08:20am  I am planning to be at home for most of the day so any trades I have will be reported below.

Market Update:

Yesterday’s European equity markets closed mainly up after a stabilisation in commodity prices and are reaching highs not seen since last summer. The U.S. markets were initially bullish following on from European optimism but reports of a new nuclear test in North Korea dampened enthusiasm and the S&P-500 index closed down 0.10% (-2.46) at 2396.92 after touching the 2400 resistance level earlier in the session.

The overnight Asian trading session closed a short while ago with most markets showing a slight rise with only the Shanghai Composite coming in with a loss at -0.09% despite growing concerns in North Korea and the emerging story in the U.S. of President Trump firing the head of the FBI.  Gold had another negative day on Tuesday and closed the session at $1220.90 after falling as low as $1214.10 and we should see a small move upto the 200-day moving average over the next few days.

Crude oil markets encountered another negative day with U.S. WTI Crude falling 0.55% to $48.79 but prices have bounced up slightly this morning after Saudi Arabia says it will be cutting supplies to Asia in another attempt to stem the price falls which are caused mainly by U.S. shale production. Today’s U.S. inventory number will confirm just how much the country is pumping out amid a global oil glut – watch out for some volatility in WTI and Brent Crude charts later.

Trading Diary:

08:50am     The DAX-30 is quite volatile this morning but there is a UTB pattern emerging very slowly so there could be a possible (short) trade coming up.

09:05am    I am now in a ‘short’ position on my German DAX-30 15min chart, it’s a UTB Price-Reversal pattern and my stop loss is 10 pips.  Not sure how long I will be in the trade as the chart is still quite volatile.

09:20am   The volatility is remaining and I am happy with a quick profit so I am now out of my DAX-30 position with a 15 pip profit.

12:45pm    Just entered a ‘short’ position on my Gold 15min chart, it’s another UTB Price-Reversal pattern and I have an 18 pip stop loss.

13:40pm     Another fairly quick trade, the U.S. markets are opening and with that comes some sharp moves so I am now out of my Gold position with a small +22 pip profit.  I have just been invited out shortly for a game of golf in the sunshine so I am shutting off my screens for the day.