08:40am   At home again for most of the day so any trades I have will be reported below. I am watching my Gold chart as there’s a possible ‘short’ trendFX trade developing if the price drops back down past the $1277.60.

Last day of trading for me today – back in front of my charts on Monday.

Market Update:

The overnight Asian market ended mixed after Chinese data revealed their service sector growth was slowing and the Purchasing Manager’s Index came in at 51.8 which denotes expansion as the figure is over 50. Here in Europe we are expecting a quiet day as there are French, German and Swiss bank holidays today although futures markets will provide some volume, the indices in Frankfurt and London started off well but have retreated back to yesterday’s close level.

The  crude oil price was predictably volatile yesterday as usual for a Wednesday as there was the weekly U.S. stock level announcement but once it settled down last night it began to rise on news of a large wildfire in the oil city of Fort McMurray in the west of the country. It is reported that over 1600 buildings have collapsed in the fire with more damage expected and this will inevitably affect the oil production for the area – this and news of renewed fighting in Libya means global output will be down this week hence the rise in values.

Gold values are still falling slightly after the long rise up although the daily chart is currently oversold so we may see some bullish activity today/tomorrow. The price is currently sitting at $1278.90 slightly down from yesterday’s close of $1279.10

Trading Diary:

08:55am   I am now in the aforementioned Gold trendFX strategy-3 trade and my stop loss is 32 pips.

12:35pm   Off for an early lunch now so I’ve readjusted my stop up to break even as my Gold trade has not really done much for most of the morning and we are coming up to the volatile U.S. trading session open.

When I am working off lower timeframe charts and trading my trendFX or UTB strategies I would normally expect a trade to reach a good profit or be stopped out within 2-3 hours so today’s situation where the price has done neither points to disappointment, hence moving my stop loss up to limit any possible loss.

17:20pm  No further trades to report today – it’s been far too sunny to be indoors.  Back trading on Monday – day away from the charts tomorrow as it’s Non Farm Payrolls day once more.