08:15am   Quiet day planned at home so I shall be doing some chart watching from time to time and any trades I have will be reported below.

Market Update:

Last week’s trading in Europe ended negatively on the whole although U.S. equities closed on Friday where they began on Monday and we are still in the holiday period where trading volumes are lower than usual as traders are away from their desks for another week.

At the start of this new trading week, the overnight Asian market was bearish with only the Japanese Nikkei 225 showing any promise even though the Yen has strengthened once again – it closed up 52 points (+0.32%) and Europe has opened down on the back of the overall sentiment last night.  Focus for the markets this week is going to be a 2-day meeting at Jackson Hole in Wyoming of the Economic Symposium which is a get together of global central bankers where Federal reserve Chief Janet Yellen will be speaking on Friday. Traders will be listening carefully for any clues during her speech for a September interest rate hike.

Although global equity markets are not showing much enthusiasm for bullish moves up, Gold is not benefiting from this lack of buying at the moment and ended Friday’s trading session almost $11 down on the day and is also down nearly $6 this morning so far.

Trading Diary:

09:25am  I am not  great fan of trading first thing on a Monday morning while the markets are sorting themselves out after the weekend break but I can see a possible trendFX ‘short’ trade on my U.S. WTI Crude Oil chart so I will keep an eye on the chart – not much else happening on my other favourites.

09:45am   The WTI price has dropped sufficiently to trigger a ‘short’ trade so I am now in a position with a 20 pip stop loss. It’s a trendFX strategy-1 set-up.

10:05am   Some fellow traders have arrived for a cycle ride so I am away from my charts for an hour or so – I have left my stop loss at 20 pips but I’ve not set a profit target yet, I will just see where the price ends up when I get back.  If you were a new trader who had just started trading this system I would suggest setting the profit target at +20 pips for safety.

11:50am  I got back here a short while ago and my WTI position was at +58 pips so I’ve now closed it off as I am more than happy with that result – that’s it for my chart watching today, back here in the morning