07:40am   Just emailed my daily ‘Trading-Guidance’ sheet to subscribers and for the rest of the day I shall be having a relaxing time here at home catching up on emails and doing some chart watching from time to time.

Market Update:

The terrorist situation in Europe is weighing heavily on equities this morning with the German Dax 30 index looking as though it will open sharply down with the London FTSE 100 following suit in pre-market trading. There are a few sectors that will suffer from the growing ‘lock-down’ across northern Europe including tourism and retail shares and airlines could be in the firing line soon as well if there are credible threats across the Atlantic as the U.S. government has now issued a worldwide travel alert for its citizens.

The falling values of global commodities is also having an effect on equity markets but there is a glimmer of hope in the Crude oil market as Saudi Arabia’s ploy to keep crude oil prices low to flush out new U.S. fracking companies that have upset their market dominance has backfired somewhat and now they are coming round to fact that not even the richest oil nation in the world can survive with crude prices as they are at the moment. They have signalled that they are now willing to talk to fellow OPEC members about restricting production to boost the price above the unsustainable $40 level. This news meant  WTI Crude has halted its fall and the daily chart has a number of bullish reversal candle patterns around the $40 level and the next few days of price action will confirm this as a new support line.

Trading Diary:

 07:55am   Just entered a ‘short’ position on the German Dax 30 index, more details in a moment as some trader friends have just arrived for breakfast.

09:15am   Details of the trade I am in are as follows — it’s a trendFX ’strategy-1′ set-up on the Dax 30 index with a 20 pip stop loss and so far it’s doing ok, currently at +59 pips.

09:35am   All the signs are that the German Ifo business climate survey is going to come in higher than last month so as I was shorting the market I am now out of the position with a more than satisfactory +66 pips.

14:55pm    Just back from lunch and nothing much to get excited about on my charts – I am going to join in on a round of golf up the road instead of sitting in the study this afternoon.