After being introduced to FOREX trading this year and dabbling in the market via a 'mavrick' investment broker (don't ask, a real Robin Hood persona) I am slowly learning more and more of the complexities and risks involved. A friend and myself have studied intensively, all be it part time, from cd's, books, the net, etc and have now signed a for 3 day course with MTI (Market Traders Index) from the US with whom we hold an account.
As a real novice I'm looking for some of my fellow readers knowledge on the whole subject. How do you get into something like FOREX trading, are there jobs in Ireland, is there much of a market in Ireland for it, is it a small few practicing for themselves or are there people out there investing on behalf of others? My experience so far has been positive, making back what I invested after 7 months (i.e%) but that is someone acting on my behalf and to turn this into a longer term source of income then I feel I need to continue developing my own skills and knowledge.
So if anyone has any experience or words of wisdom then I'd be glad to read them.
Cheers
, PM#1
, PM#2
, PM#3
eunic-brussels.eu
TRADE Scan on 2 brokers at end of DAY / beginning of DAY :: PFD : MT4 and GO : MT5
PLEASE NOTE : This is MY observation of pairs highlighted by my pinbar and engulfing indicator and not an explanation of any trade - JUST OBSERVATIONS
MY Forex Google Share Folder
eunic-brussels.eu
FROM MY PINBAR and ENGULFING INDICATOR on the two brokers ::
AUDCHF CADCHF EURAUD EURCAD EURGBP EURNZD NZDCAD NZDCHF USDSGD USDCNH WS30 UKOIL-F USOIL-F ETHUSD
,AUDCHF, outside & engulfing , high = , low =
Stalling Red indecision candle in a wedge pattern just under the top of a range channel
,CADCHF, outside, high = , low =
Stalling Green indecision type candle in a down move in a range channel
,EURAUD,PFD, Pinbar , high = , low =
Green Pinbar indicating rejection of a break down through / of the significant level price is stalled at
,EURCAD, Pinbar , high = , low =
Red Pinbar within a diamond indecision pattern stalled just below a significant daily level
,EURGBP, engulfing , high = , low =
big Green Engulfing candle in an up trend now reached a significant daily level
,EURNZD, Pinbar , high = , low =
Green Pinbar indicating rejection of a break down through / of the significant level price is stalled at multiple bottom pattern possible weekly move down
,NZDCAD, outside, high = , low =
Big Red Indecision candle in a possible diamond indecision pattern stalled at a significant daily & weekly level
,NZDCHF, outside, high = , low =
Big Red Indecision candle one of many- stalled at a significant daily level with a weekly double bottom indicating possible trend change to up stalled here
,USDSGD, engulfing , high = , low =
Green Engulfing candle in a consolidation area
,USDCNH, outside & engulfing , high = , low =
Green Engulfing candle in a consolidation area stalled at a significant daily level
,WS30, outside & engulfing , high = , low =
bigger Red Engulfing candle clear reversal from a significant daily level and chart high but not quite from the daily swing % Fib target of possible trade down also possible interim pull back before move to % fib
UKOIL-F & USOIL-F
Red Clear long wicked pinbar rejection at a significant daily level following a move up also wide down channel top rejection following a move up across it similar to Nov 30th strong likelihood of a trade down
,BTCUSD, Engulfing
Green Engulfing candle break up from a wedge consolidation area move up to a significant daily level ascending wedge
,ETHUSD, Pinbar
Red Clear long wicked pinbar rejection at a significant daily level rejecting a move up in a wedge pattern sitting above a gap
Last edited by wizAlvin; at PM.
Be aware of wizards, for they are subtle and quick to anger.
that not forbidden is mandatory.
Anyone but o'brien
, PM#4
, AM#5
TRADE Scan on 2 brokers at end of DAY / beginning of DAY :: PFD : MT4 and GO : MT5
PLEASE NOTE : This is MY observation of pairs highlighted by my pinbar and engulfing indicator and not an explanation of any trade - JUST OBSERVATIONS
MY Forex Google Share Folder
eunic-brussels.eu
FROM MY PINBAR and ENGULFING INDICATOR on the two brokers ::
AUDCAD AUDCHF AUDNZD AUDUSD EURAUD EURUSD NZDCAD NZDUSD USDCAD USDSGD BRENT
,AUDCAD, outside & engulfing , high = , low =
bigger Green Engulfing candle in a move back up to the prior significant daily level reached last month = possible double top watch
,AUDCHF, engulfing , high = , low =
Stalling Green Engulfing candle - consolidating pattern just under the top of a range channel
,AUDNZD, outside & engulfing , high = , low =
Stalling Green Engulfing candle -consolidating pattern in a consolidating area / channel
,AUDUSD, outside & engulfing , high = , low =
big Green Engulfing candle in an up trend to a significant daily level
,EURAUD, engulfing
red Engulfing candle in a down trend to a significant level
,EURUSD, engulfing , high = , low =
bigger Green Engulfing candle in a move back up to the prior significant daily level reached last month = possible double top watch
,NZDCAD, engulfing
Big Green Indecision candle in a possible diamond indecision pattern stalled at a significant daily & weekly level
,NZDUSD, engulfing , high = , low =
Green Engulfing candle in an up trend to a significant level
,USDCAD, engulfing
red Engulfing candle in a down trend to a significant level
,USDSGD, engulfing
red Engulfing candle moving / oscillating across a consolidating area (near a significant level )
,WS30 note the 61% fib full back of the prior reg engulfing candle
,BRENT, engulfing
green engulfing indecision candle following on from yesterdays Red Clear long wicked pinbar rejection at a significant daily level following a move up also wide down channel top rejection following a move up across it similar to Nov 30th strong likelihood of a trade down
Be aware of wizards, for they are subtle and quick to anger.
that not forbidden is mandatory.
Anyone but o'brien
, PM#6
, PM#7
, PM#8
, AM#9
, AM#10
TRADE Scan on 2 brokers at end of week :: PFD : MT4 and GO : MT5
PLEASE NOTE : This is MY observation of pairs highlighted by my pinbar and engulfing indicator and not an explanation of any trade - JUST OBSERVATIONS
MY Forex Google Share Folder
eunic-brussels.eu
FROM MY PINBAR and ENGULFING INDICATOR on the two brokers ::
CADJPY CHFJPY EURGBP GBPAUD GBPCAD NZDJPY USDCNH XAUUSD XAGUSD
: (weekend),CADJPY, engulfing , high = , low =
Green Engulfing body candle - consolidating pattern in a significant zone just under the top of a possible channel
: (weekend),CHFJPY, outside & engulfing , high = , low =
Green Engulfing body candle - consolidating pattern in a significant zone just under the top of a possible channel
: (weekend),EURCHF, Pinbar
red pinbar candle in a rejection of this very significant daily weekly monthly level - possible double / multiple bottom watch very high time frame descending wedge
: (weekend),EURGBP, Pinbar , high = , low =
red pinbar candle - possible lower TF pull-back trade upward with trend indication
: (weekend),GBPAUD, Pinbar , high = , low =
green pinbar candle move back down to the significant level- possible lower TF pull-back trade downward with trend indication or possible stalling at a significant zone / level
: (weekend),GBPCAD, Pinbar , high = , low =
green pinbar candle move back down to the significant level- possible lower TF pull-back trade downward with trend indication or possible stalling at a significant zone / level
: (weekend),GBPSGD, Pinbar
red pinbar candle move back down to the significant level - stalled at the base of a consolidation area
: (weekend),NZDJPY, outside & engulfing , high = , low =
Green Engulfing candle possible consolidating at / under a significant level
: (weekend),USDCHF, Pinbar
green pinbar candle clear trend rejection at a significant level and chart low - possible trend rejection trade upward
: (weekend),USDCNH, outside, high = , low =
Green Outside candle possible consolidating at a significant zone as occurred many time previously
: (weekend),XAUUSD, Pinbar , high = , low =
green pinbar candle clear rejection at a significant level - possible return to consolidation or false break out up
: (weekend),XAGUSD, outside, high = , low =
Green Outside candle possible false break out up HOWEVER possible pullback in a move upward with the higher TF move up watch for a break, close and restest of this level
: (weekend),BRENT, engulfing
stalling red engulfing body second indecision type candle at a significant daily level following a move up also wide down channel top rejection following a move up across it similar to Nov 30th strong likelihood of a trade down
GOOD PIPPING
Old Jungle saying : Phantoms hands quicker than eyes can see.
Be aware of wizards, for they are subtle and quick to anger.
that not forbidden is mandatory.
Anyone but o'brien
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Hi,
I was looking for clarity on how to recognize losses on a year CD that I had invested in a foreign savings account. The CD was intended to be an investment - no personal transactions have been conducted in the savings account . I paid taxes on accrued interest on the CDs via Schedule B every year.
Say I put in $ at time 0, and received interest of $8, 9, 10, 11, 12, 13, 14, 15, 16, 17 (totaling $) in yrs so my cost basis is $ Upon repatriation, because of adverse FX moves, I received , say only $
1) Can I take $75 ($) as an ordinary loss as per Section ? In my view, there is no capital gain/loss involved as the CD par amount was effectively both at time zero and at maturity - so the entire loss is because of forex moves.
2) Do I report this in Other income, Form 1, line 8 in Turbotax? For description, do I just say something like "Foreign exchange losses on year CDs" or need to enter something else?
3) Do I need to attach any other documentation to my return?
Some experts have said that instead of taking losses, I need to use schedule D. Others have said that FX losses on CDs cannot be taken at all because they are personal transactions, not investments.
Even the reply from the FX experts on this forum seems to be different (For instance, see the response eunic-brussels.eu by Mike vs more recently under eunic-brussels.eu by DaveF)
Mike/Dave, is it possible to give your latest thoughts, and reconcile your views on my query? Thanks for the guidance
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So long as you can move your stop to profit you should be ok to let trades run. Sure, a few will turn back and you wont make so much but the ones that run on can be very rewarding.
Its also a very relaxing way to trade, turn the pc off, go for a beer, come back tomorrow, count the profits
London open is 2am my time. So I’d turn off the pc and go to bed. But yes, I agree, and had I done that on Friday, I would’ve woke up to at least double the +70 that I actually banked. I’m not unhappy with the +70, I just need to ease up the confidence in the strategy slowly. I’ve been at this for 5+ years (2 years demo, and the last 3 years live). And I’ve lost a boatload of $$$ up to this point. I need something simple, as Andy has said, a few primary rules that I can remember… rather than a bunch of rules in a trading plan that does nothing more than confuse and overwhelm. I’m hoping ‘the ducks’ is that strategy.
I’ve read the free e-book, plus the “paid” advanced course / videos, and am now working my way quietly through this thread. I don’t have any questions that I can’t figure out on my own (I’m happy to do my own donkey work). I’m just enjoying the thread posts where members show their charts, entries, and results. Plus, I’m scrolling back through the last year’s worth of my live charts and marking areas on the 4H and then dropping down through the 5m to see exactly what the price action did at the London open. The strategy is a little difficult to back test in Forex Tester (manually), so I’m just looking at previous moves on my live charts and taking screenshots for reference.
ETA: Here’s a question I just came up with… way back on post #, there’s a “3 Ducks Alert” mql4 file. Looks pretty handy. I’ve downloaded it, copy/pasted it to my mql>indicators folder, restarted MT4, dragged/dropped it onto a few charts, and… nothing. I know I’ve loaded it to the correct folder in the correct manner. Just wondering if someone knows, does this alert not work with the new MT4 build?
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