08:50am   Nice lazy day at home today so if I have any trades I will report them here.

Market Update:

I am starting my analysis today with the Crude Oil market as the U.S. WTI Crude rice broke out of a narrow trading range yesterday and UK Brent Crude rose above the $50 per barrel for the first time in two weeks. Rumours of talks between Russia and OPEC regarding production and continuing lower production in the U.S. are the main drivers for this bullish move and this morning’s price action hints towards more price rises as I can see a possible ‘long’ trade setting up as I write this.

In the equity markets there’s not much to keep traders in a bullish mood with no real signs of Central Bank stimulus beginning as we experience a slowing EU and Chinese economy.  The Bank Of Japan released their monetary policy statement yesterday and there was no mention of any economic assistance although Governor  Kuroda’s speech today may surprise Asian traders with some positive rhetoric.

Trading Diary:

09:00am    As mentioned above, there looks to be a ‘long’ trendFX pattern setting up on my WTI Crude chart.

09:10am  I am now in the ‘long’ WTI position with a 30 pip stop loss.

10:30am   Possible UTB pattern on my Dax 30 chart – markets nice and busy compared with yesterday.

10:55am   Now also in the ‘short’ UTB trade – stop loss is 35 pips.

12:15pm   I have just entered another UTB trade – this time it’s a ‘long’ position on my Gold chart with a 12 pip stop loss.

12:50pm   Off out to lunch now so set up a target for the Gold trade at $1153.00 as that’s the last high it reached early this morning and the other two trades are set at 1:1 profit/loss as they have not made much headway yet.

14:25pm    Just got back home to see that both my Dax and WTI Crude trades have been stopped out so that gives me -65 pips but the Gold position ended up ok so I have a profit of +38 pips there.  The markets are still sorting themselves out as the U.S. session gets underway so nothing to see on my charts at the moment.

15:20pm    Just been invited to Clay Pigeon practice up the road so trading is finished for me today.