08:20am   Quiet day planned here at home and no doubt there will be some chart watching from time time despite having weekend visitors arriving early. Any trades I take will be detailed as usual in my Trading Diary.

Market Update:

Although European equity markets ended the session bullishly yesterday the U.S. markets did reverse some early optimism to finish the day in negative territory as the second round of trade talks between China and the U.S. is not expected to be that fruitful according to President Trump. The Dow Jones closed down 54.95 points (-0.22%) and the S&P-500 and Nasdaq also finishing in the red but not by as much.

The overnight Asian session was dominated by U.S./China trade talks ad there does seem to be some renewed optimism regarding the negotiations so indies in the region mostly closed higher despite a muted start. The main loser of the session was the Australian ASX-200 which closed down by -0.11% where the materials and finance sectors dragged the market downwards despite healthcare and energy stocks being heavily bought.

Oil markets continue to perform well although many traders see the $80 level in Brent Crude as a high level this month, the price touched this minor resistance level early in the U.S. session yesterday before retreating back under the weight of sell orders but we may well see another attempt today.  OPEC are still holding tight with their supply restrictions and traders also have one eye on looming Iranian sanctions which will also limit production into the world market.

Trading Diary:

08:45am     Nothing to see on my collection of favourite charts at this early stage of the European trading session so off for a cycle ride.

10:10am    Just taken a ‘short’ position on my S&P-500 15-min chart, it’s a Master-The-Trend Strategy-B set-up with a 12 pip stop loss.

11:15am   I’ve got back indoors and just noticed my S&P-500 position has been stopped out at -12 pips.

14:05pm     I am now in a ‘short’ position on my Brent Crude 15-min chart, the pattern I have used is the UTB  Price-reversal set-up and the stop loss is 15 pips.

14:30pm   Out of the Brent trade with a quick +32 pip profit – markets moving very quickly this afternoon.

14:45pm   Switching off my charts now as I’ve been invited out for a game of golf but back around 6pm to send out some emails to customers with details of my trades today.