Trading Diary & Market Update ~ Monday 9th September 2013
10:35am ~ We had a few friends stay over for the weekend so it’s been a slow start to the week as the last of them only left a short while ago.
I’ve not yet looked at my charts for the morning so I’m not sure what they’re up to at the moment, but overnight news regarding better than expected Chinese exports will certainly have an effect on the UK and U.S. markets for a short while at least. Earlier news regarding President Obama’s push to convince the senate that a limited strike on Syria is going to be a good idea for everyone will surely have some effect on the markets, but probably not today, so we may have a quiet day on the main world indices. Back to Friday and the Non Farm Payroll numbers, although good, came out worse than the markets expected so initially there was a large decline on the Dow Jones and S&P indexes, but once traders had digested the numbers and realised that there were some bargain stocks available, there was a corresponding rise in prices and Friday’s U.S. trading session ended broadly unchanged. One point to note is the S&P500 shot down to what I regard as a key level at 16500 seconds after the employment numbers were released, before rebounding upwards so this level may prove to be significant in the near future, so watch out if you trade the emini futures.
Brent Oil price rose on Friday amid, I suspect, the rising tension between the U.S. and Russia regarding the Syrian situation – with Putin’s spokespeople suggesting that they would step in and assist Assad’s army in the event of a U.S. attack. Gold was also up for probably the same reason and on Friday evening the price was sitting at a what looks like a key support/resistance level (email me if you’d like a chart showing what I’ve seen – it’ll help with day trading)
Just off now to take two of my cars for services, and I shall be back after lunch to do some emailing and Skype calls.
15:45pm ~ I am back home now so will get going with some admin work in the study and also start watching my charts shortly. My “Trade With A Day Job” beginner’s system starts at 5pm but before then I’ll look for opportunities with my other two systems.
16:35pm ~ While I’ve been doing some Skype calls I have also got into a ’long’ position on the S&P500 using one of the trendFX strategies. It’s currently a few points in profit but I’ll report back later regarding its final performance.
19:25pm ~ Well, that’s the end of my early evening trading session – I ended up having two positions, the one I mentioned earlier plus a “Trade With A Day Job” trade which I got into at 6pm. This trade gave me +48 pips when I came out a few minutes ago and the earlier trendFX trade managed +80 pips. Off out to Cafe Rouge now for some supper with the girlfriend…
Daily Target Reached ? YES (+128 pips) I traded for 4 hrs this afternoon/evening
Here’s a chart screenshot I’ve just done of my S&P500 trade this evening using one of the trendFX strategies (click on image to enlarge)