07:50am    Back in front of my charts today after an extended break away from the screens – any trades I have before a golf match at 3pm will be detailed below.

Market Update:

While I’ve been away from my chart there’s been a fair amount of volatility and U.S. equities have suffered particularly badly with the main S&P-500 index falling from a high on Friday on 2190 to this morning’s level at 2133.56. Worries over the September U.S. rate decision and falling oil prices are the main culprits and this sentiment also caused the overnight Asian market to falter, although concerns that the Bank Of Japan is going to cut rates even further does inspire much confidence.

Oil prices have dropped over $2 in the past four days although the value is stabilising after a report last night that there has been a lower than normal build in U.S. stockpiles over the last week – the Crude Oil Inventories are announced later today so we will have confirmation soon with a corresponding rise to the $46 level for WTI Crude perhaps ? Although equities are suffering at the moment, there has still not been any corresponding rise in the Gold price, it hit a high of $1352:50 a week ago and has subsequently fallen to its present level of $1321:45 although the daily chart does look as though it is lining up for a small rebound today – both daily and weekly timeframes are quite oversold currently.

Trading Diary:

08:35am    Just got into a ‘short’ UTB position on my Gold chart, my stop loss is 16 pips.

10:10am    I have checked my account and can see my Gold position was stopped out about 10 minutes ago at -16 pips.

12:25pm   Another UTB trade  - I am now in a ‘short’ position on my WTI Crude chart with a 20 pip stop loss.  There will be a certain amount of volatility on this chart quite soon so I will break with tradition and watch this trade carefully.

13:35pm   Off out for quick lunch so brought my stop loss upto +20 pips to protect my position – it is currently sitting at +41 pips.

14:55pm   I am back from lunch and I have just closed off my second trade of the day – I’m off out for the rest of the afternoon soon, the position had reached +88 pips and the Crude Oil Inventories numbers are going to be released very soon – three extremely good reasons to end my trading for the day…