07:25am   In the study this morning catching up on emails and outside all afternoon doing some garden restoration work so if I do have any trades I will report back here. There has been a possible ‘long’ trade setting up on my Gold chart since last night – if it goes above $1189.10 in the next few hours it will trigger the trade – it’s a trendFX set-up which I’ve had a lot of in the past few weeks (Strategy-3 this time)

Market Update:

After Janet Yellen’s comments last night the U.S. markets are taking a breather and relaxing as the general feeling is of a delayed rate rise. This is contrasted by occurrences here in Europe where it is becoming more obvious that Greece will not be paying it’s latest debt repayment instalment at the end of this month. There are currently three scenarios that seem possible with the Greek problem  1) Greece agrees a deal with the ECB and IMF to unlock funds in the next two weeks or  2)  Greece exits the EU and Euro and goes its own way in the world or finally  3) a temporary fix whereby there are a few concessions but nothing is really sorted.   If you were a betting person, it would be best to go for number 3 as there certainly no chance of any agreement in the near future.

On the Crude Oil market there was news out yesterday that U.S. stockpiles are nearly 90 million barrels above the 5-year average even though there has been a slowdown in production in the states and this caused WTI Crude to fall intraday and end Wednesday’s session 33 cents down at just over $60.  Gold was in a bullish mood yesterday as it continues to take advantage of uncertainty here in Europe, it rose by $3.50 to end the day at $1185.

Trading Diary:

08:35am    The Gold price has just risen above $1189.10 so I am now in a ‘long’ position. As the trade has been setting up for quite a while, the stop loss is higher than usual – it is 60 pips.

09:40am    Now in a ‘long’ position on my WTI Crude chart – it is also a trendFX strategy-3 set-up but this time the stop loss is just 31 pips.

10:55am    The Gold price seems to have run out of steam temporarily so I am now out of my position at +84 pips.  Still in WTI position currently sitting at +30 pips.

12:30pm    Off out to the Lord Nelson for an early lunch so I’ve closed off my 2nd trade – it has come in at +33 pips.