08:15am   Back from short holiday now and I shall be spending most of the day here in the study catching up on emails and doing some chart watching now and then. Any trades I have will be reported here.

Market Update:

After Friday’s Non Farm Payrolls announcement came in slightly more downbeat than expected, shares in Japan ended Sunday night’s session up and European equities are probably going to follow suit as Monday’s trading gets underway. The Chinese markets are closed now until Thursday so Asian sessions could be subdued for the next few days but in the U.S. the old adage of ‘Bad News Is Good News’ is once again rearing it’s head and the disappointing jobs increase in the U.S. means that the Federal Reserve will now put back their Interest Rate rise until 2016 unless there is a surprising rise in economic activity. Traders in London that I’ve spoken to in the past fortnight were betting on a December rise but that now seems to be out of the window as the Chinese slowdown seems to be in full swing as well. The only light at the end of the tunnel is that more monetary stimulus by major governments is now firmly on the table and investors are now waiting to see how much and how soon – an interesting month’s trading ahead I believe.

Trading Diary:

08:30am    There will probably be a long trade kicking off in a minute — the price on my Dax 30 chart is looking very bullish.

08:40am   I am now in a ‘long’ position on the Dax chart — I am using a trendFX set-up and my stop loss is 38 pips.

09:15am   Off out for a cycle ride now with a neighbour, my Dax position is doing ok (+52 pips) so I have brought my stop loss up to +38 and left the target open at the moment and review the trade when I am back in a couple of hours.

13:05pm     Trade still doing ok so leaving it going and off to lunch.

15:45pm    Just come out of my Dax position as a bearish UTB reversal pattern appeared on my chart – so I am now ‘short’. My new trade has a 27 pip stop loss and the first one managed +135 pips.

17:40pm    Off out for a few hours to meet some other traders in the Lord Nelson so I’m leaving the UTB trade to run — not doing terrifically at the moment !

23:45pm   While I was out earlier my UTB trade was stopped out at -27 pips.