09:15am    Today is my last day in front of my charts for 12 days as I am off on holiday tomorrow morning. Any trades I take though the day will be detailed below in my Trading Diary.

Market Update:

European markets closed mainly down on Wednesday after concerns over trade tensions trumped optimism over corporate earnings.  Later in the day the U.S. markets ended their session negatively as well with the S&P-500 finishing down by 2.93 points at 2813.35 (-0.10%) and the Dow Jones-30 index was down slightly more but the tech-centred Nasdaq was upbeat on news that Apple could become the first trillion Dollar company in history.

The overnight Asian trading session was also negative by the close but this was caused mainly by worries that Trump will go ahead with a mooted 25% tariff on around $200 billion worth of Chinese goods that are imported into the U.S.  The Federal reserve kept rates on hold once again (as expected) but have changed their view on the overall economy and now classifies it as strong so we can expect a possible rate rise at the Fed’s next meeting.

Oil markets have bounced with the help of bargain hunters after two days of negative moves after U.S. Crude stock surprisingly grew. Brent Crude staged a bearish reversal late on Tuesday at 75.75 and yesterday fell 94 cents to $72.61 and is further down after today’s Asian session at $72.29.  There is a small support area around $71.00 so watch for trading opportunities if price reaches this level today/tomorrow.

Trading Diary:

09:50am     I have jut taken a ‘long’ position on my U.S. WTI Crude Oil 15-min chart. It’s another UTB price reversal pattern from the Master-The-Reversal Trading System manual and my stop loss is 12 pips.

10:20am     Out of one position and into another.   My WTI trade has been stopped out at -12 pips and I have just taken a ‘short’ position on my UK Brent Crude 15-min chart.  It’s a Master-The-Trend Strategy-B set-up with a 14 pip stop loss.

11:55am    Just taken a quick +55 pip profit from my Brent Crude position giving me an overall score for the day of +43 pips. Out now for a cycle ride then some lunch.

13:15pm   Back from lunch and thinking that I’m going to switch off my charts and finish trading for the day as I am more than happy with my day’s score so far.  Back trading on Tuesday 14th August