08:15am   In front of my screens from time to time this morning but out to London this afternoon – any trades I do have will be detailed below.

Market Update:

The focus of many traders today will be the Fed’s last meeting as the minutes of that get together will be released at 14:00hrs New York time – and it will give us clues as to what the FOMC’s policy will be concerning U.S. interest rates.

The Asian market ended slightly down with Samsung leading the bullish sentiment, the company have announced they will stop selling their flagship product, the Galaxy Note 7 smartphone after multiple battery fires. Their shares ended down over 0.65% after being almost 3.4% in the red earlier in the session and they have now cut $2.3 billion from their profit forecast to shareholders.

U.S. markets had a mainly bearish session on Tuesday after some disappointing results as the Autumn reporting season gets underway and this sentiment has transferred across to Europe this morning.  Gold has fallen to the fairly important $1250 level and over the past few days it has hovered around this point as investors wait to see what is going to happen in the equity markets – and the FOMC meeting minutes later today will give traders a push in one direction or other.

Crude oil markets overall are looking optimistic on hopes that both OPEC and non-OPEC members will eventually agree on production limits to aid the stabilisation of prices.  U.S. WTI Crude is almost at the $52 level once again this week, this resistance has been valid over the last year but price cannot get over it so watch your daily chart for any clues of bullishness (email me if you want some guidance)

Trading Diary:

11:10am    The only interesting opportunity I have found so far this morning on my favourite charts is a ‘short’ UTB set-up on my Brent Crude 30 min chart. The trade has now triggered and I have a 20 pip stop loss. As the weekly Crude Oil Inventories are released later this afternoon, the chart could become volatile so I will move my stop towards break even as soon as I can  to protect any profit.

11:35am   Moved stop loss to break even as the price has come down quite nicely.

12:25pm   Just noticed the Brent Crude price has shot up sufficiently to trigger my stop loss so my position is now closed at zero pips. I have also just noticed there could be a ‘short’ trade opportunity on my S&P-500 chart — more news soon.

12:40pm   Now in a ‘short’ position on the S&P-500 15min chart, it’s a trendFX strategy-1 pattern and my stop loss is 12 pips.

13:40pm   The U.S. trading session has been underway for the last 10 minutes and the usual volatility is apparent so I am coming out of my S&P-500 position at +38 pips —  more than sufficient for a day’s wages !

That’s it for my trading today, back in front of my screens at 8am tomorrow.