Tuesday 7th February 2012 ~ BP Back To Profit
9:30am ~ Did not sleep that well last night, and at 5:15am I was wide awake, so I got up and fixed a strong coffee and sat down in my kitchen with a couple of laptops – I started replying to emails and at 6 o’clock fired up my MT4 trading platform to see if I could spot any trade signals with my trendFX collection of (5) strategies.
The first one I saw was on my ‘Gold’ chart and just after 6:30am I was in a long trade with strategy 3 from the trendFX trading manual. The price shot up nicely and I was out with a +25 pip profit just after 7:00am. I then had a Skype call with a guy who is thinking of purchasing my “Evening” trading system from Australia, then afterwards I went back to my charts & got into an S&P500 ‘short’ trade that had popped up. Within 30 minutes the price had dropped to an obvious resistance point, so I came out of the market as I really wanted to get showered and get on the road upto my cottage in Suffolk. That last trade gave me +17 pips, so quite happy with my earnings this morning.
I will report back later if I do any “evening” trading and add to my +42 pip profit so far.
Top financial news this morning was the headlines that Anglo-Dutch Oil giant BP has returned to profitability after the disaster at the Deepwater Horizon Oil Rig 2 years ago. They have posted profits of €18 billion – well done !
6:05pm ~ I arrived up here just before lunchtime and had a lovely ‘brunch’ in ‘The Crown’ – and then back here to the cottage for a session answering emails. I did also manage to fit in a cycle across the fields and over the river to Walberswick – then back here for 4:00pm ready for some trading with my “Evening” trading system at 5 o’clock.
The U.S. markets staged a big upward movement as soon as the Fed Chairman began his testimony on the state of the U.S. economy to the Senate Budget Commitee at 3pm (UK time) and by the time I switched on my S&P500 chart, the market had lost its momentum and so I lost all enthusiasm for searching for trade opportunities. This situation is quite rare, it only happens perhaps once every couple of months, but it gives me the opportunity to finish my “evening” trading session early and wander down to The Lord Nelson for a couple of hours. Got to be back by 8 o’clock though – the girlfriend will be arriving then…..
Daily Target Reached Today ? YES (+42 pips) I trade the early morning session today.