....

GregB

PS Don't forget to pay "cash" for everything in Uruguay...also, make sure you rub shoulders with the Uruguayan politicians (it may be necessary to grease a few palms..$$)...and whatever you do....DON'T sleep with the President's daughter!!
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