08:10am   Back home today after a day away so will be here in the study watching charts and catching up on emails.  While compiling my daily ‘Trading-Guidance’ email for subscribers earlier I noticed a possible ‘short’ trade on the German Dax 30 index and I have just entered a position with a 29 pip stop loss.

Market Update:

Traders will again be watching economic announcements today to give them hints as to market direction, there has been a raft of numbers out so far this week and today we have the Bank Of England’s interest rate announcement together with a speech by Governor Mark Carney. There is little doubt that the record rate of 0.50% is going stay for another month but of more interest will be how many members of the Monetary Policy Committee voted yesterday to increase the rate this month, we will know the result when we hear the Policy Summary at 13:00pm today with further information in Carney’s speech 45 minutes later.

Also there is preliminary employment figures from the U.S. out at lunchtime and an expectation of a slight rise on last week’s numbers by around 3,000 but whatever the final count is, traders are watching these announcements carefully fo rclues as to Janet Yellen and the Federal Reserve’s next move on their interest rate decision.

Overnight the Asian markets were largely positive with the Japanese Nikkei 225 the best performer, up nearly 1% but this sentiment has not carried over to U.S. futures yet, they are pointing to a flat open at lunchtime at the moment.  Yesterday’s U.S. Crude Oil Inventory numbers showed a larger than expected build in stock which caused WTI Crude to end the day down $1:10 at $46:52 which all but wiped out Tuesday’s gain unfortunately.

Trading Diary:

 09:25am   I have just come out of the above mentioned trendFX ‘short’ position on my Dax 30 chart, the price shot down initially after disappointing German Factory Order numbers were released but has now become quite volatile. My trade has managed +32 pips and I’m going to have a break and go out for a cycle ride with a neighbour for an hour or so.

13:55pm    Since I got back from my cycle ride there’s not been any trade set-ups for me to take so I am switching off my charts and going dive into some books that arrived from Amazon earlier.