08:30am   Quiet day at home today with not much planned so I will report any trades I have as they occur.

Market Update:

The Federal Reserve’s statement last night highlighted Janet Yellen’s ongoing worries about the world’s equity markets as her timetable for interest rate rises across 2016 now looks to be less certain. Four rises was her preferred pathway, but the March/April one looks shakey at the moment. U.S. indices fell on this news and the overnight Asian session was equally as bearish although Europe has opened this morning largely positively so far.

There was better news earlier in the day as Crude Oil prices touched a one-week high on continuing hopes that OPEC and Russian will come to an agreement on output to stabilise although traders seem to forget that when the larger producers cut their output, the U.S. shale companies can then increase their drilling, back to 2014 levels. When all this is put into the mix, there does not seem to be much hope of the Crude Oil rising much above the $35 level this year.

As mentioned in my ‘Trading-Guidance’ email earlier this morning, the Gold price on the daily chart bounced off its 200-day moving average so we may see a slowing in the bullish sentiment in the next week or so. The precious metal rose sharply after the Fed comments last night but has steadily given back the gains and this movement has formed a bearish reversal candle on its Daily chart.

Trading Diary:

08:55am    There’s a possible UTB pattern setting up on my S&P500 chart — there is also one on the FTSE100

09:10am    The UTB pattern on the S&P500 has not completed but the FTSE100 did so I am now in that ‘short’ position on that index with a 14 pip stop loss.

10:15am    Just for some amusement, I have now entered a ‘short’ position on my S&P500 chart. Why have I done this as the FTSE100 and S&P500 generally move in the same direction ? Good if the direction is correct but double losses if I am wrong !

10:35am    This second position I am now in is also a UTB pattern but the set-up has developed on a greater number of candles so for me it’s confirming my original thoughts as to the direction of the markets this morning, customers/traders who have this system of mine will receive a detailed explanation before I go off to lunch. My stop loss this time is 45 pips.

11:35am  There’s another UTB pattern that’s just completed on the WTI Crude oil chart but I am not too bothered about taking another trade, my two current ones are doing well enough — off out soon as well.

11:50am   I am off for a cycle ride now before going to lunch so as I shall be away from my screen as the U.S. trading session opens I have closed off both positions. I could have tightened my stops and left them but I am very happy with the scores achieved.  The S&P500 trade has come in at +138 pips and the FTSE one ended at +70 pips and this result today highlights one thought I have on earning money from the markets – always be content with small trade profits most days because once or twice a month you’ll have a big winner, it’s inevitable really.

15:05pm     Back from lunch but no more glancing at charts — very happy with score today.