08:15am   Back in front of my screens today after a short break away and I’m planning a quiet day at home catching up on emails/Skype calls plus some chart watching through the day. Any trades I have will be detailed below.

Market Update:

The overnight Asian trading session closed mainly up despite a more pessimistic end to last night’s U.S. markets. The rising Crude Oil price assisted Asian stocks and has also helped today’s European session start positively, WTI Crude is staying above the significant $50 at the moment and I have just sent out a chart to subscribers showing a likely rise to around $50.80 in the next few days (email me for the chart if you’re interested)

This rise in oil is mainly due to a perception that crude stocks are not as high as expected for this time of year where demand is going to grow as winter draws close in the northern hemisphere and there is a perception that global oil supply is getting close to being well balanced as the year-long rise in inventories is starting to slow across most continents as we go into the coldest part of the year.

Gold has fallen significantly since August but it does seem to have reached a support around the $1250 level and as equity markets stall and the U.S. Dollar weakens we have seen some optimism for this safe-haven metal. It rose $3.91 during yesterday’s session to $1255:56 and is up further this morning at $1260:98.

Trading Diary:

09:15am     If the price rises on the German Dax-30 index above 10,598 in the next 30 minutes or so, it will trigger a ‘long’ trendFX strategy-3 trade.

09:40am    Now in the above position, my stop loss is 29 pips.

11:25am   Just come out of my Dax position (+39 pips) and got into a ‘long’ position on my S&P-500 chart, another trendFX  trade but this time a strategy-1 pattern. My stop loss on this trade is just 15 pips.

12:35pm  I was scrolling through my favourite charts a short while ago I noticed a UTB pattern on the Brent Crude chart – and that trade has now triggered so I am now in a ‘short’ position with a 22 pip stop loss.  The S&P-500 position is doing ok so I will tighten my stop to protect the profit so far as the U.S. trading session gets underway soon and see what happens.

13:50pm    Just been invited out for a cycle ride with some fellow traders so I have closed off my S&P-500 trade as it was sitting at an acceptable +50 pips but the Brent Crude UTB trade has not yet reached an reasonable profit so I have set a target of +22 pips and moved the stop loss upto -10 pips.

16:00pm    Back from my cycle ride (and lunch) and I can see my Brent Crude trade was stopped out at -10 pips, so the total for the day stands at +79 pips. Back in front of my screens tomorrow morning.