08:25am  Quiet day at home catching up on emails and doing some chart watching.

Market Update:

Asian markets were generally bullish overnight after encouraging words from Federal Reserve Chief Janet Yellen last night, she has given hints that her rate rise policy should be cautious and emerging risks should be factored in before any decision is made. This was taken by traders as a confirmation that we may not see any rise at the next Fed meeting in April so is a generally good sign for equity markets across the world. This sentiment is spilling over to the European market this morning as most indices are positive after a good start to Wednesday’s session.

The oil market has had a small boost overnight on expectations that today’s U.S. Crude Oil Inventory number will show a slight fall in stocks although counter to this is the fact that Kuwait and Saudi Arabia has announced that their jointly owned and operated Khafji field will resume producing oil at 300,000 barrels a day despite previous agreements to cap output.  Gold enjoyed a bullish day after the long weekend break and ended the session at $1242.09 up nearly $21 on the day. It has been in a bearish decline since the second week of March but the price reversed on its 20-day moving average and looks set for more gains this week after Tuesday’s bullish reversal candle.

Trading Diary:

10:45am   Not much to get excited about on my charts so far this morning so I am off for a cycle ride along the coastal path for an hour or so.

13:30pm    Just back from a quick lunch and I can see a possible ‘long’ trade setting up on my Brent Crude chart.

13:40pm   The Brent Crude price has just risen over $40:57 so it has triggered a trendFX strategy-3 trade, my stop loss is exactly 40 pips. We have got the U.S. Crude Oil Inventories number out in an hour but the market is expecting a small number so that should be good for the price but I’ll move my stop up close if I’m still in the trade at announcement time.

15:45pm   The Brent chart is becoming quite volatile for some reason so although my trade has been as high as +70 pips, the price is now retreating fairly quickly and I’ve managed to close it at +40 pips giving me a 1:1 profit ratio.  That’s it for trading today, back in front of my charts tomorrow morning although I have got a few chart screenshots to send out to my Trade-Alert subscribers so I will do that now before going out.