08:50am   At home this morning so will report any trades I have below.

Market Update:

U.S. markets ended up last night mainly on higher oil prices and this sentiment swept across to Asia overnight where the Nikkei 225 and Hang Seng indices also finished positively. In the U.S. the Dow Jones index of 30 leading companies finished at its highest level since July 2015 although looking at a weekly chart you can see a fair amount of resistance coming up so there could be some interesting trading opportunities coming up.

As usual on Wednesday, we had the weekly U.S. Crude Oil Inventory number released for the previous week and there was a lower than expected build in stocks which gave WTI and Brent Crude a lift in the afternoon although this bullish sentiment with both charts ending the day on a new yearly high.  This morning the bullishness has disappeared slightly as news from Russia shows they are threatening to increase production after a failed Doha meeting at the weekend.

Trading Diary:

09:30am   Just glanced quickly through my favourite charts and the only possible opportunity I can see is a developing UTB pattern on the Gold chart.

10:25am   The UTB pattern did not develop into a valid pattern but there is now a possible ‘long’ trade setting up on my Brent Crude chart.

10:40am   I am now in a Brent Crude ‘long’ position, it’s a ‘Magic-Line’ set-up and from comments/emails I receive from clients I see that most do not carry on trading this system after purchasing one or more of my others but it is a very simple set-up so worth considering especially if you add my unique MMOSc indicator as a filter as well. If you do not have a copy of the system manual please drop me an email and I will send one over free of charge.

My stop loss is 23 pips and I can see a possible resistance around the $46:10 level but I shall wait and see what happens.

 11:05am   Off out for a cycle ride with some neighbours – back in an hour. I’m leaving the stop loss at its original position and I’ve set the target at $46:10 where there’s a possible reversal point.

12:30pm  Back home now and the trade is still trundling along – I’ve removed the target level and I’ll watch the position for the next hour or so before I go out to lunch.

13:10pm   Friends have called round early for lunch so just closed off my trade – it has managed +31 pips.

14:45pm  Out all afternoon now with my youngest son so no more trading today – and also away on a 5-day break tomorrow morning so back to my charts next Wednesday.