08:35pm  Back home after a short holiday but not sure how much chart watching I will manage today as I have other errands/shopping etc. but any trades I do have will be detailed below.

Market Update:

Last week the markets held back while waiting for Janet Yellen’s much anticipated speech on Friday and this week we have the U.S. job’s report in two days time and again markets are showing no real signs of direction – this is exacerbated  by the holiday season although traders will slowly start returning to their trading floors next week.

U.S. markets ended mainly down last night and the overnight Asian trading session did not fair much better although the Nikkei 225 index did stand out after a positive 162 point finish. European indices started this morning’s session slightly down after the U.S. performance yesterday but is slowly turning positive and German banks are helping the Dax-30 index at the moment as a merger rumours between Commerzbank and Deutsche Bank abound.

Wednesday is crude oil stock announcement day in the U.S. so WTI Crude and Brent are trading down at the moment on expectations of a rise in inventories. U.S. WTI Crude is heading back towards the $46.00 level and the daily chart is close to its 20MA/50MA and quite oversold, so will we see a small bullish reversal today or tomorrow ?

Trading Diary:

10:55am    Just back from a quick cycle ride and there could be a trendFX strategy-1 trade trigger on the Brent Crude Oil chart, more news soon.

11:05am   The Brent Crude price has fallen sufficiently to trigger a ‘short’ trendFX  position. My stop loss is 13 pips and this is potentially going to be quite a quick trade as the Crude Oil Inventories numbers are out later this afternoon, I’ll watch it carefully while I am catching up on emails and compiling the latest triangle and trend line trade alert sheets.

13:25pm   Been watching my Brent chart every 30 minutes or so and observed the price stay under the 20MA and fall in quite an orderly fashion but I am now out of the position with a +29 pip profit for a couple of reasons. Firstly, the U.S. trading session is about to open and that nicely coincides with some lunch out with fellow traders.  Also, the Crude Oil Inventories announcement is also coming up so better to be out of position while I’m away from my screens.

I am in and out of the house for most of the afternoon so that’s it for trading today – back here tomorrow.