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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

  • #107,101
  • Feb 9, 2012 7:27am Feb 9, 2012 7:27am
Does anyone know the tax rules for forex profits? I have talked to a few local accountants here and they are all very gray on how it actually works. No one can give me a simple answer. Apparently it is not as cut and dry as stocks or bonds.


Any input??
"Greed is good,greed is right,greed works"
  • #107,102
  • Feb 9, 2012 7:29am Feb 9, 2012 7:29am
Quoting Gekko78
Does anyone know the tax rules for forex profits? I have talked to a few local accountants here and they are all very gray on how it actually works. No one can give me a simple answer. Apparently it is not as cut and dry as stocks or bonds.


Any input??
Which country are you from?

Not sure about USA
but here in UK you have to pay it as financial gains, BUT theres a loophole where if you use a spread betting company to trade, the money you get is then classed as gambling winnings and is not taxable by UK law.
  • #107,103
  • Feb 9, 2012 7:32am Feb 9, 2012 7:32am
update on my audjpy trade.

Im now sitting very nicely in this one now, i took the buy at the blue highlighted BUOB, my SL is now moved 10 pips below the PPZ area when it officially closed above it. SO i have profits locked in now, and is a risk free trade, hoping for that break above the next PPZ area so i can lock some more profits in.
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  • #107,104
  • Feb 9, 2012 7:43am Feb 9, 2012 7:43am
Quoting deankenny21
Which country are you from?

Not sure about USA
but here in UK you have to pay it as financial gains, BUT theres a loophole where if you use a spread betting company to trade, the money you get is then classed as gambling winnings and is not taxable by UK law.
Yes , sorry I am from the USA. All the research I have done has led me to various ways that may work. There's the 60/40 thing and some other tax codes that I don't understand. But When I ask " Ok if I made X amount of $ trading currencies how much tax will be due?"

No one can answer that . I figured there has got to be people in here that would know.

Thanks
"Greed is good,greed is right,greed works"
  • #107,105
  • Feb 9, 2012 7:43am Feb 9, 2012 7:43am
Quoting Gekko78
Does anyone know the tax rules for forex profits? I have talked to a few local accountants here and they are all very gray on how it actually works. No one can give me a simple answer. Apparently it is not as cut and dry as stocks or bonds.


Any input??
Hey G

Always consult a professional which is good. Check out

http://greencompany.com/

Best
Mike
  • #107,106
  • Feb 9, 2012 7:45am Feb 9, 2012 7:45am
I like how this is wound up at the moment.....

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Price is finding support on a PPZ and 150EMA and is being sandwiched by the 365EMA which is squeezing it.... Fibs from the down moves (not drawn) are also involved with this squeeze, as are the minor RN's..... space to run in either direction.
  • #107,107
  • Feb 9, 2012 7:48am Feb 9, 2012 7:48am
Quoting g_j_hook@yah
i think it actually stands for "inside pinbar! as coined by Ghous if i remember rightly??
its pretty much an IB (not always a strict requirement though) which has the shape of a pin bar....?


guy
And they are also known as 'hanging men' or 'inverted hammers' i think.
  • #107,108
  • Feb 9, 2012 7:50am Feb 9, 2012 7:50am
Quoting mbqb11
Hey G

Always consult a professional which is good. Check out

http://greencompany.com/

Best
Mike
Thank You
"Greed is good,greed is right,greed works"
  • #107,109
  • Feb 9, 2012 7:50am Feb 9, 2012 7:50am
Quoting Rust
Hey Mike ,
how are you doing
I have two questions for you if you don't mind .

1. I am watching this chart and i think i see this rounding effect you often talk about . Am i close ?
Divergence also there .

2. Is this setup good enough , or pattern is too small for H4 view ? In terms of a breakout-pullback scenario (if happen) like drawn . I like particularly the 1.2500 major RN Bullish play .

Hey Rust

I see it more just as boxing around the BRN(no surprise) and thus a PPZ with boxing. I would need to see price false break down the box to consider us really losing momentum and then rounding off. For now it is consolidation with the down trend. Because of the BRN I would be willing to watch this area for both longs and shorts, as most times I will at BRNs. But for me the focus right now is price is simply boxing and to wait and see what the next big piece of info is that enters the market

Best
Mike
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  • #107,110
  • Feb 9, 2012 7:53am Feb 9, 2012 7:53am
Been in this one for a few days now ....has worked out nicely so far
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"Greed is good,greed is right,greed works"
  • #107,111
  • Feb 9, 2012 8:12am Feb 9, 2012 8:12am
is that PIN???
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  • #107,112
  • Feb 9, 2012 8:20am Feb 9, 2012 8:20am
This is one for Jim perhaps but anyone else with an eye for PBT/CA etc could help me....
I struggle with my timing on these. I get nervous i'll miss the entry and dont let price close above the level, and then i let it close above/below and often miss the move and it gets too far away from the level to allow an entry. This frustrates me, so next time i enter too early and unsurprisingly, price turns on me.

How, if at all, would/should i play this? This has been building for a while now and price is really showing stronger move upwards than it has for a long time. I'm tempted to get in now, but i'm waiting to see how it pans out... for now.

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  • #107,113
  • Feb 9, 2012 8:25am Feb 9, 2012 8:25am
Quoting beebolbod
This is one for Jim perhaps but anyone else with an eye for PBT/CA etc could help me....
I struggle with my timing on these. I get nervous i'll miss the entry and dont let price close above the level, and then i let it close above/below and often miss the move and it gets too far away from the level to allow an entry. This frustrates me, so next time i enter too early and unsurprisingly, price turns on me.

How, if at all, would/should i play this? This has been building for a while now and price is really showing stronger move upwards than it...
Im not Jim, but i have studied his working for a long time now and use them all the time, Credit to him.

The way i play these using Jims teachings, is very similar to that of the long i went in on eurusd yesterday, i wait for an official close above of the candle nice and clear close above, and then time has taught me to be patient and wait for the price to come back down to the PPZ level and play the reaction of a bounce. If it doesnt retrace its just bad luck and i wait for next setup.
  • #107,114
  • Feb 9, 2012 8:30am Feb 9, 2012 8:30am
guys...if i want to trade PIN how long i have to wait for start...i mean i put sell stop order under of PIN and no open....1-2-3 days??
or i have to cancel order if it didnt open at once??? in same day
  • #107,115
  • Feb 9, 2012 8:36am Feb 9, 2012 8:36am
Quoting deankenny21
If it doesnt retrace its just bad luck and i wait for next setup.
Can you burn this into my brain please.

I will wait.
I will wait.
I will wait.
I will wait.
I will wait.
I will wait.

And i will define this in my plan, never to go back on.
  • #107,116
  • Feb 9, 2012 8:39am Feb 9, 2012 8:39am
Quoting mbqb11
Hey Rust

I see it more just as boxing around the BRN(no surprise) and thus a PPZ with boxing. I would need to see price false break down the box to consider us really losing momentum and then rounding off. For now it is consolidation with the down trend. Because of the BRN I would be willing to watch this area for both longs and shorts, as most times I will at BRNs. But for me the focus right now is price is simply boxing and to wait and see what the next big piece of info is that enters the market

Best
Mike
Thanks friend , appreciated !
  • #107,117
  • Feb 9, 2012 8:42am Feb 9, 2012 8:42am
Quoting mohowk
guys...if i want to trade PIN how long i have to wait for start...i mean i put sell stop order under of PIN and no open....1-2-3 days??
or i have to cancel order if it didnt open at once??? in same day
Hey Mohowk

Technically a pin is not valid till it breaks(so for a pin to sell that means the low taking out) and a pin is not invalidated till the high is taken out. So technically if it stays within those two bounds it can be validated days/weeks later. But I prefer to see the next bar break, if it doesn't I tend to cancel my order 95% of the time. It's a measure of momentum for me on a setup. That is not a hard and fast rule, many people give it a few bars

Best
Mike
  • #107,118
  • Feb 9, 2012 8:42am Feb 9, 2012 8:42am
Quoting beebolbod
Can you burn this into my brain please.

I will wait.
I will wait.
I will wait.
I will wait.
I will wait.
I will wait.

And i will define this in my plan, never to go back on.
It will come with time, believe me i am one of the most impatient ppl in the world, i want everything yesterday! when i first started here, i got so desperate if nothing on the daily i would go down to 4 hr then even 1hr charts just to find a half decent setup, a bar which my brain turned into a pinbar just so i could be in a trade, i felt like i was missing out if no trades were open. Of course i lost at this stage, and as i read more about J16 and treating it like a business, i wrote out a plan or business model if you will, over time creating my own checklist, to keep me in place and when i can pull the trigger, this has helped heaps and really brought me striving forward.

Like this USD CHF i been waiting a while for it to come out its box so i can look for a play, even then if it comes out, and doesnt retrace i waited and watched all that time, and never got a trade, but over time i know this is ok, as i follow my strict plan and move on.
  • #107,119
  • Feb 9, 2012 8:55am Feb 9, 2012 8:55am
Quoting 5.25
Good catch! Nice R:R on that one

Looks like a nice weekly level at 287.35 to me.
If it retraces, I would be watching for a PA, around 300 level.
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  • #107,120
  • Feb 9, 2012 9:02am Feb 9, 2012 9:02am
Quoting mbqb11
Hey Rust

I see it more just as boxing around the BRN(no surprise) and thus a PPZ with boxing. I would need to see price false break down the box to consider us really losing momentum and then rounding off. For now it is consolidation with the down trend. Because of the BRN I would be willing to watch this area for both longs and shorts, as most times I will at BRNs. But for me the focus right now is price is simply boxing and to wait and see what the next big piece of info is that enters the market

Best
Mike
...and one more try if i am starting to get it . Sorry if asking too much dumb questions , but this rounding part of the story is new to me and still struggling to identify it right .

Is that what you mean false break of the box ? Looking like we are loosing momentum ?
I see 0.8300 RN is a PPZ . If combined with the rising trendline , divergence , rounding effect (even if this i think is pretty much as divergence) i think it's a nice area to watch for an entry ? Right ?
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