Trading Diary & Market Update ~ Thursday 27th July 2017
08:20am I have multiple meetings here at home today but inbetween those I will also be watching my charts from time to time for trading opportunities. Any positions I take will be detailed below in my Trading Diary.
Market Update:
Main market news yesterday was the U.S. Federal Reserve keeping their minimum lending rate at 1.25% which was not a great surprise but nevertheless helped the Dow Jones 30 index to close at record levels once again although the wider S&P-500 did end the session flat despite a bullish move earlier in the day. The other big driver of the equity markets are better than expected corporate results and with more companies reporting towards the end of this month we should should see further highs in all U.S. equity markets.
The Federal Reserve has also stated their intention to reign in their stimulus programme and also begin to ‘normalize their balance sheet’ which traders took as a signal that conditions were right to safely predict growth in the countries economy.
The overnight Asian trading session was equally as bullish as traders felt optimistic after the Fed’s earlier decision with all markets closing in positive territory and the start of this morning’s European session is also fairly positive although Germany’s DAX-30 index is lagging slightly in the past hour. Traders are still optimistic regarding the crude oil market with many analysts predicting a rise towards the $50 level for U.S. WTI Crude – it is currently sitting at $48:61 after rising 20 cents yesterday.
Trading Diary:
11:35am Just entered a ‘long’ position on my DAX-30 15-min chart, it’s a UTB price-reversal pattern and my stop loss is 14 pips.
11:55am I have now come out of my DAX position, the market is quite volatile and the trade has achieved +20 pips which I am more than happy with.
15:40pm The main equity markets are all over the place this afternoon and oil markets just going sideways so I am switching off my charts and finishing my trading for the day, back early tomorrow morning for the last trading day of the week.