08:20am   After a few days out in the sunshine, I am planning to do some chart watching today as well as catching up on emails so any any trades I do have will be detailed below.

Market Update:

Markets in the U.S. had an upbeat trading session yesterday with banks and technology stocks leading the way, the Dow Jones index of top 30 stocks ended the day at 18595 (+0.19%) although the wider S&P 500 closed up nearly 0.5% ahead (at 2173.5) and touched a possible new resistance at 2175 before retreating back slightly. This level has just been reached in after hours futures trading so today could produce some interesting price action with the S&P daily chart showing an overbought reading on my MMOSc oscillator.

Although indices across the world are not advancing as quickly as they have done on the past few weeks, there is no rush to buy Gold at the moment and yesterday’s session saw the yellow metal slip down once again – the high of $1375 that was reached 10 days ago is now a distant memory and Wednesday’s trading left it $16:10 down to end at $1315:90 although overnight trading in Asian has moved values up, currently at $1318:05.

Wednesday is U.S. Crude Oil Inventories and the numbers showed another draw from stocks at Cushing, this was the 9th consecutive week that stocks are falling and this prompted a rise in futures prices – the September delivery price rose to $45:93, up 18 cents. This bullish price action kept going during the overnight Asian trading session but is now subdued since European markets opened and the price has slipped 80 cents in the past hour.

Trading Diary:

09:20am   Just got into a ‘long’ position on my 15min Gold chart using strategy-3 from my trendFX system, the stop loss is 31 pips.  There may also be a UTB trade setting up on my  WTI Crude chart – more details in the next 30 minutes.

09:35am   The price on my WTI Crude chart has fallen enough in the past 5 minutes to trigger the ‘short’ UTB trade mentioned above – my stop loss on this position is just 16 pips, quite low for a 30 minute chart.

09:50am  Off for a cycle ride for a while.

11:30am   Back home now and both trades still doing ok. I will review them before I go off to lunch and perhaps close them off as I’ve been invited for a game of golf this afternoon.

12:25pm   Off out to lunch in a minute so closed off my WTI Crude Oil trade at +31 pips but as the Gold trade is only sitting at +12 pips I am leaving it running and  have moved the stop loss upto break even as we don’t want a winning trade turning into a loss. I’ve set the target at +31 pips, a 1:1 profit target.

22:55pm   After returning this evening I noticed my Gold trade was stopped out at break even so the total for today’s trading stood at +31 pips.