07:55am  Early start for me today as I have meetings with builders this morning but I shall be back here at home by lunchtime to do some chart watching and catching up on emails.

Market Update:

Despite very low volumes in equity markets at the moment, U.S. markets finished yesterday slightly up and the overnight Asian trading session also saw gains after Chinese CPI numbers came in better than expected. European markets will be subdued this morning ahead of the ECB rate announcement at lunchtime today and we also have the U.S. Fed decision next week and this is the main reason for low trading volumes at the moment.

Crude oil is still experiencing a bullish trend on the daily chart although it has now hit a small resistance level at $38:00 which previously appeared in January before it fell further to under $30:00.  It is currently trading at $38:05 slightly down on the overnight level.  The Gold daily chart is suffering from some profit-taking still with a resistance now at $1278 although the chart is quite oversold so there maybe further rises soon – watch for this reaction if equity markets fall.

Trading Diary:

14:30pm  Just sat down at my desk and had a quick scan of my favourite few charts and nothing very exciting trade-wise although the German Dax-30 has reacted quite strongly to the ECB interest rate decision so I’ll keep an eye on that. I’ll have another look in a few hours.

17:35pm   Just taken a cheeky ‘short’ trade on the Dax-30 15min chart, it’s a trendFX position and due to the extreme volatility the stop loss is 71 pips.

19:20pm   I set my stop loss upto break even on the Dax position a short while ago and waited to see just how far down the price would go – but volume has dropped right off (understandably)  and the price has started to come up so I’ve closed the trade off at +49 pips.