08:50am   Back in front of my charts today after a few days away, any trades I take will be detailed below in my Trading Diary.

Market Update:

European markets ended mixed on the first trading day of the new week as geo-political concerns remain in trader’s focus although the higher oil price through the day did help energy stocks. Later in the day, the U.S. markets closed ahead for the eighth day in a row as trade relations with China seem to be improving.  President Trump has said he will help Chinese tech company ZTE get back into business and this is seen as a sign that U.S./Chinese trade relations will get back to ‘normal’ soon. At the close the Dow Jones 30 index rose 68.24 points to finish at 24,89941 (+0.27%)

The overnight Asian trading session had an overall negative bias although Chinese markets showed some optimism on the previously mentioned U.S./Chinese trade prospects.  Banking stocks in the region were the only gainers overall but failed to lift the indices as car manufacturers, electronics and steel producers all weighed heavily on sentiment.  Gold prices are on the declines once again after a brief lift at the beginning of last week, the price is currently back at the 200-day moving average ($1310) and we may see it go as low as the minor support at $1303 later today/tomorrow if equity markets continue to rise.

Oil markets are still benefiting from ongoing OPEC production cuts which have been reiterated in the past few days and looming U.S. sanctions against Iran has also tightened the market. U.S.  WTI Crude closed up 71 cents last night to $71.17 but are slightly down this morning at $70.93 currently.

Trading Diary:

10:15am   There’s been no trade opportunities so far this morning – off for a cycle ride now for an hour or so.

11:40am   I have just taken a ‘long’ position on my U.S. WTI Crude 15-min chart. It’s a Master-The-Trend Strategy-B set-up with a 19 pip stop loss.  The price is currently fairly volatile so not sure how long I will keep the trade open but I will watch the chart more than I usually do to monitor its progress.

12:00pm    Closed my WTI trade at +22 pips as the price has risen quickly but the bullish momentum has tailed off slightly.

12:55pm   In another ‘long’ oil position, this time on my Brent rude 15-min chart – details soon, just on a Skype call.

13:10pm     The above trade is a Master-The-Trend Strategy-A pattern with a 13 pip stop loss.

13:25pm    Now out of my 2nd trade of the day just a few minutes before the volatile U.S trading session open – the score is +31 pips so giving me an overall profit for the day of +53 pips.  It’s now too sunny outside to stay indoors in front of these charts so I am switching them off now until tomorrow morning.