08:25am    A few meetings here at home today so there maybe time to do some chart watching inbetween, any trades I have will be detailed here through the day.

I am away for long-weekend break from early tomorrow so my next Market Update/Trading Diary will be on Tuesday 15th.

Market Update:

The commodity price drop is still causing headlines across markets with U.S. equities ending down again yesterday for the third time this week although the S&P500 has now fallen onto its 200 day moving average where it is resting this morning so we may see a small retrace upwards as bargain hunters come out for a short buying spree.  Reports of dwindling global storage facilities for Crude Oil are causing concern amongst oil companies but no one is willing to move first to cut production so more falls are expected for Brent and U.S. WTI Crude although the UK oil chart does seem to have found a minor support around $39:60 and is currently trading just above the $40 level. A majority of oil traders I have spoken to this week feel the 2009 level of $35 is in the firing line soon though and with OPEC’s rhetoric regarding production levels, we may see further falls before the year is out.

Gold is coming off its recent low at $1046 and had another mildly positive day on Wednesday although commentators are mixed as to why this is happening.  A slight increase in demand on the run-up to Christmas is one reason although more probable is bargain hunters coming out for a few days to grab some quick profits.

Trading Diary:

10:15am   Just got back from cycle ride and I can see a possible trendFX trade setting up on the German Dax-30 chart.

10:30am   The ‘long’ Dax-30 trade mentioned above has now triggered so I am the market with a 43 pip stop loss, slightly higher than normal on a 15 minute chart but that reflects the volatility at the moment. It is a strategy-3 set-up from the trendFX system.

11:35am    Just got back here into my study after a meeting and noticed my Dax trade has been stopped out a short while ago at -43 pips.

14:00pm   Nothing to see on my charts when I just had a look so off to late lunch now with some other traders.

16:10pm   Back home now but other things to do so no more chart watching for me today.  Will be back to trading on Tuesday.