08:40am  ~  A late start for me this morning after getting back at 2am but I’m ready for a cycle ride then back here for some emailing, Skype chats with new traders and chart watching up until lunchtime.. We are flying out to Majorca this afternoon for the rest of August.

As I was watching my (short) position on the S&P500 last night, the index experienced a dramatic fall which at first glance could not be reasonably explained but I now know that world markets generally reacted to news of the Russian Army amassing upto 20,000 troops on the Ukrainian border and more specifically comments by the Polish Foreign Minister who was speculating that this move is really a prelude to a full invasion.  In reality, it’s not known whether this is more muscle flexing by President Putin as a retaliation for wider sanctions against his country or whether he is really serious about marching in, so diplomatic efforts over the next few days will no doubt reveal the underlying story.  On a technical perspective, the Dow Jones index hit a historic support level around 16,365 during yesterday’s trading session so there maybe a move upwards later today although the S&P 500 has got clear sky at the moment down to the 1900 level.

Across at the Oil markets, WTI Crude is now at its lowest level since March and perceived declining demand in the U.S. has once again put pressure on the value although with a few reversal candles being formed on the daily chart we may see a rebound as bargain hunters enter the fray.  Gold has not really enjoyed any type of popularity with all the geo-political problems at the moment, the rise in the value of the U.S. Dollar has largely held prices in check. There has been a rebound this morning but there is a support level at $1275 which may draw the value down in the next few days.

Market Close Tuesday 5th Aug. 2014:  Dow Jones 30  -139.81 @ 16,429.47  S&P 500  -18.78 @ 1,920.21  FTSE 100  +4.96 @ 6,682.48  DAX 30  +35.60 @ 9,189.74  CAC 40  +15.66 @ 4,232.88

10:05am  ~  Back home after a wet ride up the coast – I shall do some chart watching while I’m here in the study doing emails and Skype calls.

10:25am  ~  It looks as though there is a UTB pattern setting up on my Gold chart for a move down.

10:40am  ~  I am now in a ‘short’ position on my Gold chart with a 19 pip stop loss.

11:10am  ~  There is now a ‘short’ trendFX Trade setting up on my S&P 500 chart — watch this space…..

11:20am  ~  The S&P price has dropped sufficiently to allow a ‘short’ trade entry with a 29 pip stop loss. It is often quite risky to have a trade in both Gold and the S&P 500 in the same direction as they quite often move in opposite directions.

11:45am  ~  I am now out of the S&P position at a 1:1 profit (+29 pips) as the price seems to have lost its bearish momentum.

12:20pm  ~  The Gold price has stalled around the 12880 level a few times in past few hours so I have also come out of that trade with a 1:1 profit (+19 pips) also as I have  got lunch and packing to sort out soon.

23:00 CET (10pm UK time)  ~ Arrived safely a few hours ago here at the house but only just got the internet going – fingers crossed for the rest of the month.

Daily Target  +20 pips

Pips Achieved  +48 pips