08:10am   A fairly lazy day at home doing some jobs and catching up on emails. If I do have a chance to watch any charts I will post trade details here as they occur.

Market Update:

The U.S. markets had a fairly positive week and ended the Friday session up on the day even though there was underwhelming economic news during the week and the Chinese currency devaluation hangover that was instigated by their Government from Monday onwards. Here in Europe there was subdued optimism as one of the final hurdles of the Greek situation was overcome as EU Governments agreed final bailout terms for Greece although the IMF is still whingeing about the level of unsustainable debt which they see is going to stop the country moving forward and out of this crisis.

In the Crude Oil market their are reports the OPEC producers are going to reach a record output soon of just over 33 million barrels per day and this is obviously putting pressure on the already low value – subscribers to my daily guidance emails will know that the price is now at a critical level, as it’s been sitting right on the important support line at $42:00 for a few days but this morning has dropped down below it, currently at $41:80.  The Gold price had its first positive week since the middle of June although it does seem to have hit a slight hurdle at $1125 so the next few sessions will sort out the direction for traders.

Trading Diary:

09:25am   There’s a possible bullish UTB pattern setting up on my U.S. WTI Crude and Brent Crude charts.

09:35am   I am now in a ‘long’ position on WTI Crude chart with a 17 pip stop loss — not much else happening on my other favourite charts.

11:10am   Off out for a cycle ride with a neighbour soon – so I’ve closed my trade off at +22 pips, happy with that for the morning session.