09:05am   Slightly later than normal Market Update  this morning as I’ve had a busy start to my first day back in front of the screens since last Friday.  While compiling my daily Trading-Guidance sheet I noticed a developing trendFX pattern on my FTSE-100 chart and further details are below.

Market Update:

Traders are largely sitting on their hands and waiting for central bank decisions from Japan and the U.S. and the result has been some volatile moves on low volumes this morning so far. The overnight Asian session ended mixed as traders were reluctant to enter any new positions ahead of the Japanese central bank announcement.

The Bank Of Japan and U.S. Federal Reserve are both starting 2-day meetings today to decide on their respective interest rates so markets could well become quieter in the run-up to the announcements although this morning it does seem that lower volumes are not causing quiet currency charts but sudden moves so tread carefully if you are trading forex for the next few days.

Crude oil is continuing to fall with U.S. WTI Crude at $43:63 this morning after Venezuela’s Oil Minister Eulogio Del Pino suggested that global oil supplies were 10% too high and oil traders are now looking at the small support level at $43:00 and if that does not hold there is a stronger level around $40:00.

Trading Diary:

09:15am    As mentioned above, I am already in a ‘long’ trendFX strategy-3 position on my UK FTSE-100 chart. My stop loss is  16 pips.

11:40am    Going off for cycle ride in a minute so I’ve closed off my FTSE position as I was happy with the score (+46 pips)

16:10pm    In the past couple of hours since I’ve been back from lunch there’s been no interesting opportunities on my collection of favourite charts so I am switching them off for the day  -  back tomorrow morning.