07:25am  I shall be around the house for most of the day so will report back here if I have any trades.

Market Update:

Main news on the markets this morning is the announcement overnight from the People’s Bank Of China that they’ve devalued their currency (the Yuan) in a desperate move to prop up the countries exporters and is a thinly veiled admission that the economy is in a worse state than they are admitting. They have previously stated that they wish to move away from their reliance on manufacturing but this latest move contradicts this stance although the government is to be congratulated as they have moved fast after disappointing economic data released at the weekend.

In the U.S. yesterday there was a bullish reversal on the main indices on positive sentiment caused by rising oil prices together with a hope of Chinese government stimulus following the disappointing Producer Price Index figures. The rise in the oil price was on the back of news of an emergency OPEC meeting that’s been scheduled due to the low value at the moment, there are many OPEC member countries who’s economy rely on +$80 per barrel prices so the current level of around $50 is just unsustainable, even if Saudi Arabia still wants to sweat it out to teach the U.S. a lesson.

Trading Diary:

11:55pm    Unexpectedly been out all morning helping a friend but back home now so I’m just going to scroll through some charts before lunch at the Lord Nelson.

12:25pm   Possible ‘short’ in the Crude Oil market, both the U.S. WTI & UK Brent charts are (as usual) moving similarly.

12:40pm    In a ‘short’ position on my WTI Crude chart with a 23 pip stop loss. It’s a trendFX strategy-3 set-up.

14:30pm    Back from lunch and my trade is sitting at +67 pips – I’ll stay in a while yet as there seems to be more downside.

16:15pm   The price has bounced off the $43 level a few times now so I’ve just come out of the trade at $43:14 so my profit is +93 pips.

23:40pm   Out all evening so no further trades to report.