07:25am  ~  An early start for me today as I am taking two of my cars for MOT’s but I will then be back here in the study catching up on emails and doing some chart watching.

I am going to start my market update today with Brent Crude as it’s the first chart I’ve looked at when turning on my MT4 charts just now. It’s price suffered a near $3 fall yesterday on the back of a WTI Crude drop due to slight concerns about the strength of the U.S. economy but on the daily chart there is some support around the $58 level (currently $59:35) and it is also showing signs of being oversold at the moment as well, which does hint at a price rise soon.  U.S. Crude was down $2:87 to end the session at $51:17 with similiar support at $50.

Equities suffered a late fall due to slightly pessimistic concerns at the latest FOMC meeting, the Fed sees problems ahead due to a strong Dollar together with the ongoing problems in Greece and the Ukraine, so has hinted at a later than expected rate rise. The Greek finance minister is due to ask the EU and other creditors for a debt extension today on the back of news that the European Central Bank’s Governing Council is going to increase Emergency Liquidity Assistance to just over 68 billion euros for the next fortnight. As traders turned bearish, the value of Gold was given a boost as a safe haven investment after Fed comments last night and with ongoing troubles in Ukraine regarding the failed ceasefire the support level that seems to have developed at $1200 may well hold for a while.

Market Close Wednesday 18th February 2015:   Dow Jones 30  -17.73 @ 18,029.85  S&P 500  -0.66 @ 2,099.68  NASDAQ  +5.57 @ 4,390.91  FTSE 100  -0.05 @ 6,898.08  UK AIM  +1.85 @ 708.56  DAX 30  +65.38 @ 10,961.00  CAC 40  +45.04 @ 4,799.03  IBEX  +107.30 @ 10,805.30   Nikkei 225 (Today)  +65.62 @ 18,264.79  Hang Seng (currently)  +47.20 @ 24,832.08

10:15am  ~  I am back home so going to watch some charts and get on with emails.

10:35am  ~  Possible ‘short’ trendFX set-up on my U.S. Crude chart.

11:10am  ~  The WTI Crude has dropped far enough to trigger my ‘short’ trade so I am in the market with a 42 pip stop loss.

11:15am  ~  There’s nothing much else happening on my charts so I’m going to grab this opportunity to go on a cycle ride along the beach path towards Dunwich power station. Stop and target in place for my WTI trade.

12:45pm  ~  Back home now and my U.S. Crude position is still trundling along, currently at +21 pips.

14:25pm  ~   Crude oil values have dropped quite dramatically in the past hour or so and WTI Crude has just hit a short term support level at $49 so I am now out of my position with +101 pips.  A quick lunch at The Crown with a friend now.

15:55pm  ~  There’s a possible ‘long’ UTB pattern setting up on my WTI Crude chart ahead of the Crude Oil Inventories announcement and as there is a reasonable 42 pip stop loss I shall take the trade if it does trigger – this is not an opportunity I would suggest new traders take if they’re still worried about losing trades.

16:10pm  ~  Just noticed my order has been filled – and the price is rising rapidly even though there is a significant rise of crude stock.

16:45pm  ~  I have to go out now to pick up one of the cars so I have closed off the U.S. Crude UTB position, it’s come in at +170 pips.

21:55pm  ~  Just got back home after an evening out so no trading to report.