Trading Diary & Market Update ~ Friday 26th February 2016
08:00am Back home now after two days away in Norfolk and I shall be spending most of the day putting the finishing touches to my Triangle-Trading-System Part-2 Manual which is being released in the next few days. If I do manage to do any chart watching as well, I will report any trades I have below.
I shall be back trading next Tuesday after a long weekend away.
Market Update:
The main news today in the markets is the G20 meeting in Shanghai where finance ministers are gathering together to talk about financial stimulus, oil prices and interest rates in the hope of pulling the world economy out of the doldrums it seems to have slipped into this year. U.S. equity markets had a positive finish yesterday on news that OPEC and Russia are to have formal meetings over oil production limits and this also helped WTI Crude to rise during Thursday’s session by 86 cents to finish at $32:98 and this morning it is slightly up on that level at $33:27.
There has been a positive start in European markets this morning after a fairly optimistic Asian session overnight with the Hang Seng index standing out with a rise of 475 points (+2.56%) to end at 19,364. The german Dax-30 is leading the charge today and is up over 1.7% already after just an hour’s trading. Not much economic news out today to move the markets but watch out for any surprises in the many G20 speeches today, you can keep abreast of breaking news on Bloomberg.
Trading Diary:
10:55am Not been watching my charts at all this morning but had a phone call 5 minutes ago from a trader friend of mine asking whether I thought the S&P-500 was going to fall in the next few hours. Now I’ve looked at the chart I can see a potential UTB pattern setting up so I shall keep an eye on that now. Thank you Graham !
11:10am In a ‘short’ position now on the S&P-500, the UTB trade did trigger. My stop loss is 18 pips.
15:05pm I must admit I had forgotten about this trade as I was concentrating on the manual but back from lunch now and I have closed the position off at +113 pips.