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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

  • #116,241
  • Aug 24, 2012 12:47pm Aug 24, 2012 12:47pm
Quoting deltaskelta
DOOOOD massive confluence on AUDNZD!

I posted a chart with pretty much the same thing the other day on NYMEX miNY crude, and price just blew past it. Maybe price will respect all the factors this time...
Hey mike, I'm a little curious as to your thoughts on the trade I quoted here... It seems amazing to me that all those points of confluence meet in the same spot pretty much on the dot.

Would this be a trade you would take? (just off the confluence alone + "touches")
  • #116,242
  • Aug 24, 2012 12:50pm Aug 24, 2012 12:50pm
Quoting deltaskelta
Hey mike, I'm a little curious as to your thoughts on the trade I quoted here... It seems amazing to me that all those points of confluence meet in the same spot pretty much on the dot.

Would this be a trade you would take? (just off the confluence alone + "touches")
Hey D

I wouldn't take that trade myself on a touch, I'm a bit different with my touch trades

But certainly some would , tuck their stop behind the RN, and see what price does. Good that you are looking for confluence like that though

Best
Mike
  • #116,243
  • Aug 24, 2012 2:41pm Aug 24, 2012 2:41pm
GBP/USD

like this pin...BRN 1.5900 and 61.8 FIB

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  • #116,244
  • Aug 24, 2012 4:16pm Aug 24, 2012 4:16pm
Quoting bullzeye
GBP/USD

like this pin...BRN 1.5900 and 61.8 FIB

Attachment
absolutely,

nice one !
Hero calls followed by margin calls...
  • #116,245
  • Aug 24, 2012 4:17pm Aug 24, 2012 4:17pm
Quoting Chanya
So , if you are making 10 K per year , you are paying 1.9 K in income tax ??
Germany 25 %
Hero calls followed by margin calls...
  • #116,246
  • Aug 24, 2012 4:23pm Aug 24, 2012 4:23pm
Quoting PhAnTi'
absolutely,

nice one !
How come you are agreeing with Bullz eye ??? Isn't it a supply turned demand scenario ???
Human
  • #116,247
  • Aug 24, 2012 4:27pm Aug 24, 2012 4:27pm
Quoting Chanya
How come you are agreeing with Bullz eye ??? Isn't it a supply turned demand scenario ???
well yeah, but he sold supply, yes demand is ahead, but ok for a 1:1 trade. Pins does often work. all in all price broke upwards and will retest pole level soon = our buy area as also discussed in the e-book.

gotta go to bed, catch ya later,

Jonas
Hero calls followed by margin calls...
  • #116,248
  • Aug 24, 2012 5:03pm Aug 24, 2012 5:03pm
Quoting Chanya
You Guy ARE SCREWED ... BIG TIME ... I am soooo glad I am living in a developing country instead of a developed one ... There is no income tax on forex at all here .... We enjoy every penny we earn and give nothing to those bitches in the government ...
Those of us living in England dont pay any tax on spreadbetting
  • #116,249
  • Aug 24, 2012 7:16pm Aug 24, 2012 7:16pm
Quoting Chanya
You Guy ARE SCREWED ... BIG TIME ... I am soooo glad I am living in a developing country instead of a developed one ... There is no income tax on forex at all here .... We enjoy every penny we earn and give nothing to those bitches in the government ...
Quoting dan89
Those of us living in England dont pay any tax on spreadbetting
Hope this might clarify a few points for any UK residence:

Spread betting has two major bits of government legislation. One states that winnings are not liable to capital gains tax and the other is that spread betting is regulated by the Financial Services Authority. There is no parliamentary legislation that refers to income tax on spread betting wins. So you pay no capital gains on spreadbet profits.

Income tax: All income should be declared for taxation assessment. It is not for you the individual to decide if tax is due to be paid or not. That is the job for the tax man. Some income may be exempt from tax, in which case your tax form will have sections where you claim exemptions such as allowances, pension contributions etc. There are a few other exemptions that are not made public on the tax forms and one of those is Gambling winnings. Winnings from gambling are tax exempt under most (but not all) circumstances. So it comes down to criteria for determining who is and who is not exempt.

HMRC refers to ‘trade’ as running a business – not to be confused with trading/investing. A professional gambler is deemed to someone whose gambling is considered by HMRC to be a trade (business). Businesses are not able to exempt themselves fron tax on gambling income. If you do any business activity producing income that is associated with gambling (spreadbetting) you could be liable for income tax on your gambling winnings. If you have a regular income from a source not associated with gambling such as a self employment, PAYE or a pension you cannot be classified as a professional gambler and so will not be liable to pay tax on winnings. It is irrelevant how much you win or how expert you are. HMRC are very reluctant to classify anyone as a professional gambler and it is their decision alone – not yours. Keep this link safe:

http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm

... but first, you've got to be profitable

Happy weekend folks
  • #116,250
  • Aug 24, 2012 8:40pm Aug 24, 2012 8:40pm
Quoting bullzeye
GBP/AUD

PPZ, 38,2 FIB and maybe a nice pin on this (would see rather a bearish one)...

strong WL

Attachment
I'm actually considering long here at the daily HCR. The bullish move up looks strong to me with only 3 of the last 14 daily candles being red.
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  • #116,251
  • Aug 24, 2012 10:09pm Aug 24, 2012 10:09pm
Quoting Donkey
I'm actually considering long here at the daily HCR. The bullish move up looks strong to me with only 3 of the last 14 daily candles being red.
The pinbar came off 2 higher levels. Trend is overall down.
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  • #116,252
  • Aug 24, 2012 10:33pm Aug 24, 2012 10:33pm
Quoting S_Ferrer
Congrats - you had a BE trade.

I moved my stop 0.99075. If only to lock in *some* pips, as I am hoping that level has been cleared by the market and we can move on up.

I can understand the concept of a BE trade being a winner. On one hand I get this - but on the other hand must have a certain level of faith in the setup and not quickly to put stops to BE?

Or else why not put stops 1 pip away on every trade?
Hi S,

No, I had a winning trade. Half for profit & half got stopped out after I moved stop to better than BE.

You asked: Why not put stops 1 pip away on every trade? If you put stops one pip away on every trade you would probably get stopped out for a loss of one pip on every trade, i.e. you would kill your account one pip at a time.

In my early demo trades I would leave initial stop where it was and get on with my life and often come back to see that the trade that was once up 40, 60, 100, 150 pips, reversed while I was away and stopped me out at a loss. Sure they were dodgy setups, but I still could have managed the trade better for profit or breakeven instead of loss.

Now I'm happy to secure a modest profit when I see it at FTA and move stop to BE or better so that I can walk away and get on with my life. If it's a proper breakout price will leave the BE level far behind anyway and then you find yourself in a zero-risk runner.

In demo I'm practising what I will feel comfortable with when I finally use real money i.e. account preservation first priority; nice returns second priority.

But each his own! :-)
  • #116,253
  • Aug 24, 2012 10:48pm Aug 24, 2012 10:48pm
Appreciate any feedback on this analysis:

BEOB on the AUDJPY weekly off the 365 EMA and a 61.8 Fib. TAs at pivot and support lines.

Small pin on the AUDJPY daily suggests that a short entry on retrace of the BEOB possible, perhaps at a touch of the trendline or at least the weekly support level (blue dashed line).

Thoughts?
Attached Image(s) (click to enlarge)
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  • #116,254
  • Aug 25, 2012 1:29am Aug 25, 2012 1:29am
Quoting PhAnTi'
Germany 25 %
Yeah, sucks.

Quoting Donkey
I'm actually considering long here at the daily HCR. The bullish move up looks strong to me with only 3 of the last 14 daily candles being red.
Hey Donkey, I agree with Winston. Take care and protect your wins and losses. EURAUD is in a similar situation. I'm pretty sure it will continue it's way up but may be in for a retrace before that.
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,255
  • Aug 25, 2012 2:03am Aug 25, 2012 2:03am
Quoting 5.25
Hope this might clarify a few points for any UK residence:

Spread betting has two major bits of government legislation. One states that winnings are not liable to capital gains tax and the other is that spread betting is regulated by the Financial Services Authority. There is no parliamentary legislation that refers to income tax on spread betting wins. So you pay no capital gains on spreadbet profits.

Income tax: All income should be declared for taxation assessment. It is not for you the individual to decide if tax is due to be...
Yup, ive already got had that link bookmarked from a while back lol.
  • #116,256
  • Aug 25, 2012 3:16am Aug 25, 2012 3:16am
Quoting dan89
Yup, ive already got had that link bookmarked from a while back lol.
For when the tax man comes knocking!
  • #116,257
  • Aug 25, 2012 3:47am Aug 25, 2012 3:47am
Quoting 5.25
... but first, you've got to be profitable
  • #116,258
  • Aug 25, 2012 3:53am Aug 25, 2012 3:53am
Quoting dan89
Those of us living in England dont pay any tax on spreadbetting
Yes I heard.

Also in Pakistan we don't get to pay tax on our trading income because essentially the deposits and withdrawals that go through wire transfers fall into the category of remittances that don't get taxed and credit/debit card deposits/withdrawals again aren't considered "income".

On the contrary all the domestic trading via domestic brokers that deal with stocks and commodities gets taxed so we're sort of living hidden by trading off shores which still is pretty alien for a third world country like Pakistan.

By the looks of it though, we can't stay hidden like forever. Watch out Chanya! lol

g.
I believe . . .
  • #116,259
  • Aug 25, 2012 5:10am Aug 25, 2012 5:10am
Quoting Chanya
Watch " THE DARK KNIGHT RISES " in the cinema today ... AWESSSSSSSOOOOOOOOMMMMMEEE Movie ...
Very good indeed! Thanks for the recommendation
  • #116,260
  • Aug 25, 2012 6:40am Aug 25, 2012 6:40am
pinbar on german aurubis. weekly chart. moving sideways since 2,5 years.
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meine augen sind die sterne
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