08:50am   Here at home again today working on my new trading system manuals and doing some chart watching from time to time so any trades I have will be reported in my Trading Diary below.

Market Update:

Equity markets in Europe and U.S. futures are all looking quite positive this morning as the overnight Asian trading session also closed mainly up. Trump’s post election rally is still in full swing. The Dow Jones 30 index closed at another record last night, up over 35 points at 19,251.78 and many commentators are now looking at the index getting very close to the 20,000 level before the end of this year. The S&P-500 also had a bullish close, up 7.15 points at 2212 and seems to be establishing some support around the 2200 level.

The crude oil market has been consolidating this week after WTI Crude reached a high of $52.38 early in Monday’s session, looking at the 4-hr chart does give the impression that price is going to stay above the $50 level and it looks to be moving back up today from its current position at $50.88. Ther eis some optimism that non-OPEC countries are going to agree to production cuts in the new year at meetings this weekend.

Gold is continuing its fall from the August highs of $1375 and closed last night at $1169.60 although the bearish momentum does seem to be waning slightly and the price is up around the $1171.10 level this morning but the price action on the 4-hr chart does suggest some further moves down – probably on the cards if equity markets continue up today.

Trading Diary:

09:15am   Going for cycle ride, nothing to see on my charts at the moment.

11:40am   Just entered a ‘long’ position on my Gold 15-min chart, it’s a trendFX strategy-1 pattern with a 13 pip stop loss.

13:00pm   My Gold position is still in profit so I will keep it running but there is also a possible ‘short’ opportunity on my S&P-500 chart although it is very close to the U.S. trading session open – so not a good idea for new traders if it does trigger.

13:10pm   I am now also in the aforementioned S&P-500 position now, it’s a trendFX strategy-3 set-up with a 15 pip stop loss.  I am watching the charts fairly carefully as the prices are all becoming volatile, quite normal in the run-up to the U.S. trading session open.

13:30pm   Now out of the S&P-500 position as the price is gapping all over the place, I ended up with a +16 pip profit. The Gold chart has calmed down slightly and price action is more predictable so I shall stay with it for a while.

14:20pm   The price has jumped up considerably in the past 20 minutes and given my position a +63 pip profit so I am now out of the trade.  Time for a late lunch at the Lord Nelson.

15:50pm  Back home but nothing on my charts currently so I am calling it a day as far as trading is concerned.  Back tomorrow morning