Trading Diary & Market Update ~ Tuesday 28th June 2016
07:20am Just sent out my daily ‘Trading Guidance’ email to subscribers and I shall be here at home for the rest of the morning catching up on emails, chart watching and I’ll also be sending out my latest Triangle Trading TRADE-ALERT sheet.
Market Update:
The global sell-off has abated slightly as we go into Tuesday’s European trading session with the overnight Asian market alternating between bulls and bears throughout the night and early morning. The biggest casualty was the Hang Seng Index which fell 0.77%, a minor result compared with recent price moves after the UK Brexit vote. European markets are opening positively so far but a few traders I have spoken to already this morning are bracing themselves for further falls this week, with both major U.S. indices losing upto 1.80% yesterday.
The sharp rise in the Gold price at the end of last week has slowed considerably and it is now going sideways so the high of $1358 reached early on Friday morning may well be the best we will see this week, currently it is sitting at $1315.10 with the Daily chart overbought hinting at a move down this morning. The crude oil price has been falling since the Brexit vote and U.S. WTI Crude has now found some small support at the 20-day moving average around the $46:05 level and is now trading at $47:09 with my MMOSc indicator oversold hinting at bullish sentiment.
Trading Diary:
08:35am I am off for a cycle ride while the markets settle down – back in an hour or so.
10:25am Just got back home and scanning my charts I can see there’s a possibility of a ‘long’ trade on both of my crude oil charts, more details soon if the prices rise.
10:40am Now in a ‘long’ position on my WTI Crude Oil chart, it’s a trendFX strategy-1 set-up with a 16 pip stop loss.
11:55pm The upward momentum in the oil market is slowing slightly so I have just come out of my WTI Crude position with a +34 pip profit.
16:50pm No more trading after returning from lunch just been catching up on emails and compiling my Triangle & Trend Line TRADE-ALERT sheets for subscribers.