08:20am ~  A relatively lazy start for me today after getting early in this morning, I have a meeting with builders in a minute and then the rest of the morning will be spent here in the study catching up on emails and doing some chart watching.

On the markets yesterday the bears seem to be in charge now after OPEC downgraded their prediction for Crude Oil prices in 2015 and this sparked a sell-off in U.S. equities and has continued through the night in Asia.  The Dow Jones Industrial Average lost nearly 280 points which is it’s largest one-session loss for two months, ending at 17,544 with no support in sight until the 17, 340 level.  The wider S&P 500 index also suffered similiar losses and came to a rest at a previous resistance level around 2025.

With OPEC’s announcement it was no real surprise that the Crude Oil market moved southwards yesterday and the Saudis also made it clear they were not interested in supporting the price as their oil minister Ali Al Naimi said that “prices will correct themselves” – a sure sign that they are more worried about their market share than absolute values. The U.S. WTI Crude lost over $2 by yesterday evening to finish at $61.22 after OPEC’s announcement together with the weekly stock report that showed U.S. stockpiles had an unexpected rise of 1.5 million barrels.

With equity markets in decline you would expect a move to safety with traders favouring Gold investments but with tumbling oil prices there is also the threat of deflation and Gold seems to have formed a resistance level at $1238 which so far this morning it is obeying.

Market Close Wednesday 10th December 2014:   Dow Jones 30  -268.05 @ 17,533.15  S&P 500  -33.68 @ 2,026.14  NASDAQ  -69.80 @ 4,224.87  FTSE 100  -29.43 @ 6,500.04  UK AIM  -3.50 @ 703.36  DAX 30  +6.02 @ 9,799.73  CAC 40  -36.03 @ 4,227.91  IBEX  -64.70 @ 10,396.90   Nikkei 225 (Today)  -155.18 @ 17,257.40  Hang Seng (currently)  -172.86  @ 23,351.66

08:25am  ~  There’s a possible ‘short’ trade setting up on my Gold chart at the moment – it will trigger if the price goes below 12217 so I shall set an order as I have to go out in a minute.

09:30am  ~  Just got back indoors and seen that the above trendFX trade is ‘live’ — I have a stop loss of 35 pips and don’t forget that if you’re also trading this particular position this morning, you would be a very successful trader if you just took 35 pips out of each trade (1:1 profit ratio on this trade) and had just one trade per day – even 15 or 20 pips is more than enough.

10:20am  ~  There’s a possible UTB trade setting up in the opposite direction to the position I’m in at the moment so I shall close my current ‘short’ trade if the UTB triggers. This is not a  way of trading that I would usually recommend but the UTB pattern is so reliable it makes economic sense.

10:40am  ~  I am out of my 1st Gold trade and I am now in the above mentioned ‘long’ UTB trade – the original Gold trade has come out at +12 pips.

11:15am  ~  This ‘long’ Gold position is currently at +13 pips and the stop loss is 23 pips.

13:15pm  ~  My Gold chart is starting to become quite volatile and we’re getting close to the U.S. trading session open and some economic announcement so I have come out of my trade with a +38 pip profit.

15:05pm  ~ No more trading for the day – just been invited to play tennis at a friend’s house in Walberswick.