08:50am   I am back in front of my charts today after a slight issue with delayed flights yesterday caused some disruption and meant my planned ‘working’ day did not occur.  Any trades I find today will be detailed in my Trading Diary below.

Market Update:

European stocks had a generally upbeat start to the week’s trading yesterday with most bourses closing ahead with motor manufacturers having a particularly good session as they have a large exposure to the U.S. market where proposed tax reforms are getting closer to being approved.  These changes to the U.S. tax system are also behind a good showing in U.S. equity markets yesterday, the S&P-500 hit another record high at 2665.50 mid session but closed slightly down at 2639.54 last night (-0.11%) on tech sector declines although the narrower Dow Jones 30 index faired better with a score of +58.46.

The overnight Asian trading session closed with virtually all markets in negative territory as traders sensed weakness in U.S. markets and ongoing concerns with the North Korean situation as nobody seems to know what to do or make a first move against the rogue regime after new missile tests last week.  Oil prices have been moving down steadily over the last few weeks and U.S. WTI Crude is approaching the 20-day moving average at $57:00 today so we could see a small bullish reversal. There are rumours of a small decline this week in U.S. Crude Inventories which should help support the market temporarily but we will have to wait until tomorrow for confirmation. Traders I have spoken to this morning see support for WTI between $56:75 and $57:00 so look out for trading opportunities around those levels.

The Gold chart has been going sideways for a while now but has found some support at its 200-day moving average ($1269:70) and price seems to going back down to that level this morning so watch for a reaction (and trading opportunities) If there are further declines in equity markets later today we could see the price rising from the current level of $1275:30 towards $1282:50 (20-day moving average)

Trading Diary:

09:40am  The WTI Crude Oil chart is suggesting a small move down this morning if the price action is accurate and there could be a Master-The-Trend trade coming up soon.

09:55am    The price has moved down as expected and I am now in a ‘short’ Master-The-Trend Strategy-A position on my WTI Crude Oil chart.  My stop loss is 12 pips.

11:00am   My WTI position is still trundling along quite happily (+3 pips) and I am now off for a cycle ride as there’s nothing else to get excited about on any other of my ‘favourite’ charts.

13:55pm   Just got back from lunch and seen that my WTI Crude Oil position has been stopped out at -12 pips.  Glancing at my other charts I can see there could be a ‘short’ trade starting to set-up on my Gold chart – more news soon.

14:10pm    The Gold price has fallen sufficiently to trigger a ‘short’ trade and I am now in a Master-The-Trend Strategy-B position with a 25 pip stop loss.

15:35pm    The price has fallen quite dramatically in the past 30 minutes but is now showing signs of consolidating so I am out of my Gold position with a +67 pip profit, happy with my score for the day  (+55 pips)  so switching off my charts now.