Just so I’m clear - (still learning)
On the hourly chart yesterday following the down move. To my noob eye this looks to be stopping volume.
Does this indicate therefore that we have finished markdown and are now possibly entering accumulation phase again?
And if so should I be looking for longs on a pullback as indicated by a NS on the 5 min??
Does anyone know who is best to use if you live in the UK? Also, when setting up an account with them, do they all wish to speak to you on the phone or otherwise regarding your financial situation, how much you earn etc before letting you use your account (due to leverage)? Such as they do with the big spread betting firms (IGIndex etc). Thanks.
No answer for the UK, but there are a few here from over there that may help. I did get a call from my Broker (GoMarkets), but that was to see if there was anything they could do to help, if I had any questions etc. They were quite helpful, and had no question on my financial situation. Personally, I’d be careful if they were asking you that.
Did you see my earlier post??
If you are in the UK by far the best people to go with are GKFX for the simple reason that there is ZERO tax !
They also allow you to use metatrader to trade indices, oil, metals and CFD’s! (weird I know)
They ask you to self report experience and income but no interrogation on the phone.
A forex broker does not make the rules regarding tax. I think you would find that tax would be payable on profits, as you would be running a business for profit. The only way of not paying tax would be to gamble, however, forex trading is not considered gambling - although a lot of people do in the end due to their own inabilities to stick to trading plan/money management systems.
Please double check the tax side of things - it wouldn’t be pleasant having the tax man knocking at your door.
I am going to (haven’t done so yet as I have just started) set myself up as a business with forex. In Australia, the company tax rate is a flat 30% regardless of income, whereas personal tax can get higher. You can also then have other benefits, like company car etc that can be tax deductible. Different countries are all different, so it would be best to talk to someone “in the know” locally to be sure.
If I`m a Director in your company can I have a company car too please Kyle. No matchbox cars ok!
Ha Ha LOL!
You are right to be cautious - but currently at least I am certain of my facts
Speradbetting forex = betting = gambling
It has been discussed further on the DonnaForex site:
Spread-bet: Smart Live Markets (UK only, sorry)
Spread betting is exempt from UK tax. This includes trading with brokers like we are doing as technically its spread betting point for point. If a company calls themselves spread betting company or a Forex broker and you are trading point for point then its spread betting which is exempt from UK tax. If this is your only source of income then you are liable for TAX.
The best way to deal with this is by having a part time or full time job which is your main source of income, bar work at weekends will do (markets aren�t open then ) then any money you make personally you are not liable for TAX or CGT.
What people fail to miss is everyone is so hung up on paying tax on profits that they forget that if the government announced that spread betting is now a taxable even on private individuals who only do it for a hobby then you are also able to claim back your LOSSES. What is the % of winners to losers. I would bet more people lose then win so everyone would be able to claim back personal losses in regards to spread betting which means HMRC may find themselves having to pay out more then they get back.
Ask yourself when spread betting was introduced why was it not taxed from day one. My guess is some smart arse probably thought that if HMRC tax us on winnings then we should be able to claim back our losses and if more people lose then win they are in trouble.
Anybody watching the 1hr eur/usd at the moment, testing the 50 Fibb area
Well,well. It didn`t take long to push through that 50 - 61.8 area. Bit of supply coming in from a previous area of supply on the 1hr T/F
:59: Right…
Yep… Maybe it will be good time to short. If more supply shows and the price pulls below the area and shows ND.
UPDATE:
Ok, I’m in 11:35 GMT. Candle confirmed the ND I was waiting for. SL above high swing, half will be closed on fibo 50… Let’s watch this :).
I hope Pete won’t be mad he missed it, in case this is a correct entry. :26:
Just had a ND confirmation. Possible short entry on after the seemingly climactic volume a few bars ago. Let’s see what happens
OK, here are two charts.
Firstly the 1hr EU chart. We can see a clear channel formed, along with a nice SR level within it, all parallel to each other perfectly. On the previous occasions, the top channel was respected, albeit with a wick at the top of the candle. It has just ocurred again, with seeming climactic volume on the 5 minute. I am guessing a reversal.
Im watching the same thing, but looks like some buying is still happening. Two of the down bars have higher vol with the next bar up or inside close. (on the 5min tf) Want to see price return to the top. would You guys scold me if I took a trade here at work?
Now the 5 min chart. I missed the long setup as I was playing with my 4yr old son at the time - time with kids can never be taken back, so very worthwhile.
I didn’t take the trade late as I prefer to take the correct signal - or my belief of the correct signal.
Would have been a perfect trade, going from the 1.32860 entry to the first real sign of supply at approx 1.34050.
Now, the 5 minute has pushed out of the upper channe/trend line and found significant supply on higher volume (possibly climactic). Pushed back to within the trend line and offered us a Low volume ND and confirmation.
Opportunity to sell with a target maybe around the last Low-High 50 fib level @ 1.33574. Possibly in the realms of 45 or so pips, with a S/L at 30 pips. Lets see how it goes 
I posted the exact same thing 3 posts above so we are in the same trade. I’m glad I’m not alone 
Wow SagiCZ. Just looked back and yup, we were both looking at the same thing 
Hopefully that means we are getting it
Currently hovering over the sell price, but am confident it will come down. Got the stop safely (hopefully) above the trend line I drew @ 1.34368.
Any confirmations on the trade or constructive critique is always welcome
Went short there too. so that makes at least three of us + SM hopefully
Tassiefx, I’m kinda jealous of you. My kid is only 3.5 month old. All he does is sleep, eat, cry and … You know what I mean.
Know that one Hulligan. I had a hard time with him when real young. Had problems sleeping. Slept through the night maybe twice in the first year. Normally up every 2hrs for maybe a year and a half.
Young fella came down just after I made the trade crying, wanting cuddles. A bit nervous leaving the trade but had to. Had S/L set and back watching it, looking for a reversal sign, but hoping not at least till the 50 fib level (abt 45 pips)
Eating it up at the moment. 17 pips up
Good to see we are all on the same page. Good Stuff.My entry was a bit later.
Closed half at 1.33767, letting the other run.
Is the “volume” indicator you all have something that is specific to MT4? I am a Mac user and as a result can’t use a lot of platforms. All the web based demo/practice accounts I have used don’t have volume as an indicator you can add, e.g. Oanda don’t provide it etc. How would I best go about something like this for Mac’s? Thanks.
TROLOLOLOLOL :59: … That just cracks me up… God I hate macs so much…
Anyways… It’s a regular tick volume. I know for a fact that Oanda’s java platform don’t have it but that doesn’t mean other platforms couldn’t have it either. Have you trade using some kind of windows emulator to run MT4? I can’t imagine trading without MT4 altho Oanda’s platform is amazing for trade managing.
