07:50am   Another sunny day so I shall again be dividing my time between the garden and some chart watching – any trades I have will be reported below.

Market Update:

U.S. markets closed mainly flat yesterday as traders wait for Friday’s speech by Fed chief Janet Yellen and the overnight Asian market acted broadly the same for similiar reasons. The expectation for a U.S. interest rate rise in September is receding now but comments from Janet Yellen will be analysed carefully for any hints as to where the Federal Open Market Committee members are sitting with regard to this important market move. With not much economic news out today again (apart from the weekly Crude Oil Inventories) the expectation is another unexciting trading equity session.

As mentioned above, today is the weekly U.S. Crude Oil Inventories announcement and an expected rise in stocks has weighed on WTI Crude prices this morning where it has fallen 30 cents in the past few hours. Also in traders focus is the increase in production from Iran and a potentially disappointing OPEC meeting to decide on restraint in output.

Trading Diary:

09:05am    Not much happening on my collection of favourite charts so I am off for a cycle ride in the sunshine.

11:45am  Been back a short while and just looked at my charts and there’s not any opportunities for me at the moment so I am off for an early lunch at the The Lord Nelson.

15:25pm   Just got into a ‘short’ trendFX position on my S&P-500 15min chart, it’s a strategy-3 set-up and my stop loss is 27 pips.  The market is currently quite volatile so I do not see the trade lasting very long at the moment.

 16:00pm  Out of my trade for two reasons, firstly the price was getting increasingly volatile and may have reversed on me but more importantly it’s far too sunny outside to be here in the study.  By the way, I came out at 1:1 profit (+27 pips)