08:00am    Planning a quiet day at home catching up on emails and doing some chart watching from time to time – any trades I find will be detailed below in my Trading Diary.

Market Update:

European markets are opening slightly down this morning following two terrorist attacks in Spain yesterday as tourist/travel related stocks are trading in the red and the overnight Asian trading session also suffered bouts of selling pressure for the same reason. Yesterday’s U.S. session closed down around 1.5% with the Dow Jones 30 index having its largest fall since May this year on concerns over the Trump administration’s ability to push through business-friendly policy changes as Congress is becoming increasingly hostile towards the new president.

Gold is once again benefiting from the fall in equity prices and is closing in on the significant resistance area around $1295 after a positive day’s trading yesterday – it rose $4:40 to close at $1287:70 and is slightly up again this morning at $1293:25.  Look out for bearish trading opportunities if price does reach the resistance level today.  The Crude Oil charts are looking fairly positive this morning after forming a bullish price reversal candle on the daily chart yesterday and also bouncing of the 50-day moving average. U.S. WTI Crude Oil is currently trading at $47:25 and we could see a rise upto the $48:15 level in the short term which coincides with the 200-day moving average.

Trading Diary:

10:10am    Just entered a ‘long’ position on my German DAX-30 chart, it’s on the 30-min timeframe and is a UTB price-reversal pattern  – my stop loss is 19 pips.

12:15pm    Off to lunch soon and happy with the score of my DAX position so I am now out of the trade  -  result is +41 pips.

12:20pm   Turning off my screens now and finishing my trading for the week, I hope you have a nice relaxing weekend and I will be back in front of my charts next Tuesday.