07:55am   After being out for most of yesterday, I am planning a fairly quiet day here at home catching up emails and Skype calls with new traders – any trading positions I manage during the day will be detailed below.

Market Update:

There’s a fairly positive start to the European trading session this morning after a bullish Asian finish with banking stocks leading the way and optimism over oil values. U.S. WTI Crude is almost at the significant $50 level after just missing it yesterday – although the 4hr chart is fairly oversold and looks as though it is ready for more bullish moves today. Yesterday’s U.S. Crude Oil Inventories showed the stock situation decreased by 3 million barrels, so they have had over a month of declines which has helped the general price rise – together with hopes for an OPEC production freeze. This morning oil futures have fallen slightly though as news emerges that Saudi Arabia has cut the cost of crude exports to Asia but we should see another test of the $50 level for WTI Crude.

Wednesday’s U.S. trading session ended up with the Dow Jones 30 closing 110 points higher due mainly to the energy and banking sectors although traders will be sitting on their hands until tomorrow’s Non Farm Payrolls announcement when clues for the Federal Reserve’s next rate move will become apparent.

Gold has fallen fairly dramatically this week as investors sell this traditionally safe-haven metal amid increasing expectations of a U.S. rate rise although the bearish momentum has slowed slightly after Tuesday’s $45 drop, yesterday’s session ended flat and this morning’s trading is looking as though further price falls are on the cards. The next price level looks to be $1250 – currently sitting at $1264.30

Trading Diary:

08:40am    I have a break now for a while in my Skype call list so I am off for a cycle ride along the beach path.  No trade opportunities so far this morning.

11:55am  Been back home for an hour and the only possible trading opportunity I have found is a potential trendFX strategy-3 pattern developing on the Crude Oil charts – more news soon.

13:20pm   I got into the above-mentioned ‘long’ position in my WTI Crude chart around 15 minutes ago as the price eventually rose above $49:87  - my stop loss is 26 pips.

14:40pm   I’ve been unexpectedly invited out for the afternoon on a ‘jolly’ so I have closed off my WTI Crude position as I’m happy with the +53 pips it’s achieved so far.

That’s it for trading this week as it is Non Farm Payrolls Day tomorrow – back in front of my charts next Tuesday.