07:45am    Back to ‘work’ today after returning from Cornwall yesterday and I may have a chance to look at my charts during the day inbetween other ‘jobs’ around the house. Any trades will be detailed here as they occur.

Market Update:

Big news in the markets today is the continuing fall in Chinese equities – yesterday’s drop was the biggest since before the global crisis in 2008 – and this is despite the Chinese government interfering in a big way to try to halt the panic. During the day we say drops of over 5% for the hang Seng but the market did close slightly better earlier this morning after the communist government forced companies to start buying their shares as well ordering market-makers and brokers to buy stocks – free market in China ? Doubtful.

Away from the Asian troubles, the Greek problem that I last talked about at the beginning of July is now gradually being sorted there are more meetings with its creditors today in Athens as they sort out the finer points of the deal that was reached to keep them in the EU fold.  Crude oil is also in focus at the moment as post-sanction Iran is starting to sell its oil into the open market after many years in isolation, it is now said to be OPEC’s second largest exporter now from figures released for July and the price of U.S. WTI Crude now look as though it’s heading straight for the low of March this year at $42:00.

Trading Diary:

08:30am   Just scrolling quickly through my favourite charts and I can see a possible UTB ‘short’ trade setting up on my Gold chart.

08:45am    The Gold price has fallen sufficiently in the past few minutes to trigger the trade, I am now in a ‘short’ position with an 18 pip stop loss.

11:35am   Off out for a cycle ride along the beach path so I’ve closed my Gold position – happy with the +35 pip score.

13:40pm    Although it’s not a great time to enter a trade if you’re new to the markets due to the volatility when U.S. markets start their session, I did spot another UTB pattern on my S&P500 chart so I’m in the market with a ‘short’ position and a 23 pip stop loss.

14:35pm   Due to the volatility in the market I’ve reset my stop loss at +23 pips and I shall watch the chart carefully to see how far down the price goes.

14:55pm   Happy with my +111 pip profit so I’m out of the position.  Been invited to play tennis up the road so no more trading for me today.