07:40am   After an impromptu day off from trading yesterday, I’m back in front of my charts this morning so any trades I have will be reported below as they occur.

Market Update:

Main news on the markets yesterday was the decision of the U.S. Federal Reserve to  leave rates where they are for the moment even though they hinted that the economy was now out of its critical period and the labour market had improved so a rate rise was probable before the end of 2016. The next FOMC meeting is in September although there is no big expectation for a rise then as we are getting closer to U.S. Presidential Elections and all the uncertainty that will cause, especially if Donald Trump gets into the White House.

Even though rates were on hold, U.S. equities did not react positively and the S&P index of the leading 500 companies ended the session a few points down at 2166 (-0.12%) and this sentiment was mirrored in the overnight Asian session where stocks closed  mainly down although the Australian ASX-200 bucked the trend to finish 24 points up at 5639. Gold is benefiting from this less than bullish sentiment and broke out of a narrow trading channel yesterday to close at $1339:60, up just  under $20 on the day and is it up further this morning after buying during the Asian session.

WTI Crude continues its slide in value and is now closing in on the $40 level which we last saw in April. It fell below its 200-day moving average last Friday (a bearish sign) and is now sitting at $41:96.

Trading Diary:

08:20am  Nothing to see on my charts at the moment so I am off for a cycle ride for an hour or so.

10:00am   Back home now so any trades I see will be reported below.

10:25am    Just got into a ‘short’ position on my Brent Crude Oil chart, it’s a trendFX strategy-3 set-up with a 26 pip stop loss.

12:20pm   There could now be a ‘short’ trendFX trade on my S&P-500 chart as well now, if the price continues to fall in the next 30 minutes or so.

12:45pm    The S&P price has now fallen below 1264.50 so it has triggered a ‘short’ position, my stop loss is 19 pips.  It also looks like my Brent Crude trade is going to be stopped out in a minute.

13:10pm   Out of my S&P position now before the Unemployment Numbers release at 13:30pm – the trade has managed +18 pips as the price was rising up from its low of the day.  My earlier Brent Crude trade was stopped out at -26pips.

Off to lunch now and then a game of golf this afternoon with some fellow traders.