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Dragon Riders GBP/JPY

  • #10,101
  • Apr 9, 2015 4:07am Apr 9, 2015 4:07am
Quoting anima999
{quote} I won't judge you, duck and dive all you can. Here in the UK I pay 40% income tax. This is why I spread bet as opposed to FX trade/CFDs. Spread bets are tax free.
dont you guys have a cap though on taxes? i could be wrong, but i remember hearing that if you operate as a business it has a cap
  • #10,102
  • Apr 9, 2015 4:11am Apr 9, 2015 4:11am
Quoting raiders
{quote} dont you guys have a cap though on taxes? i could be wrong, but i remember hearing that if you operate as a business it has a cap
No cap on taxes. If you operate as a business vs a self employed then you are taxed as a business not an individual. The tax rate is 20% but you then have to pay yourself dividends and things get complicated - hire an accountant to do it all.

If you just want to dabble as a hobby (like me) then the simplest way is to SB. If you're full time then it is probably worth setting up a company and FX trading.
  • #10,103
  • Apr 9, 2015 4:13am Apr 9, 2015 4:13am
Quoting anima999
{quote} No cap on taxes. If you operate as a business vs a self employed then you are taxed as a business not an individual. The tax rate is 20% but you then have to pay yourself dividends and things get complicated - hire an accountant to do it all. If you just want to dabble as a hobby (like me) then the simplest way is to SB. If you're full time then it is probably worth setting up a company and FX trading.
gotcha makes sense
  • #10,104
  • Apr 9, 2015 4:17am Apr 9, 2015 4:17am
The drop is interesting. News of a massive oil reserve under southern UK was released today. Apprantly 1000B barrels - enough for 30% of the UK supply. one would have thought this was good news.
  • #10,105
  • Apr 9, 2015 4:24am Apr 9, 2015 4:24am
Quoting anima999
{quote} Spread betting sounds dirty. Generally I see slightly higher spreads and poorer customer service than FX traders. I can only use brokers web platforms which are generally junk (I have a demo MT4 for charting). I prefer it in some ways (tax asside). You don't use 'lots' for SB, I just place a "Buy @ 0.50 per pip on GBP/USD" - price goes up by 10 pips I get 5 - very simple; no tax, no commision, no confusing lot size conversions.
I see, thanks for the explanation
  • #10,106
  • Apr 9, 2015 4:25am Apr 9, 2015 4:25am
ga and gn wont quit. im kinda amazed by the power they are showing
  • #10,107
  • Apr 9, 2015 4:44am Apr 9, 2015 4:44am
Quoting Forexmeoff
{quote} Hello, if you have time could you just post an example of 1 entry you take around these dp's... And the way you think about the entry...do you come down to a 5 min chart, look for a break below a certain level of the dp...etc.Would be really helpful for people reading this thread....apologies if its already been explained somewhere.Thanks.
Hi forexmeoff, no problem. I use them in context with the market, yesterday we had a strong rejection of DP 179.00/8.90. We closed @ DP 178.60/50; So I expected a test of DP 179.00/8.90 and since I already mentioned this DP in Post #9998 & Post #9992, I set a sell limit order at 179.00 and just waited. Picture attached.

My point is you have to observe market behaviour and set those DPs in context. Last but not least, waiting still the most important.

Add: Since we are @ DP 177.90/80, thats what im watching atm, if negative next is 1/2 176.85/75 (TP)
Attached Image (click to enlarge)
Click to Enlarge Name: sell_limit.png Size: 44 KB
  • #10,108
  • Apr 9, 2015 4:48am Apr 9, 2015 4:48am
Short or long from here?
Any significant fib levels anywhere near?
  • #10,109
  • Apr 9, 2015 4:51am Apr 9, 2015 4:51am
Quoting FX-Ray
{quote} Hi forexmeoff, no problem. I use them in context with the market, yesterday we had a strong rejection of DP 179.00/8.90. We closed @ DP 178.60/50; So I expected a test of DP 179.00/8.90 and since I already mentioned this DP in Post #9998, I set a sell limit order at 179.00 and just waited. Picture attached. My point is you have to observe market behaviour and set those DPs in context. Last but not least, waiting still the most important. Add: Since we are @ DP...
Excellent

I'm still missing the context part, for example I thought that last night's was a pretty weak rejection and was expecting 178.5 to hold, though I set no trades. Lots to learn on DPs, I've been combining them with my 4H/Daily Supply/Demand trading and when valid areas match up with DPs the results are proving excellent so far.

Cheers Ray
  • #10,110
  • Edited 6:50am Apr 9, 2015 4:54am | Edited 6:50am
Quoting alexpi
{quote} Excellent I'm still missing the context part, for example I thought that last night's was a pretty weak rejection and was expecting 178.5 to hold, though I set no trades. Lots to learn on DPs, I've been combining them with my 4H/Daily Supply/Demand trading and when valid areas match up with DPs the results are proving excellent so far. Cheers Ray
I see, I really try to verbalize it as much as I can. But give me it a try, you said "last night's was a pretty weak rejection and was expecting 178.5 to hold"; So since 178.50 didnt hold what does that tell you about "last night's was a pretty weak rejection" ?

Thats what I mean with context, if you are wrong its probably vice versa. What I am doing I observe market and accept everything as it is. Easier said than done.
  • #10,111
  • Apr 9, 2015 4:58am Apr 9, 2015 4:58am
Quoting FX-Ray
{quote} I see, I really try to verbalize it as much as I can. But give me it a try, you said "last night's was a pretty weak rejection and was expecting 178.5 to hold"; So since 178.50 didnt hold what does that tell you about the "last night's was a pretty weak rejection" ? Thats what I mean with context, if you are wrong its probably vice versa. What I am doing I observe market and accept everything as it is. Easier said than done.
Yes, still managed to grab 27 pips from the 1/2 DP - 178.2, would have missed that trade if I wasn't paying attention to the DP.

I love how DPs give opportunities to trade in the middle, something you don't get with S/D trading, where you only have a top and bottom zone, with no opportunity to change positions and lock profits in a consistent, strategy-based approach until there's solid movement toward the opposite zone. A lot of power in this !
  • #10,112
  • Apr 9, 2015 4:58am Apr 9, 2015 4:58am
Okay got a appointment, trade well.
  • #10,113
  • Apr 9, 2015 4:59am Apr 9, 2015 4:59am
Quoting alexpi
{quote} Yes, still managed to grab 27 pips from the 1/2 DP - 178.2, would have missed that trade if I wasn't paying attention to the DP. I love how DPs give opportunities to trade in the middle, something you don't get with S/D trading, where you only have a top and bottom zone, with no opportunity to change positions and lock profits in a consistent, strategy-based approach until there's solid movement toward the opposite zone. A lot of power in this !
Exactly, the most important is patience, you need to learn the ability of waiting. Just believe me when I say thats the most important. You never gonna see a pro chasing a market because they know where this ends.

Add: Im glad you can make use of it
  • #10,114
  • Apr 9, 2015 5:01am Apr 9, 2015 5:01am
Quoting FX-Ray
Okay got a appointment, trade well.
Enjoy
  • #10,115
  • Apr 9, 2015 5:14am Apr 9, 2015 5:14am
Quoting anima999
{quote} What TF are you using? I was trying to do some wave analysis yesterday but struggled with the correction. I don't trade waves but I find I'm generally quite interested in seeing them. EDIT Think I got it on the 4H. {image} What about... {image} Errrm, probably can't ignore the recent low in the second picture.

As promised. You had it right though. There were 5 waves and when completed, price fell to the mid point of a larger rising wedge, rose into resistance and then ....I'm still not totally convinced that the fun and games are over (read larger triangle) but we will see. But from a technical trade pov, it was simple. As I said, where it goes now is still questionable. Regardless, UJ should drop away soon.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1.png Size: 74 KB
  • #10,116
  • Apr 9, 2015 5:20am Apr 9, 2015 5:20am
Hi All,

I am humbly asking for some assistance. I've been trading on and off for a few years with some limited success. Though, I have decided to give trading the time and dedication it deserves.

If I was to post my screenshots of this pair with my technical analysis on would you mind providing constructive feedback on how I can improve or what I have missed?

I've studied as much as possible. Now action is the best tutor I think.

Let me know your thoughts.

T
  • #10,117
  • Apr 9, 2015 5:24am Apr 9, 2015 5:24am
Quoting FX-Ray
{quote} Easier said than done.
You got that right.

Quoting MPT
As promised. You had it right though. There were 5 waves and when completed, price fell to the mid point of a larger rising wedge, rose into resistance and then ....I'm still not totally convinced that the fun and games are over (read larger triangle) but we will see. But from a technical trade pov, it was simple. As I said, where it goes now is still questionable. Regardless, UJ should drop away soon.
Thanks, much appreciated.
  • #10,118
  • Apr 9, 2015 5:30am Apr 9, 2015 5:30am
Quoting anima999
{quote} You got that right. {quote} Thanks, much appreciated.
When you asked me, it was around 2 am here, so I wasn't overly interested in drawing a picture. I just wanted at that time to suggest politely - to those calling for a new bull run- that maybe it wasn't so bullish. Then I went to bed.
  • #10,119
  • Apr 9, 2015 6:00am Apr 9, 2015 6:00am
Quoting Mpt
{quote} When you asked me, it was around 2 am here, so I wasn't overly interested in drawing a picture. I just wanted at that time to suggest politely - to those calling for a new bull run- that maybe it wasn't so bullish. Then I went to bed.
I understood completley, 2am....I am grateful for even getting a response.
A lot of things were lining up to look bullish at the time, as always there is another side to the coin.
  • #10,120
  • Apr 9, 2015 6:27am Apr 9, 2015 6:27am
Quoting Talzus
Hi All, I am humbly asking for some assistance. I've been trading on and off for a few years with some limited success. Though, I have decided to give trading the time and dedication it deserves. If I was to post my screenshots of this pair with my technical analysis on would you mind providing constructive feedback on how I can improve or what I have missed? I've studied as much as possible. Now action is the best tutor I think. Let me know your thoughts. T
Go ahead and post. Nobody will laugh at you and it's always good for a discussion.​
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