07:35am   Just sent off my daily ‘Trading Guidance’ email to subscribers and for the rest of the morning I shall be at home watching charts, doing emails and also putting the finishing touches to my new book on Triangle Trading.

Market Update:

U.S. equities had a largely bearish day on Thursday with the main Dow Jones index down 23 points (-0.13%) on weaker GDP figures for the 3rd quarter. This slow growth in the U.S. economy will be one of the deciding factors for the Fed when they decide on a rate shift at their December meeting although an expected rise of just 0.25% initially is hardly going to make a difference to most large companies anyway.

In Asia overnight, the Japanese Nikkei 225 ended slightly up after the Bank Of Japan decided to stall their stimulus programme which is seen by many traders as a positive move as the government still thinks the economy is fairly safe and relatively unaffected by Chinese woes. The Crude oil market is still in a bearish mood despite a move up of $2:70 during Wednesday’s session – the price this morning is hovering around the $45:50 level and is using the 20 day moving average as resistance at the moment.

Trading Diary:

08:55am   Just entered a ‘short’ position on my UK FTSE 100 chart, it’s a UTB set-up with a whopping 11 pips !

10:35am   Off out for a cycle ride soon plus some other errands in town so I have just closed off my FTSE trade – it has managed +27 pips, happy with that.

15:45pm  I entered a ‘long’ position a few minutes ago on my S&P 500 chart – it is another UTB pattern and the stop loss is 25 pips.

17:10pm    Off to see a neighbour now so out of the S&P trade as I’m happy with the score, it ended up at +51 pips. That’s it for trading this week , 78 pips today and a total of +176 pips since Tuesday.