08:00am   I shall be here at home all day watching the markets and catching up on emails/Skype calls. Not sure how much trading I will be doing, it all depends on whether the markets settle down enough but any trades will be detailed below.

Market Update:

After Friday’s market volatility, UK Chancellor George Osborne spoke before European markets opened in an attempt to calm trader’s concerns over the Brexit decision. On the whole this does seem to have worked in London although various European indices have opened sharply down – notably Spain and Italy which does go to show that the EU could come out worse than the UK over this situation and many commentators are predicting the beginning of the end for the European Union.

The value of the pound is still falling after large readjustments on Friday although this does help UK exporters in the short term and it will be a few days yet before certain forex charts settle down and resume previous trends. There is talk on some trading floors in London that we may see the Bank of England cutting its minimum lending rate close to zero and the U.S. Federal Reserve will now undoubtedly delay their own decision on increasing rates until at least the end of the year.

Asian markets overnight have largely shrugged off the concerns of an impending European break-up and finished optimistically earlier this morning. The Japanese Nikkei 225 was notable in closing over 2% higher and the Yen has benefitted from a flight to safety as has Gold which has risen over $75 since Thursday night and is currently sitting at $1325.77 although it has been as high as $1358.30 at the height of the volatility on Friday, a level not seen since March 2014 .

Trading Diary:

08:45am   Markets still quite volatile as today’s European trading session gets going so nothing yet in the way of trade opportunities for me so I am off for a cycle ride for an hour or so.

12:10pm   There could be an opportunity coming up — if the WTI Crude price drops below $47:24 in the next 30 minutes or so a trendFX ‘short’ trade will trigger.

12:25pm   I am now in a ‘short’ position on my WTI Crude chart, my stop loss is 19 pips.

13:20pm   As the markets are inherently volatile at the moment and as the U.S. trading session is about to begin I have just brought my stop loss upto break-even in case the price shoots up quickly. My position is sitting at +36 pips currently.

14:50pm   The WTI price has come down quite considerably but his touched the $46.50 level a few times and reversed upwards so I am now out of my trade with a +62 pip profit.

15:05pm   Just taken a ‘short’ position on the FTSE-100 chart, it’s another trendFX trade but strategy-1 this time. My stop loss is 22 pips.

21:20pm   Technical hitch prevented me from reporting on my FTSE trade earlier – I closed the trade off at +33 pips.