07:20am  Back home and planning a relaxing time here today catching-up on emails and doing some chart watching. Any trades I have will be reported below.

Market Update:

U.S. markets were on holiday yesterday so Europe had a fairly quiet session yesterday which ended largely down although the overnight Asian session was slightly more upbeat and most indices ended their day positively apart from the Australian ASX-200.  The Reserve Bank of Australia has held rates at 1.5% citing a steady economy with reasonable growth together with low inflation but this has disappointed traders which has had a negative effect on equities.

The Oil market is back in the news with a reported agreement between two of the largest world producers of crude. Saudi Arabia and Russia have signed an agreement to explore ways to stabilise the oil price and initially this sent the markets upwards although some gains have been reversed as the Saudi Oil Minister Khalid al-Falih has subsequently said that there is no need to cut production yet, which is fairly true to form for the Saudis who do like to have ultimate control of the oil market even though they belong to the wider OPEC club.  UK Brent Crude rose just under $1 yesterday and is looking fairly bullish again this morning, currently up 10 cents at $47:84.

Trading Diary

09:30am   Not much on my charts at the moment as the European session gets underway so I am off for a cycle ride along the beach path.

11:10am    I have not seen any opportunities on my favourite charts since I’ve returned home so I ventured further afield to see what was occurring on some other charts while compiling my Trend-Line ALERT SHEET  and I found a ‘short’ UTB trade on my Spanish Ibex-35 chart.  It’s not an instrument I normally trade as it can be volatile on occasions (much like the Spanish economy) but despite that, I am now in a ‘short’ position on this chart with a very reasonable 13 pips stop loss.

12:15pm    My Ibex position is struggling to go any lower at the moment so I closed it off a short while ago at +13 pips.

13:00pm   Just entered a ‘short’ trendFX position on my U.S. WTI Crude chart  -  it’s a strategy-3 pattern and my stop loss is 37 pips which is not too bad at the moment considering the volatility in the oil markets.

13:20pm   Going for a quick lunch at the Red Lion so as my WTI trade is still running I’ve brought the stop loss up a bit to -10 pips in case the market goes against me as the U.S. trading session opens in 10 minutes.

14:50pm  Back now and happy with my score on the WTI trade so I’ve closed the position off at +72 pips.

16:05pm  Issues with charts so calling it day at my screens – back tomorrow morning as usual.