08:05am   The weather is good outside this morning so not sure whether I’ll be chart watching or spending time in the garden today but if I do have any trades they will be reported here.

Market Update:

The main news on the markets yesterday was the FOMC meeting and Janet Yellen’s comments at the end of it. As usual there was no outright announcement regarding the hot topic of the moment – the U.S. bank rate rise – although she dropped big hints that a continued improvement in the jobs market needs to be sustained before she will consider moving the minimum lending rate from the record low.  London traders I’ve spoken to this morning are unanimous in suggesting an odds on chance of an increase in the rate during September, which is only two more Non Farm Payroll announcements away and although an increase in the cost of borrowing is not generally a good situation for businesses, equity markets were generally upbeat after Yellen’s speech with the main U.S. index (S&P500) carrying on it’s march upwards from the reversal that occurred on Tuesday.

As it was Wednesday, the Crude Oil market in the U.S. had its weekly stock numbers released and as expected there was a drop but the figures surprised most traders as the fall  was over 4 million barrels against an expectation of around 1 million. The WTI Crude price ended yesterday’s session up at $48:92 building on Tuesday’s bullish reversal after hitting a recent low of $46:60.

Trading Diary:

09:55am   I did get into a ‘long’ position on my WTI Crude chart a short while ago – it is a UTB set-up again and my stop loss is 21 pips.

11:50am   I have now closed off my WTI position as a neighbour has called round for a cycle ride. I have managed +40 pips.