08:15am    Back in the UK after a short break and I shall be here at home for most of the day catching up on emails and doing some chart watching. Any trades I have will be reported below.

Market Update:

Markets seem to be suffering from a post-Brexit depression and the overnight Asian trading session ended mixed but mainly down overall. The U.S. markets were closed yesterday for their Independence Day celebrations and Europe also had a fairly bearish time on Monday as more commentators are coming out to warn of recession, doom and gloom for the next few years as the UK continues with its divorce from the EU. The head of the IMF, Christine Lagarde has estimated that the UK’s gross domestic product is going to fall by between 1.5% and 4.5% in the next 3 years and this and other worries set the tone for trader’s actions at the beginning of the week.

With uncertainty in equity markets, Gold is usually going to be bullish and Monday’s trading session saw the precious metal rise to an intraday high of $1357.40 before retreating slightly – this level was reached in the hours after the Brexit vote but previously has not been seen since March 2014. The overnight Asian session has seen the price fall back to $1344 on profit taking. The Crude Oil price is under pressure as demand could be lower if the economic predictions play out here in Europe, WTI Crude fell 26 cents yesterday to $48:74 and is falling further this morning, currently at $48:01.

Trading Diary:

10:00am   Nothing to see on my collection of favourite charts for the last hour so I am off for a cycle ride with some fellow traders.

11:55am    Just got into a ‘short’ position on my German Dax-30 chart, it is a trendFX strategy-1 set-up with a 21 pip stop loss.

14:30pm    Just back from lunch out and my Dax trade is still running, currently sitting at +11 pips although it has been higher while I was out.  I shall watch it over the next hour or so and see if the bearish sentiment continues.  Pleased to see the FTSE-100 is fairing much better than the European indices which all seem to be trading negatively so far today.

16:10pm    The European session is coming to an end and the bearish momentum is slowing slightly so I have come out of my Dax position with a +51 pip profit.