07:15am   Just sent off my daily ‘Trading-Guidance’ email to subscribers and I am now going up the road for an early morning Clay Pigeon shoot – should be back here at home around 10am so I will do my Market Update then.

Market Update:

There was a general air of pessimism in the markets yesterday mainly due to the realisation that the Greek debt problem is coming to a disappointing head as it’s now clear that there probably is not enough funds for the rolled forward repayment due in 3 weeks time. Over the Atlantic there was good jobs news in the U.S. economy so this puts investors, traders and large companies on notice that the Fed may raise the minimum borrowing rate as soon as September. As well as this sentiment, there is also a fear that the Chinese economy is slowing down so we may not have any further rises in equity markets for the next few weeks but traders are now waiting for this week’s U.S. retails sales figures to see there really is growing strength in their economy.

The Crude Oil markets is still in the doldrums as worries about an Asian slowdown which is going to effect demand and also the fact that OPEC is not going to drop production to allow for this plus Iran is saying that a post-sanction period will see them increase exports. All this sentiment brought a fall in price for the benchmark U.S. Crude — WTI fell just over 70 cents yesterday to $58:25 per barrel and tomorrow’s weekly stock situation may well reinforce the downward pressure. The weekly WTI Crude chart does show some support around the $56 level although the candlestick patterns do hint at a good move either way in the next month or so.

Trading Diary:

11:25am   There seems to be an UP trend developing on the 30 minute WTI Crude chart and if the price rises above $58:95 it will trigger a trendFX ‘long’ trade.

11:40am   Just entered the ‘long’ WTI position, my stop loss is 30 pips.

14:20pm   Now in a ‘short’ position on my Dax 30 chart using another of the trendFX set-ups, my stop loss this time is 47 pips.   Off now for a late lunch.

16:10pm   Just been stopped out of my Dax position at -47 pips but still in WTI trade.

17:15pm   Off for a swift pint with a neighbour so I have closed off my WTI Crude position at +101 pips. It looks as though the price may hit $60:20 again but I’m happy with my profit, up 54 pips on the day.