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The Really Useless Thread

  • #144,041
  • Oct 10, 2016 1:07pm Oct 10, 2016 1:07pm
Quoting primejarvis
What is it that is driving e/u... Any guess?
I still didn't mention the TA side which in a nutshell : EU bearish close on friday [ LL/LH ] and check US dollar index weekly close which is pretty much bullish and ready for a decent rally .
Get Rich or Die Tryin
  • #144,042
  • Oct 10, 2016 1:12pm Oct 10, 2016 1:12pm
Quoting hoom
{quote} I still didn't mention the TA side which in a nutshell : EU bearish close on friday [ LL/LH ] and check US dollar index weekly close which is pretty much bullish and ready for a decent rally .
Hmm..that's a good one even your last post quoted on me ..
Thankx buddy ... Ta wise I knew somewhat but other reasons given by u were also matching ...
Re-Incarnated
  • #144,043
  • Oct 10, 2016 1:15pm Oct 10, 2016 1:15pm
Any ways not feeling well ... Going for a nap ... Goodnight guys ... 
Re-Incarnated
  • #144,044
  • Oct 10, 2016 1:16pm Oct 10, 2016 1:16pm
Quoting PayTheLimit
{quote} gtocha, well I wont do anything today, just took a quick look to see what was cooking....also have 7655 marked in the AUD for shorts...catch ya later bro
Thought I saw something there when you first mentioned it, prompted me to make a few drawings
Attached Image (click to enlarge)
Click to Enlarge Name: 2016-10-10-TOS_CHARTS.png Size: 51 KB
  • #144,045
  • Oct 10, 2016 3:58pm Oct 10, 2016 3:58pm
A decent and simple day in the markets without the US on board. 'Solid' EZ numbers keep coming helping to hold the highs in European Equities but more importantly OIL finding strong foot.

Quoting sisse
Choose your poison time for those interested in OIL ... {quote}
Russia playing ball with OPEC and except some loose free riders (Iraq and to lesser extend the desperate Venezuela) all in line to push OIL higher closing in an early session triggering "imminent break up alerts for this week.

Sadly we couldn't clear first target by crumbs (hate when it happens) and at these levels ...no break no shake so micromanaging that target with the European opening tomorrow if not clear overnight.

Quoting sisse
...and we rolled with a bearish daily close in the Euro .... thats all for this week .... sisse
On the FX board, CAD on the move via OIL but without Canada on board so the real deal (very tradable) still on the table.

Euro as expected cleaning the soft NFP flow and going for the 4th attempt to crack the never ending 1.11xx handle with DB and Brexit looming in the background but with a slightly bullish roll this time via solid macro numbers and expecting even more later this week....

Not much to see or do at these levels across the board except in Oil only that is already on the road ....

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #144,046
  • Oct 10, 2016 4:05pm Oct 10, 2016 4:05pm
Any of you guys gone the LLC route?
  • #144,047
  • Oct 10, 2016 4:19pm Oct 10, 2016 4:19pm
Quoting sisse
A decent and simple day in the markets without the US on board. 'Solid' EZ numbers keep coming helping to hold the highs in European Equities but more importantly OIL finding strong foot. {quote} Russia playing ball with OPEC and except some loose free riders (Iraq and to lesser extend the desperate Venezuela) all in line to push OIL higher closing in an early session triggering "imminent break up alerts for this week. Sadly we couldn't clear first target by crumbs (hate when it happens) and at these levels ...no break no shake so micromanaging...

Even if EZ keeps on delivering with solid numbers , it wouldn't have much weight on speculators direction wise , now that we cleared NFP flow , it doesn't make sense for

dollar to keep the tight range as soon as this week , EU 1.11xx handle is such an incredible defense line which is running out of time .

Question is , did EU decouple from carry trade at this point ?
Get Rich or Die Tryin
  • #144,048
  • Oct 10, 2016 4:30pm Oct 10, 2016 4:30pm
Quoting hoom
{quote} Even if EZ keeps on delivering with solid numbers , it wouldn't have much weight on speculators direction wise , now that we cleared NFP flow , it doesn't make sense for dollar to keep the tight range as soon as this week , EU 1.11xx handle is such an incredible defense line which is running out of time . Question is , did EU decouple from carry trade at this point ?
At some point sisse said the carry trade is intact only if the risk-off is soft and is external to EU. With Brexit and DB as two main drivers of problems (leavinf US elections aside) - EUR is gonna be in the middle of the storm and the carry trade is most likely not gonna materialize.

P.S.: sorry Im not posting more these days. Got first job after graduation so Im trying to equilibrate my job with trading - trading short and mid term swings as sisse taught us is real blessing in this case as you dont need to be watching the screen 24/7. Keep it up. Ill post more soon
  • #144,049
  • Oct 10, 2016 4:42pm Oct 10, 2016 4:42pm
Quoting chester123
{quote} At some point sisse said the carry trade is intact only if the risk-off is soft and is external to EU. With Brexit and DB as two main drivers of problems (leavinf US elections aside) - EUR is gonna be in the middle of the storm and the carry trade is most likely not gonna materialize.
I see thanks for your reply

Quoting chester123
P.S.: sorry Im not posting more these days. Got first job after graduation so Im trying to equilibrate my job with trading - trading short and mid term swings as sisse taught us is real blessing in this case as you dont need to be watching the screen 24/7. Keep it up. Ill post more soon
By the way , I graduated last year and I have commited myself to do a year full time trading without looking for a job although I have had offers in the banking sector

etc... and I must say that I make a good living for now but I am more inclined towards the idea of having my own business [company] in my field of study [software

engineering] alongside trading my own money .
Get Rich or Die Tryin
  • #144,050
  • Oct 10, 2016 6:31pm Oct 10, 2016 6:31pm
Quoting Pharm0r
Any of you guys gone the LLC route?
what about it?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #144,051
  • Edited 9:37pm Oct 10, 2016 8:21pm | Edited 9:37pm
Quoting Pharm0r
Any of you guys gone the LLC route?
Got a couple. Not sure what you are looking into though or if my xp would be relevant. PM if you you think it might be.
  • #144,052
  • Edited 11:05pm Oct 10, 2016 10:50pm | Edited 11:05pm
Quoting The Fool
{quote}what about it?
Quoting goosebone
{quote} Got a couple. Not sure what you are looking into though or if my xp would be relevant. PM if you you think it might be.
For trading- a way around the "trader" IRS designation is to have LLC or entity. Looking at having these guys handle my taxes this year...most likely 40% tax on profits (which REALLY grinds my gears considering my success this year...essentially working 4 months for free just to pay off uncle sam). Girlfriend is a realtor and I'm looking to invest in rentals down the road as well- wanting to explore wrapping the whole shebang up under LLC with 1 or 2 partners (myself and possibly g/f). Maybe even more down the road

NOT looking for investors or anything of that nature in the slightest- this is simply for my tax abatement only- but does leave open doors later down the road for anything under the sun to be honest...whether it be a new business or more partners or what have you. Also opens up all the tax abatement for business trips, office space, office supplies, gas mileage....etc

http://greentradertax.com/trader-tax...ity-solutions/
greentradertax.com/events/forex-tax-treatment-recording-2016/

I don't want to derail the thread too much...so we'll keep the convo to quiet-hours
  • #144,053
  • Oct 10, 2016 10:58pm Oct 10, 2016 10:58pm
Yes PTL I see we missed the train on AU
  • #144,054
  • Oct 10, 2016 11:03pm Oct 10, 2016 11:03pm
Quoting Pharm0r
Yes PTL I see we missed the train on AU
looks like it, I might consider offering some near 7595 now...
Look Sharp/Trade Tight
  • #144,055
  • Oct 10, 2016 11:08pm Oct 10, 2016 11:08pm
Quoting PayTheLimit
{quote} looks like it, I might consider offering some near 7595 now...
I wanna see how 7530 reacts, if so then 7650 (posted in the chart) should still have a fighting chance by mofu rules. Whether or not the dollar will pull back long enough to get there is another story. I like 7608 too on the 4 hour hammer
  • #144,056
  • Oct 10, 2016 11:26pm Oct 10, 2016 11:26pm
Quoting Pharm0r
{quote} I wanna see how 7530 reacts, if so then 7650 (posted in the chart) should still have a fighting chance by mofu rules. Whether or not the dollar will pull back long enough to get there is another story. I like 7608 too on the 4 hour hammer
indeed, still early in the week...and anyway I'm concentrating mostly on closing accounts and balancing out, and cleaning financial house so to speak
Look Sharp/Trade Tight
  • #144,057
  • Oct 10, 2016 11:29pm Oct 10, 2016 11:29pm
Quoting Pharm0r
For trading- a way around the "trader" IRS designation is to have LLC or entity.
I have done this with an S Corp. I don't think there are tax advantages in an LLC, as taxation on revenue or profits or wages or whatever are passed through to you. LLC is a good way to deflect liability from partners, but better tax advantages in incorporation, imo., especially re: self-employment tax. Whatever you don't pay out in salary (to yourself) can be retained by the S Corp as unearned income, plowed back into the trading accounts. Grain o salt, though, I'm not a tax attorney, and I have been trading from IRA accounts almost exclusively the last 3 years....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #144,058
  • Oct 10, 2016 11:41pm Oct 10, 2016 11:41pm
Quoting The Fool
{quote}I have done this with an S Corp. I don't think there are tax advantages in an LLC, as taxation on revenue or profits or wages or whatever are passed through to you. LLC is a good way to deflect liability from partners, but better tax advantages in incorporation, imo., especially re: self-employment tax. Whatever you don't pay out in salary (to yourself) can be retained by the S Corp as unearned income, plowed back into the trading accounts. Grain o salt, though, I'm not a tax attorney, and I have been trading from IRA accounts almost...
Yeah that seems to be what I'm getting from the site I listed as well. See you also know I hold a few other investment accounts so I'd like to see the options on putting those under .corp umbrella as well.

So many options and different avenues. I'll probably bend your ear more as I go through the process- or anyone's whom has a pointer
  • #144,059
  • Oct 10, 2016 11:47pm Oct 10, 2016 11:47pm
Quoting Pharm0r
Yeah that seems to be what I'm getting from the site I listed as well. See you also know I hold a few other investment accounts so I'd like to see the options on putting those under .corp umbrella as well. So many options and different avenues. I'll probably bend your ear more as I go through the process- or anyone's whom has a pointer
well, feel free, pm me, but your best bet would be to find a very good tax attorney or (maybe better) a good accountant who has specific experience with traders, hedge funds, etc. Not cheap, but really good people like that will not be looking to overcharge a young dude looking for counsel because they are raking in big $$$ from their bigger clients (one would hope.) Anyway, good luck. Things have gotten a lot easier for me since I started pushing it all forward into the retirement vehicles. I'm 25 years ahead of you though, I know...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #144,060
  • Oct 10, 2016 11:49pm Oct 10, 2016 11:49pm
damn dude, your older than dirt...
Look Sharp/Trade Tight
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