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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

  • #69,481
  • Jul 22, 2010 11:23am Jul 22, 2010 11:23am
Quoting cvcamper
I wanted to share one of my best trades to date, happened last night!

USD/JPY. On support, there was a GLORIOUS pin bar on 1 hr with no resistance in the way. Rode it up to trend line test, which happened to the pip.
good job but thats not really a "glorious" pin as u put it ...
  • #69,482
  • Edited 11:56am Jul 22, 2010 11:31am | Edited 11:56am
Quoting cvcamper
I wanted to share one of my best trades to date, happened last night!

USD/JPY. On support, there was a GLORIOUS pin bar on 1 hr with no resistance in the way. Rode it up to trend line test, which happened to the pip.
Nice trade cvcamper,

H1 and lower time frame signals can be a little risky without any larger time frame price action supporting the move as it could be easily wiped out by the continuation of that bearish (down) move / trend.

However that 1HR pin does form on some pretty strong support, which goes back to 95 (resistance), got retested late 99 (became support) and more recently 5 days ago.

We did then get a BUOB on the H4....and a nice move up with relative clear water.
In retrospect we learn. In perspective we earn.
  • #69,483
  • Jul 22, 2010 12:21pm Jul 22, 2010 12:21pm
Quoting Noses&Sight
Hey Guys,

I don't mean to start a flame war about Politics and Taxes, but I think you all might be intrested in this.

http://thehill.com/blogs/congress-blog/economy-a-budget/109869-currency-tax-a-way-to-invest-in-our-future-rep-stark


"Today, I introduced H.R. 5783, the Investing in Our Future Act. My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. The money...
This is really going to be helpful. The small time trader will be taxed whilst the big establishments will dodge it.
  • #69,484
  • Jul 22, 2010 1:19pm Jul 22, 2010 1:19pm
Quoting six gun
This is really going to be helpful. The small time trader will be taxed whilst the big establishments will dodge it.
From what I read I don't think they are looking to tax the small players...anyhow even if you made 500K per year trading that tax would only equate to 2.5K which is not a lot really.

I think they would do better going after the big boys.
In retrospect we learn. In perspective we earn.
  • #69,485
  • Jul 22, 2010 1:47pm Jul 22, 2010 1:47pm
Quoting fx_heaven
From what I read I don't think they are looking to tax the small players...anyhow even if you made 500K per year trading that tax would only equate to 2.5K which is not a lot really.

I think they would do better going after the big boys.
That's not how I read it.

"... My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. ..."

It says the tax is on the transaction not the profit.
So 1 lot is $100 000
Tax = $100 000 x 0.005% = $5 per lot.
So you buy one lot = $5 tax then you sell the lot that's another $5.
So every 1 lot transaction = $10 tax.

If you are a long term trader no problem but if you are scalping for a few pips it will add up. This has nothing to do with profit.
You might lose on a transaction but the transaction tax would still be levied like stamp duty or whatever it is called in the US.

Doesn't bother me 0.0000000000000000000000000000000001%
I'm in the UK and I spread bet forex so I don't pay any tax.
  • #69,486
  • Jul 22, 2010 2:00pm Jul 22, 2010 2:00pm
Quoting six gun
That's not how I read it.

"... My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. ..."

It says the tax is on the transaction not the profit.
So 1 lot is $100 000
Tax = $100 000 x 0.005% = $5 per lot.
So you buy one lot = $5 tax then you sell the lot that's another $5.
So every 1 lot transaction = $10 tax.

If you are a long term trader no problem but if you are scalping for a few pips it will add up. This has nothing to do with profit.
You might lose on a transaction but the transaction tax would...
stop going after my damn hard earned money!

Just another hurdle
  • #69,487
  • Jul 22, 2010 2:10pm Jul 22, 2010 2:10pm
Quoting mbqb11
stop going after my damn hard earned money!

Just another hurdle
To imagine the big boys will be unable to get round this one is naive.
They will make their transactions in London.
They no doubt have offices there.

The little guy in New Jersey can't do that. He/she will have to pay.
  • #69,488
  • Jul 22, 2010 2:19pm Jul 22, 2010 2:19pm
Quoting six gun
That's not how I read it.

"... My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. ..."

It says the tax is on the transaction not the profit.
So 1 lot is $100 000
Tax = $100 000 x 0.005% = $5 per lot.
So you buy one lot = $5 tax then you sell the lot that's another $5.
So every 1 lot transaction = $10 tax.

If you are a long term trader no problem but if you are scalping for a few pips it will add up. This has nothing to do with profit.
You might lose on a transaction but the transaction...
Its still small, a bit like the spread, but still a pain in the butt - nobody's got the guts to go after the big boys.....as usual

I'm also in the UK and do the same thing....

This is the bit I liked;

"Wealthy traders and big financial institutions make huge bets on the fluctuations in currency value, and they can make massive profits if their bets are correct. This type of speculation helped to worsen the recent financial crisis and serves no purpose other than to make a few people and institutions even richer."

So he attacks a few people and the "institutions" and then says (like all politicians) lets tax everybody (that's trading)!!
In retrospect we learn. In perspective we earn.
  • #69,489
  • Jul 22, 2010 2:22pm Jul 22, 2010 2:22pm
I was going through my daily charts, just eye-balled the possible setups that I may have played in past. And it is seems just unbelievably accrurate!! So, if I fix all other important trading aspects that are in my head like greed, overtrading, impatience etc. etc. I WILL BE PROFITABLE?! WOW!
That's it? I got it??? I am a trader now?

May I ask those who trade this method live for some time already. Do you guys ever have unprofitable months?

I always had a problem that for 2-3 months I am profitable and then bam 1 loss month, all or half of profits are gone.... That should never happen with this method I think? Please respond this is just for inspiration! Thank you!
  • #69,490
  • Jul 22, 2010 3:24pm Jul 22, 2010 3:24pm
pin formin on uj daily. trade or fade?
fta is quite near...
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meine augen sind die sterne
  • #69,491
  • Jul 22, 2010 3:26pm Jul 22, 2010 3:26pm
Quoting Adilius07
I was going through my daily charts, just eye-balled the possible setups that I may have played in past. And it is seems just unbelievably accrurate!! So, if I fix all other important trading aspects that are in my head like greed, overtrading, impatience etc. etc. I WILL BE PROFITABLE?! WOW!
That's it? I got it??? I am a trader now?

May I ask those who trade this method live for some time already. Do you guys ever have unprofitable months?

I always had a problem that for 2-3 months I am profitable...
depends on your style, it is perfectly normal to have losing months. You can't judge anything based on that. Mostly it is hard to judge anything on less then 6 months and more like a year worth of data. I really wouldn't be thinking about this stuff that early on. Is it possible to have many consecutive winning months. Yes it sure is, I am having one of those years, but if I all of a sudden have a losing month it won't spook me. You have to know your methods and work from there. This only comes from a lot of time and practice. Yes this stuff is very good

Mike
  • #69,492
  • Jul 22, 2010 3:52pm Jul 22, 2010 3:52pm
Quoting mbqb11
depends on your style, it is perfectly normal to have losing months....

Mike, thanks for reply. My most concern always was a concicntency. It was never hard for me to make money 2-3 months in a row, but was always impossible not to give it back to the market.
So I just dream about a day I could be pretty much sure I should be ok in the long run...
  • #69,493
  • Jul 22, 2010 4:07pm Jul 22, 2010 4:07pm
Quoting Adilius07
Mike, thanks for reply. My most concern always was a concicntency. It was never hard for me to make money 2-3 months in a row, but was always impossible not to give it back to the market.
So I just dream about a day I could be pretty much sure I should be ok in the long run...
with time my friend

keep studying practicing and reviewing and things will get better. It may take awhile but it doesn't have to be hell

Mike
  • #69,494
  • Jul 22, 2010 4:08pm Jul 22, 2010 4:08pm
eurjpy h4 false short signal?
  • #69,495
  • Jul 22, 2010 4:14pm Jul 22, 2010 4:14pm
audchf h4 "cup and handle" + daily BUOB = long?
  • #69,496
  • Jul 22, 2010 4:29pm Jul 22, 2010 4:29pm
Hi Mike,
I always study your posts with interest. I just wondered with today’s move, you mentioned correlated markets, other than equity markets are there other markets that gave you potential insight into xxx/jpy buying?
Many thanks in advance
Cheers
Revstar

Quoting mbqb11
with time my friend

keep studying practicing and reviewing and things will get better. It may take awhile but it doesn't have to be hell

Mike
  • #69,497
  • Jul 22, 2010 4:33pm Jul 22, 2010 4:33pm
Actually sorry Mike, i just read your post and it does'nt mention correlated markets, you mentioned cross markety analysis. Its late in the UK and i have had a long day....


Quoting Revstar
Hi Mike,
I always study your posts with interest. I just wondered with today’s move, you mentioned correlated markets, other than equity markets are there other markets that gave you potential insight into xxx/jpy buying?
Many thanks in advance
Cheers
Revstar
  • #69,498
  • Edited 5:33pm Jul 22, 2010 5:23pm | Edited 5:33pm
Quoting six gun
"... My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. ..."
Gee, I wonder if the NY session is going to suddenly lose volume. lol. I'd say that London will pick it up, but from what I can tell, British politicians are even worse than their US counterparts.

The idea of a transaction tax has been floating around for a couple of decades now, since the late eightites...and it goes in and out of favour. It's a good platform for grandstanding about the 'evil speculators' and 'big banks profiteering' - and hence only an argument used by clueless politicians.

And what they are too stupid to realise (or, in most cases, they hope voters are too stupid to realise) is what this is that yeah, it might 'hit' the hedge funds and investo desks...but its nothing more than an inconvenience. It might kill off some marginal strategies, but most will just be adapted to the new transaction cost (like someone said, its just a bigger spread) and continue onwards.

But the bigger impact will be on the institutional banks, entering into genuine hedging/currency migration. You know, the ones that fund imports, exports and international money market loans. They cant just say 'x model isnt profitable now, so we will do something else' - they need to buy/sell currency regardless. And they sure as hell arent going to wear it, any transaction cost is going straight through to the client... and then the consumer.

In the end, the consumer is the one getting screwed, not the 'big' bad banks. It's the people buying a car, buying imported food, running a business exporting goods or getting a mortgage that are being taxed.

Shortsighted populist idiots.

Quote
This funding would provide more child care options, so working families can obtain the quality care their children need to begin school ready to learn.
'guys, it is totally for the children! and families! you cant vote against children and families, can you?!'

bleh. happy friday
When you have to shoot, shoot. Dont talk.
  • #69,499
  • Jul 22, 2010 6:29pm Jul 22, 2010 6:29pm
Quoting Revstar
Actually sorry Mike, i just read your post and it does'nt mention correlated markets, you mentioned cross markety analysis. Its late in the UK and i have had a long day....
no prob bud
  • #69,500
  • Jul 22, 2010 6:36pm Jul 22, 2010 6:36pm
I am thinking short to 1.5192. Looking for some PA here. Maybe a beak-out then pullback to lower TL.

K.I.S.S.
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