07:55am   Back in front of my charts today so any trades I have will be detailed below.

Market Update:

Markets are waiting on the Federal Reserve’s rate decision which will be out tomorrow evening after their usual 2-day meeting and U.S. equities closed in negative territory as technology stocks lead a move down. Consensus for a rate hike are high with expectations at almost 96% according to CME’s FedWatch tool.  The overnight Asian session however was up mainly despite the disappointing U.S. close although Japanese tech stocks did try to pull the Nikkei 225 down unsuccessfully.

This morning’s European trading session has got off to a positive start despite continuing Brexit concerns, the OIl price rise is helping some stocks as Saudi Arabia has commented that they are committed to making ‘significant supply cuts’ despite Iran trying to push out as much crude oil as they can to make up for years of restrictions.  Gold has slipped further as equity markets still display a certain amount of optimism, it challenged the $1270 support/resistance level once again yesterday but fell back once again, it is currently sititng at $1264.40 with further falls looking likely today.

Trading Diary:

08:45am    I have just entered a ‘short’ position on my GOLD 15-min chart, it’s a Master-The-Trend Strategy-B pattern with a 14 pip stop loss.

10:35am   The GOLD price has fallen quite well but it seems to have got stuck around the 1261.50 level so I have come out with a +21 pip profit.

10:45am    The sun has come out now so I am turning off my screens and going off for a cycle ride.

13:20pm   Just taken a ‘long’ position on my S&P-500 15-min chart, it’s a UTB price-reversal pattern with a 15 pip stop loss.  I do not envisage being in the position too long as the market usually gets quite volatile at this time of the day.

14:45pm    Eventually the price has become unfavourably volatile and quite ‘jumpy’ therefore I am out of my S&P position. The trade has managed +66 pips which gives me a day’s total of +87 pips which will do me for today I believe – back here tomorrow morning.