08:55am   I am planning another day at home catching up on some do-it-yourself jobs that have piled up over the last few weeks and inbetween this I shall also be doing some chart watching. Any trades I take will be detailed below in my Trading Diary.

Market Update:

Although European markets ended Tuesday’s session mixed, the U.S. indices enjoyed another record rise with the Dow Jones 30 reaching an all time intraday high at 22,383.60 before settling down at 22,370.80 by the close, a rise on the day of just +0.18% and the wider S&P-500 was up a similiar amount and also reached an all time high (2506.65). The Federal Reserve will conclude its 2-day meeting tonight so there probably will not be many buyers around until after their press conference at 19:00pm UK time so expect trading volumes to be low but high volatility after we have seen the result of the meeting.

The overnight Asian trading session was subdued as traders in the region also wait for some clues on future U.S. monetary policy tonight. Their interest rate level is expected to remain the same with probably one more hike before the end of the year but what is of more interest is the timing and details of how they are going to unwind the $4.5 trillion balance sheet. Gold has not seen the moves in the past few days that it’s experienced earlier in the month as investors are playing a waiting game ahead of the Fed’s meeting but we have seen a slight rise after President Trump’s comments at the UN yesterday which many see as provoking nuclear confrontation. It closed up $3.30 yesterday at $1310.80 and is slightly higher this morning at $1312.25.

Crude oil is slowly moving upwards this morning as comments from Iraq’s oil minister regarding the reigning back of output from OPEC member countries has brought some buyers in for futures contracts and there is also evidence this week of a smaller than expected rise in U.S. crude inventories although that will need to be confirmed later today. U.S. WTI Crude closed at $50:25 last night, a rise of 34 cents but has slipped back to that level in the past few minutes after reaching $50:42 earlier this morning.

Trading Diary:

09:45am   I feel history repeating itself slightly today as I have taken another early morning trend trade on the German DAX-30 index. It’s a Master-The-Trend Strategy-B pattern and the stop loss is 15 pips.

10:00am   Quick 20 pip profit from the DAX position, the price is too volatile to stay in for any length of time.

14:35pm  Just got back from lunch and markets slightly erratic so I think I will close my screens off for the day.  If you are watching your charts this evening be careful in the lead up to the Fed press conference at 19:30pm UK time, there will be some volatile moves.