07:55am   Early start this morning as I am off out to the coast this afternoon but before then I will here in my home office catching up on emails, chart watching and organising the release of my new price-reversal trading strategy.

Market Update:

U.S. markets had another negative session yesterday as they retreat from record highs ahead of the UK election, European Central Bank’s monthly rate decision and probably more relevant for U.S. traders – the testimony by ex-FBI Director James Comey.  These upcoming events could push investors into a period of inactivity so volumes in the U.S. and Europe are likely to be low for the next 48hrs as announcements and news is released.

The overnight Asian trading session closed mixed although the Shanghai Composite did finish up by 1.24% even though there is a push towards safe haven assets ahead of the aforementioned events occurring over the next few days.  Gold and the Japanese Yen have risen as expected, the yellow metal rose $13.80 yesterday and is now sitting at a minor resistance level at $1295 so we may see a bearish reaction today or tomorrow.

Crude oil had a fairly positive session yesterday, U.S. WTI Crude rose 58 cents by the close on concerns over supply due to tensions in the Middle East over the Qatar situation although the U.S. benchmark has retreated back slightly this morning as worries over oversupply in the U.S. comes to the forefront as traders wait for today’s Crude Oil Inventories numbers.

Trading Diary:

09:50am  Just taken a ‘long’ position on a volatile FTSE-100 chart, it’s a Master-The-Trend Strategy-B set-up with a 12 pip stop loss. Probably go for a small profit as market is quite ‘jumpy’ ahead of the UK election.

10:00am  Out of my FTSE position at +12 pips after a sharp move up.

11:05am    No win a ‘short’ trade on my GOLD 15min chart, it’s a UTB price-reversal set-up and my stop loss is 11 pips.

11:40am     The Gold price has shot down very dramatically so I am taking a quick profit before the buyers come in to the market, I have managed a profit of +49 pips.

I am off for a cycle ride now and as I am happy with the +61 pip profit for the day so far, I will stop my chart watching for the day – back here early tomorrow morning.