07:25am   Early start for me this morning as I have a busy day catching up on emails after a last minute invitation to clay pigeon shooting in Surrey kept me out of the house all of yesterday. If I have any trades I will report the details here through the day.

Market Update:

The main news yesterday in the markets was the fact that UK Brent Crude values fell below $30 briefly, following U.S. WTI’s fall under that level on Tuesday although bargain hunters have pushed prices up for both slightly. The weekly Crude Oil stock level announcement in the U.S. showed another rise and with a continuing global glut with lessening demand, the price was always going to be under pressure. News recently released  is also hinting that Iranian sanctions are to be lifted early next week which will mean that oil exports from the country will resume and this can only push the price further down as they fight for market share in this overcrowded sector.

Equity markets suffered from the falling oil prices with Asian markets ending largely down with the Chinese Shanghai Composite bucking the bearish trend by ending almost 2% up. In the U.S. the S&P500 index ended down 2.50% and finished below the 1900 level for the first time in four months. The Gold chart is looking slightly bullish once gain after  a bout of profit taking that started last Friday.

Trading Diary:

08:00am  Just about to go off on a cycle ride with a neigbour but seen a possible short on the NZD/USD forex pair.

08:20am   Now in a ‘short’ position on the above mentioned chart using a trendFX strategy-1 pattern, my stop loss is 18 pips. Off for the ride now..

11:25am   The price on the NZD/USD has gone below the support level I highlighted on my daily ‘Trading Guidance’ email this morning so I’ve closed off the trade at +59 pips.

12:20pm    Out to lunch……

16:30pm    No more trades to report, I had an unscheduled round of golf after lunch and only just got back home.