08:35am   I am planning a day at home catching up on the many emails that have come in following the release of my new 200MA trading system eBook last night.  I will also be doing some chart watching so any trades I take will be detailed below in my Trading Diary.

Market Update:

U.S. financial markets were closed yesterday due to their Labor Day holiday and this impacted on general trading volumes but the overnight Asian trading session was fairly steady but still affected by North Korean activities.  Although Chinese PMI data came out better than expected today, this good news was outweighed by North Korea’s latest nuclear tests which has caused traders and investors to once again move towards safe haven assets such as the Japanese Yen and Gold although we can see that enthusiasm waning slightly in the past few hours.

Gold reached a 2017 high during yesterday’s trading session at $1339.70 but has retreated slightly and is now trading around the $1331.00 level and looks to be heading for $1325 in the next couple of days which coincides with the 20 period moving average on the 4hr chart.  Crude oil is recovering slightly from the price falls that occurred last week following refining disruption in the wake of Hurricane Harvey. U.S. WTI Crude touched a low of $45:56 last Thursday but has since recovered and is now trading at $47:48 this morning and looks to heading for its 200-day moving average ($48:00) so watch for a reaction around this level.

Trading Diary:

10:10am   Nothing much to see on my collection of favourite charts so myself and some fellow traders are off for a cycle ride.

11:15am  We’ve just got back indoors and entered a ‘long’ position on my U.S. WTI Crude Oil chart.  It’s a Master-The-Trend Strategy-A set-up and my stop loss on this occasion is 22 pips.

13:05pm  Ignore some of the information above !  My position is on my Brent Crude chart and it’s a Strategy-B set-up – apologies for the typo.

14:25pm  I have just closed off my Brent trade with a +71 pip profit as the price has risen well after the U.S. trading session open. I am more than happy with my score for the day so I am closing off my screens now and will be back at my desk tomorrow morning.