08:45am   Late start to my trading day as I returned home from London just after 2am this morning. If I do have any trades today I will post details below in my Trading Diary.

Trading Diary:

U.S. equity markets staged some bullishness yesterday as we approach the last day of trading for the first quarter of 2017.  The financial, healthcare and energy sectors were the best performers of the session with UnitedHealth and Goldman Sachs amongst the highest risers of the day. The rising oil price has helped energy companies with WTI Crude ending up at $50.35 (up 1.7%) on lower U.S. stocks and supply concerns in Libya.

The overnight Asian session ended mixed at best as Chinese traders start to analyse the possible outcome of a meeting next week between the Chinese President Xi Jinping and Donald Trump.  The U.S. President has already stated that the conversation will be ‘difficult’ as he is determined to close the enormous trade gap between the two countries.

European markets have had a mostly negative start to the last day of the month where there’s going to be a fair amount of selling as traders adjust their positions before closing their books for the first quarter.  Investment companies need to present a favourable outlook to their customers at the end of each quarter and these adjustments (also know as ‘window dressing’) are needed to present their last there last three month’s work in a good light and also justify their generous fees.

Gold is coming off the highs reached earlier this week, it touched the $1260 level again but has retreated back as money has flowed out safe havens and back into equities (for the time being). It is currently trading at $1242.55 having broken down through  its 20-day moving average but is quite oversold according to my MMOSc indicator so we could see a small rise today.

Trading Diary:

10:20am    Just entered a ‘long’ position on my 15-min FTSE-100 chart, it’s a UTB Price-Reversal pattern and my stop loss is a whopping 9 pips.

10:55am    Just taken a quick profit from the FTSE position, I am out now with +10 pips.

11:10am   Now in a ‘short’ position on the same FTSE-100 chart as previously, this time it’s a Master-The-Trend Strategy-A pattern with a 10 pip stop.

14:00pm    Just returned home from lunch and seen my FTSE position has been stopped out at -10 pips.

14:25pm     Typically for a Friday afternoon, the markets are all over the place and I have some better things to do now out in the sunshine than watch charts after a fairly successful week so that’s it for trading today.  I will be back in front of my screens next Tuesday morning and I wish everyone a nice relaxing weekend break.