james16 Chart Thread

Hey E

It is a decent trade, certainly not an A+ but if one is careful of the area we have marked then you are giving yourself a much better chance. For me personally I never want to be trading into a major area like the 1.25 so it is an easy pass( I will look to trade away from this PPZ). But for many they will take the approach you had a get their stops to b/e quick and see how the trade begins to work out.

Hope you are having a nice weekend
Mike

hey mike,

Getting my charts cleaned up and putting my head back in order.

I think I can see more of what price is doing from using the rectangle tool to mark PPZ rather than horizontal lines, I already have Sweet spots Gold on the chart so, more lines are defiantly out.

Purple is Weekly and steel blue is daily.


I think Hansolo did me a great service showing his charts.

Thanks again HS.

Good weekend to you,
great Mike!

Hi all seniors,

Looks interesting this thread, whether only longer TF (H4, D1 or weekly) is talking here.

Cheers,
City

you not entirely correct. you only have a tax break if trading isnt your only income. i was shocked to learn this myself.

Hello
I'm not senior, but I am a student of the method of J16.
must study hard and take trade on higher tf
here are many good and helpful people (Mike, Jim and others)
and we need humility, discipline and method

I'm looking for any PA reason to short if price gets up to 0.8700 before a possible complete capitulation

Thoughts (also monitoring 85 & 86 trouble areas before we get there)?

Another Sunday well spent practicing PPZ.

Possibly I am going overboard with the PPZ?

Well, here they are. Negative comments perfectly welcome. LoL

Continued. 9 pairs in all.


Hoping nobody says, "Hey, I think you missed One". ROTFL

I have read so many times where people say spread betting is taxable.
I think people think it ought to be if it is your income. That you cannot possibly avoid paying tax by spread betting on the same instruments, with the same broker on virtually the same platform. Well you can. Check with your accountant, check with HM Revenue.

Betting is TAX FREE in the UK. Since 2001 when Gordon Brown abolished betting tax to entice the bookies back from Gibraltar, it has been tax free.

By law, betting cannot be a trade or a profession. You can only be an habitual gambler.

I have researched this ++++++
I have this from accountants.
I have this off the Inland Revenue website.
The only time spread betting is taxable is where a company takes a spread bet and then the Revenue consider this to be a CFD.

Spread Betting is only open to UK residents.

Betting is not taxed.

If you remember you used to pay betting tax on bets. You either paid before the event or after on the winnings. There was no tax on the race course.

Then Victor Chandler went off to Gibraltar and set up his bookies there. Punters did not have to pay the betting tax if they bet with him, no betting tax in Gibraltar. So he got more and more of the bigger bets. Other bookies decided it was a good idea to go to Gibraltar.
HM Government had a panic attack and negotiated with the bookies to come back to mainland UK and they would abolish betting tax which Gordon Brown did in 2001.

This meant that the Inland Revenue could tax the bookmakers' profits in the UK.
The punters always lost in the end so their money ended up with the bookmakers anyway!

So this is why betting is not taxed in the UK.

Now can betting be a trade and so be taxable?

No it can't be a trade even if you are a professional gambler.

Straight off HM Revenue website - so this is straight from the horse's mouth

Trade: exceptions & alternatives: betting and gambling: the professional gambler

Now there is another page about spread betting


BIM22020 - Trade: exceptions & alternatives: betting and gambling: spread betting
The principles of Down v Compston [1937] 21TC60 and Burdge v Pyne [1968] 45TC320 (see BIM22019) apply equally here. To be taxable, the spread betting wins must come not merely from an opportunity presented by a trade, they must arise from the carrying on of that trade. Whether or not a particular spread bet is taxable will depend on the terms of the contract and the economic substance of what is done.

What they are saying here is, they do not consider private individuals as carrying out a trade - because a private individual cannot be a gambler by trade - that is the law. However a bookmaker is something different. Bookmakers bet against the punters, it is an organised outfit, betting against many people. They have offices and they advertise etc etc. This is a trade and is taxed.
A broker bets against the client. This is an organised outfit. Licence by the FSA etc etc.
The private guy from his home PC spread betting is not classified the same.
Like 95% of gamblers, 95% of forex "traders" lose. The money goes to the broker. The private spread better cannot set his losses against tax - you can't set gambling losses against tax because it doesn't count as a taxable income. The Revenue will tax the broker and the bookie who rake in the money from the punters and traders.
It is a win win for the Revenue. They aren't bothered about the odd person who makes money out of spread betting - think of all the paperwork it saves them.
Plus they struck a deal with the bookmakers to get them to come back to the UK.
If spread betters went overseas as well - it is cutting their nose off.

So tax on Spread Betting Not applicable to private individuals.

Taxing derivative contracts: scope: contracts for differences

A financial spread bet, if entered into by a company, will also be a contract for differences. The essence of a spread bet is that the punter wagers on either upward or downward movement in a particular index or the price of a particular subject matter. It would be unusual for a company to place such a bet - most companies are likely to be prohibited by their Memorandum and Articles of Association from out-and-out gambling - but if it does so, the fact that the contract may represent a wager does not of itself mean that Schedule 26 does not apply.

I am an habitual gambler and I won't pay a bean, penny or farthing to the tax man. Just got to make a bean now!

Interesting PB on GBP/USD Weekly, right off the yearly S1.

On H4 we are at a weekly PPZ and right below the 1.4500 BRN 38.2 & 23.6 fibo confluence.

Perhaps, I may start looking for some bullish entries on D1 or H4 from tomorrow.

Pinbar, please attach your pivot indicator to a post here, I don't like my pivot indicator.

Thanks!

The yearly pivot?

Here you go.

oh ok... just yearly....?

Thought you guys never used pivots?

I heard something about floor pivots are ok but you have to use them a little differently. Anyone care to explain about the usage of floor pivots, or is this not a good topic?

Here is a few in my collection.


Dan

The pivots custom looks like an reasonable pivot.

they are good for futures

Hey Pin

We would use those pivots much the same way PPZs are used. Confluence. Like Dan said I am more of a believer they carry weight in centralized markets since they are math calculations based on the OHLC.

Best
Mike

I see, thanks for the explanation Mike.

Appreciated.

almost 2 am again, better get some sleep.

sorry guys but pinbar weekly on gbpusd has closed below the left eye, at least in my chart ...