08:20am   Back home after a short break away and I shall be here in the study for most of the day catching up on emails and doing some chart watching. Any trades I have will be reported below.

Market Update:

U.S. markets are making news once again, the Dow Jones 30 index closed at a record high for the twelfth session in a row last night, it hit 20,851 briefly before settling back to close at 20,837 (+0.08%) with the wider S&P-500 up a similiar amount. This bullishness has been caused by speculation of good news from Trump in his speech at tonight’s joint Congress session where he’s expected to announce an increase in defense spending, a cut in taxes and also cuts in other sectors he deems to be ‘wasteful’.

The overnight Asian session was equally bullish on this impending news with most indices up except for the Hang Seng which fell back into negative territory in the last few hours and this morning European trading session is getting underway in a fairly subdued manner with no large rises any sectors so far.  Crude oil is still trading at close to its highs of 2017, as mentioned before U.S. WTI Crude has been in a small price corridor between $50 and $55 since the middle of December and due to the apparent success of OPEC production cuts the price is closing in on the upper resistance line (currently at $54.05 and falling).

Gold is still rising even though traders are still buying into equities, the price hit $1263.70 during yesterday’s session before falling back overnight and settling around the $1252 level for the past few hours.  The daily chart shows price well over the 200-day moving average which is a bullish sign although we could see a return down to the $1240 this week.

Trading Diary:

09:20am   There are a couple of possible opportunities coming up on my Gold and both Crude Oil charts – more details soon.

09:40am   The above mentioned trades have triggered so I am now in ‘short’ positions on my Gold and WTI Crude charts. They are both Master-The-Trend strategy-A set-ups and my stop loss on the Gold trade is 14 pips and the WTI position has a 13 pip stop.

09:55am   Just taken a quick 18 pip profit from the Gold position and I will send out a chart screenshot to subscribers soon to explain why…

14:10pm   The WTI Crude price has eventually come down nicely and I have just exited my position with a +54 pip profit.  Time to ride out for a quick lunch for an hour or so.

15:30pm    Back home now and I can see no upcoming trade opportunities in the next 30 or 40 minutes so I am going to call a halt to my trading for the day (and the month) as I am more than happy with the day’s +72 pip score —  I will be back here tomorrow morning.