08:05am   This will be my last day in front of my charts this week as its Non Farm Payrolls in the U.S. tomorrow, any trades I find will be reported below in my Trading Diary.

Market Update:

European indices closed mainly up yesterday in line with a general feel of optimism across global markets with the German DAX-30 leading the way with a 1.8% rise following their bank holiday on Tuesday. Wednesday’s U.S. trading session also closed in positive territory although the tech-heavy Nasdaq Composite Index finished the day down by 0.2% with Apple dragging the index down. Equities rallied on the news that the Federal Reserve is keeping interest rates on hold for another month although it’s widely expected there will be a rise on December, the S&P-500 was 0.16% up on the day with the Dow Jones 30 up slightly more.

The overnight Asian trading session was mixed and closed mainly down with the Japanese Nikkei-225 index bucking the bearish trend, it closed up 119.04 points at 22,539.12 which was a new 21-year high, buoyed by car manufacturers and energy stocks.  Crude oil suffered from a bout of profit taking, WTI Crude hit a historic resistance level at $55.00 and it retreated back from this point although the market is still fairly bullish on OPEC efforts to restrict production.  The U.S. benchmark is now sitting at $54:11 and we could see the price down as far as $53.00 by tomorrow’s close.

Gold had a positive session yesterday although price action is suggesting a move back down to its 200-day moving average again, it is currently at $1276.20 with the 200-day MA at $1266.70.

Trading Diary:

11:35am    It has been a quiet morning on my collection of favourite charts but I have just found a ‘short’trade on my GOLD 15-min chart and I’ve entered a position using the Master-The-Trend Strategy-A pattern, my stop loss is just 10 pips.  Not sure how long I’ll be in the trade as we have the Bank of England’s rate decision at midday which could cause some volatility.

12:05pm    I have just closed my GOLD position as the Bank Of England announced a rate hike, my profit is an acceptable +21 pips.  Although this rise has been broadly priced into the market I did believe certain charts would become volatile.

13:00pm    Lunchtime out with some fellow traders, so away from my screens for an hour or so.

17:10pm   Just switched my charts off after quite a long session.  I will usually go and do something else after lunch if I have one or two trades under my belt but I have been sitting here all afternoon writing up a new book on a development for my Master-The-Trend system which makes it more profitable in a lot of its trades so I have been watching my charts as well. So far I’ve not found any further trades so my day’s total still stands at +21 pips.

No trading for me tomorrow as it’s Non Farm Payrolls day in the U.S. so will be back on Monday in front of my charts.