Trading Diary & Market Update ~ Thursday 4th September 2014
07:25am ~ I am off to Long Melford shortly to see a friend and trade with her today – I’ll report back later with any trading news (from either of us)
Asian markets overnight were subject to some profit-taking after good gains this week and traders will be waiting to see what the Bank Of Japan does later today in terms of monetary stimulus, although the market has to some extent price din a continuation of the massive money-printing exercise that’s been a feature of the Japanese economy for quite a while now. I mentioned in yesterday’s diary, the markets generally had a good boost mid morning yesterday on news that a ceasefire in Ukraine had been agreed although later in the day this was denied by Putin’s ‘people’ so the early gains were given back although most indices ended the slightly up except for the S&P 500 which is still hovering around the 2000 level, unable to make much headway at the moment.
After a large fall in WTI Crude on Tuesday, bargain hunters came back into the market yesterday and pushed the price back upto $95 on the back of a good economic outlook for the U.S. which will keep demand up and over here Brent Crude followed suit after bouncing off the important $100 level at the end of Tuesday’s session. Gold had a sharp sell-off on the news that there was a ceasefire in Ukraine but the value then climbed gently for the rest of the day as traders realised the truth regarding the Russian Presidents game with the West – it finished the day just over $3 higher at $1269.20. There is a fairly strong pivot point at $1275 and the price seems unable to get above that in the short term.
Market Close Wednesday 3rd Sept. 2014: Dow Jones 30 +10.72@ 17,078.28 S&P 500 -1.56 @ 2,000.72 FTSE 100 +44.41 @ 6,873.58 DAX 30 +119.47 @ 9,626.49 CAC 40 +43.54 @ 4,42.87
09:30am ~ Got over here 30 mins ago and straight off I’m in the market with a ‘long’ position on my WTI Crude chart – again it’s a UTB pattern and I have an 18 pip stop-loss.
11:35am ~ The upward momentum has temporarily subsided and also the internet over here has started to become slightly unreliable so I have come out of my WTI position with a +30 pips.
13:50pm ~ Nothing much else has happened in the markets so we’re off to the Bull for some lunch.
20:05pm ~ I’ve been home for a couple of hours and have been watching my S&P 500 chart for any “Trade With A Day Job” set-ups since 7pm but nothing has popped up so I’m calling it a day and going off to grab some dinner.
Daily Target +20 pips
Pips Achieved +30 pips
Week’s Total +214 pips