07:55am   We arrived back in the UK earlier this morning, so I’m having a lazy day at home today. If I do any chart watching I will report the activity here.

Market Update:

European markets are set to open mixed this morning after a bank holiday break in Germany and the UK yesterday – overnight Asian markets were generally bullish but problems in Greece and Spain is weighing on investor sentiment.  There was a rise to record levels for some Asian markets early this morning as the Chinese government announced that they are backing hundreds of joint-venture infrastructure and building projects with private companies which got traders in the buying mood. Here in Europe there are problems brewing in Spain where the government has suffered badly in local elections as the population is staging a backlash after four years of austerity measures. There is a wave of anti-austerity feeling spreading across southern Europe at the moment and if the EU and ECB do not deal with the Greek problems with a strong hand, these new emerging parties will become stronger and emulate the success the Syriza party has enjoyed and that will ultimately end in the partial break-up of the European Union experiment.

In the U.S. the Fed chief Janet Yellen was fairly non-committal in her speech on Friday with regard to the rate rise with markets now pricing in a decision as early as September but more likely December. There was positive inflation data out last week and if the Non Farm Payroll number in eleven days time is also good we may see equity markets fall away from the present high levels.

Trading Diary:

08:55am   There’s a possible UTB trade setting up on my Gold chart so I’m keeping a close watch on that one.

09:35am   The Gold price has continued downwards so invalidating the possible UTB pattern – and nothing else to report on my charts so I am off for a cycle ride.

12:10pm   Just spotted a possible ‘short’ trade setting up on my Brent Crude chart ~ a trendFX strategy-1 pattern.

12:25pm   In the Brent Crude position with a 16 pip stop loss.

16:35pm   Off out for the evening soon so I’ve closed off my Brent position at +142 pips.