08:25am    Not much planned today ahead of a 5-day break away tonight (until Monday afternoon) but I will be doing some chart watching from time to time. Any trades I do have will be reported below.

Back trading next Tuesday (5th July)

Market Update:

The overnight Asian trading session ended largely up after a positive Tuesday in Europe and the U.S. as Brexit fears are subsiding with Japan’s Nikkei 225 index coming out with the highest rise – it closed up by 1.6%. The S&P-500 and Dow Jones 30 both finished ahead yesterday as UK Prime Minister Cameron spoke at a EU meeting and began the long process of Britain’s divorce from the European economic market.

In London, the FTSE-100 has largely recovered from Friday’s falls and this morning is trading at 6232 which is not far from the pre-referendum level of 6315 which was last Thursday’s open – this compares favourably with the rest of Europe where most indices are still lagging behind last week’s average reading showing that the EU is probably going to suffer more than the UK is when we leave. Spain and Italy are suffering more than most but does reflect on their overall economic problems as they really do need EU membership to keep their respective economies above water.

U.S. markets enjoyed a positive day on Tuesday on rising oil prices and bargain hunters seeking out cheap stocks after traders over reacted to Friday’s Brexit vote, both their main indices were up around 1.5%at the close last night. Gold has been enjoying a good run-up on a flight to safety during these volatile times but this week it has levelled off around the $1320 level after rising on Friday from $1251 and Crude Oil is also up on worries about a strike in Norway – remember today is the weekly U.S. stock situation announcement so expect some large moves this afternoon (UK time)

Trading Diary:

09:35am   Updating this diary is even slower than normal this morning for some reason – but I can now report that I entered a ‘long’ position on on my S&P-500 chart around 30 minutes ago using strategy-1 from my trendFX system. The stop loss on this occasion is 38 pips which is fairly average for a 30 minute chart.

12:30pm   I am still in my S&P-500 trade and as it coming up to the U.S. trading session open in the next hour I have moved my stop loss to break even but left my target open as I will be watching my chart while I take some Skype calls.

13:50pm  Going for quick lunch, my trade is still pottering up the chart and is currently sitting at +95 pips.  I have moved my stop upto +50 pips to protect my profit while I’m out.

16:55pm   Just closed off my S&P-500 position as I have now completed my trading for the week, back in front of my charts on Tuesday morning.  The trade ended at +223 pips.