07:40am   I have a quiet day at home catching up on emails and Skype calls plus some chart watching although I am now sure how lively the markets will be as traders wait to see the result of the EU in/out referendum here in the UK.

Market Update:

The market’s focus today is on the aforementioned UK Brexit vote which has dominated the press and internet for the last month or so.  Trader friends of mine who work on trading floors in the City of London are reporting that their screens are being monitored all through tonight by a full compliment of traders and backroom support instead of the skeleton staff that is more usual as ear;y results will start filtering through during tonight’s Asian session.

Most traders I have spoken to this week are expecting the UK to vote to remain within the EU and this is starting to be priced into the market with a largely positive finish in Asia overnight although U.S. indices closed down last night, mainly due to falls in energy stocks. The weekly U.S. Crude Oil stock showed a slower than expected decline in stocks and this sent WTI Crude tumbling by $1:80 within a 4hr period yesterday afternoon and although the price has recovered overnight it is still well below the $50 level.

Gold hit a recent high of $1318 this time last week but has experienced a slow decline since then as expectations of the UK remaining inside the EU grew and is currently sitting at $1267:12 and further falls are on the cards once the result is announced early tomorrow morning.

Trading Diary:

08:55am    The markets are still settling down and not showing any opportunities for me at the moment so I am off out on a cycle ride in the rain with some fellow traders.

12:10am     No opportunities so far on my collection of favourite charts (as I had expected) so shutting off my screens and then off for lunch soon.

15:55pm   Just got into a ‘long’ position on my S&P-500 chart using my UTB pattern. Stop loss is 37 pips which reflects the volatility that’s prevalent in the markets at the moment.

19:15pm   I am still in my S&P position, it’s currently sitting at +21 pips. I have moved my stop loss upto break even and going to let it run for a while as I am indoors  all evening hosting a “referendum” party which looks like it may go on all night – there are quite  a few other traders here who have various trades running as well so it’ll be a noisy night.

20:20pm    Just had a quick check to see how my trade is progressing – and I’ve noticed an interesting triangle pattern so we should see a breakout soon. This will either result in my trade being stopped out at break even or a good profit and if you’re interested I will send out a chart screenshot tomorrow morning with my thoughts and how you can use these patterns as well.    Interesting evening…

22:25pm    I have closed off my trade a few moments ago as the markets are slowing down ahead of Friday’s Asian trading session open – I have managed a profit of +191 pips and I will send out full details of the trade to customers/subscribers tomorrow morning.