07:45am    Early start this morning and I am planning a day here at home catching up on emails and Skype calls with new traders plus some chart watching as well. Any trades I have will be detailed below.

Market Update:

The main focus for traders today is the much anticipated speech by UK Prime Minister Theresa May where she is expected to lay out her Brexit strategy and the prospect of a ‘hard’ exit from the European Union seems to be worrying the markets. The overnight Asian market had no cues from U.S. trading yesterday due to the Martin Luther King bank holiday and at the close Chinese indices were mostly positive with others ending down slightly, the Australian ASX-200 suffered the most and was down around 0.8%.

European markets had a mainly negative start to the week yesterday as traders adjusted their positions ahead of Theresa May’s announcement today and the sentiment this morning is not really changed much. There is more uncertainty (which the markets dislike) in a few day’s time when Trump becomes the 44th U.S. President, nobody is quite sure how his leadership is going to affect global markets this month so expect some volatility in the coming weeks.

Gold is benefiting from a flight to safety amidst all this uncertainty and has moved up from a low of $1122.50 in December to a 2-month high of $1214 this morning, the next resistance level seems to be around $1235 (200-day moving average). Crude oil seems to have stemmed it’s rise, U.S. WTI Crude got to $55 at the beginning of the month but since then has slowly drifted downwards and closed last night at $52.65 and does not look that bullish this morning.

Trading Diary:

08:10am    Just entered a ‘short’ position on my S&P-500 15-min. chart, it’s a Master-The-Trend Strategy-B set-up with a 16 pip stop loss.  Unusually, I shall watch my chart carefully over the next hour  as it can be quite risky taking a position as the European market opens.

08:45am   The S&P-500 price has been unsurprisingly quite volatile in the past 10 minutes so I have come out of my ‘short’ position with a +17 pip profit as it looks as though price may rise further. I will send a chart screenshot with all the details to subscribers in a minute.

09:25am    I am now in a ‘long’ position on my 15-min. Brent Crude Oil chart – it is another Master-The-Trend Strategy-B pattern and my stop loss this time is 27 pips. There is also the same opportunity on the WTI Crude chart.

10:45am   I have just been invited out for a quick cycle ride so I have closed off my Brent Crude position as I am more than happy with the +54 pip score so far.

14:10pm    Just returned from lunch and there’s nothing very exciting to see on my group of favourite charts. I will keep an eye on them a few more times today and report back later.

15:15pm    No other set-ups have come up, so I am finishing for the day with a score of +71 pips.