08:55am   Not sure how much chart watching I will manage today as the weather is far too nice to be indoors all day, been out for a cycle ride already.

Market Update:

Equity markets are beginning to look weaker and U.S. markets are unusually taking their cue from Europe instead of the other way around. The Dow Jones 30 ended down 108 points with Goldman Sachs leading the fall and this sentiment spilled over to the overnight Asian session where only the Shanghai Composite closed positively. Traders in the far east are rushing to safe haven assets such as Gold, Japanese Yen and U.S Treasury Bonds and this has resulted in a high for Gold that we’ve not seen since 2014, it hit $1371 briefly overnight before falling back slightly and is now sitting at $1367.35.

European markets are generally bearish as well today with  indices in Spain, France and Germany down on last night’s close although the FTSE-100 is fairing slightly better and is currently sitting at 6558. The UK pound is suffering though and losses overnight has pushed the level to its lowest for 31 years and banks and property shares are particularly big losers even though other sectors are holding up ok.

Oil is struggling to stay around the $50 level that we’ve seen lately as a perceived lack of demand takes hold due to a bearish outlook for the the world economy as a whole, WTI Crude slipped back $1:90 yesterday to close at $46:83 and is currently slightly lower at $46:49.

Trading Diary:

11:55am    No trades to report from this morning’s session although I have been out on the garden for most of it !  Out to an early lunch now but I will look my favourite instruments when I get back to see if there are any opportunities.

14:15pm    Just run through my list of favourite charts and no trade set-ups but my wider search has highlighted a ‘short’ trendFX strategy-1 trade on my Cable chart (GBP/USD) and I am now in that trade with a 59 pips.  This higher than usual stop loss (for me) is partly due to the fact I am using a higher timeframe than I usually do and also the current volatility in this forex pair.

16:10pm    The Cable chart has moved down nicely but is now showing signs of volatility with a bullish slant so I am now out with a +71 pip profit.