08:25am I am planning to be at home today catching up on emails and other work plus I will be scanning my charts from time to time for trading opportunities, any positions I take will be detailed below in my Trading Diary.
Market Update:
European markets shrugged off recent worries over Catalonia during yesterday’s trading session as traders moved into equities and sent the German DAX-30 to another record high. The Spanish IBEX-35 reached its highest level for over a week as concerns that the Catalonian region will declare independence today subsides after anti-independence marches on Sunday brought large crowds out across Spain. In the UK the pound rose sharply after Friday’s fall which was sparked by worries over Theresa May’s future as Prime Minister although any leadership battles seem to be subsiding this week. The FTSE-100 fell on Sterling’s rise as a stronger currency cuts foreign earnings for UK companies when repatriated back into UK pounds, it finished at 7507.89 (-15 points) but is higher this morning at 7519.50.
Tuesday’s overnight Asian trading session closed mainly up despite a lacklustre and low volume session in the U.S. yesterday with the Japanese Nikkei-225 index coming out as the best performer at +0.45% (+93.68 pips) and did reach a 2-year high earlier in the session after trading resumed following a long weekend break. Crude oil values are rising for the second day in a row as OPEC announces that prices are ‘re-balancing’ after a few years of volatility. U.S. WTI Crude rose 30 cents yesterday to close at $49:53 last night and is further up this morning at $49:75. Gold bounced off its 200-day moving average on Friday and is taking advantage of some sporadic buying as investors in Europe hedge against the Spanish problem. It has risen in price for steadily now over the last two sessions but looks to have found some resistance at the 20-day moving average – watch for a possible trading opportunity around here.
Trading Diary:
10:15am Noting to see on my collection of favourite charts at the moment so I am off for a cycle ride, back in an hour or so.
13:55pm I have just entered a ‘long’ position on my S&P-500 chart, it’s a Master-The-Trend Strategy-B setup and my stop loss is 24 pips.
14:50pm Trades at this time of the day are usually quite quick due to the volatility inherent in the market during the U.S open and my S&P position is no exception, I am now out with a 41 pip profit.
15:15pm Happy with my ‘score’ so far, so I am switching off my screens for today and will be back here tomorrow morning.
08:40am No trading for me today as it’s Non Farm Payrolls day in the U.S. and markets can be slightly unpredictable, I’ve found over the last 25 years that it’s best to stay away from the charts until everything’s settled down. I will be back in front of my screens next Tuesday and I hope you all have a nice relaxing weekend.
Market Update:
Markets in Europe and the U.S. closed higher on Thursday with American indices posting further record highs with the financial and technology companies leading the move up. Banks and associated companies were in favour as yields rose after the senate passed a $4.1 trillion budget which is seen as the first step in Trump’s tax reform plans. The S&P-500 rose to a high of 2552.90 before closing at 2552.07 which was its sixth record close in a row, the best performance since 1997 although today’s moves are less obvious as we have the monthly jobs numbers out in around 5 hours time so equity markets will be fairly quiet in the run up and then volatile for the rest of today’s session.
The overnight Asian trading session was upbeat after the higher U.S. close with nearly all markets finishing in positive territory apart from the Shanghai Composite and South Korean Kospi index which were still closed for national holidays. Crude oil values are still being supported by hopes that OPEC and Russia are going to work together with production cuts well into 2018 although prospects of another storm in the U.S. Gulf region could increase crude stocks if petroleum production is disrupted once again. WTI Crude rose 87 cents during yesterday’s session to close at $50:73 and is holding steady around the same level this morning. Gold is still suffering from the flow of money into equities at the moment, it fell $7:00 yesterday to end the session at $1268:00 but we may see a slowing of the bearish momentum soon as it gets close to its 200-day moving average at $1263:60. Watch for a possible price reaction around this level.
08:15am Another quiet day at home doing some odd jobs and also watching my charts every so often, any trades I find will be detailed below in my Trading Diary.
Market Update:
All the major U.S. indices closed at further record highs on Wednesday on encouraging economic data released through the day. Jobs growth and a healthy manufacturing sector helped push equities higher and the S&P-500 closed at 2537.74, although it had been as high as 2540 around midday before the announcements. There should be a slowing down in the bullish momentum today as traders adjust their positions ahead of tomorrow’s monthly jobs report and if you take yesterday’s ADP employment numbers into consideration, there could be small decline on August’s level but it is still expected to be positive despite the hurricane disruption.
The overnight Asian trading session closed mixed overall with the main Chinese and South Korean indices closed for bank holidays. The Australian ASX-200 finished level after lower retail sales data was released although their trade surplus was better than expectations. This morning’s European trading session has got off to a fairly good start with the London FTSE-100 and Spanish IBEX-35 showing gains but the German DAX-30 is slightly lower. There was large drops in Spanish stocks yesterday on worries over the Catalonia situation but some bargain hunters have come into the market this an driven the main Spanish index higher in the past hour.
Oil traders are watch the meeting between Saudi Arabia and Russia as further production cuts between Russia and OPEC members have been suggested and this is stabilising crude oil prices for the moment. U.S. WTI Crude has been falling for the last five sessions but there is some buyers coming into the market this morning and the price has bounced at the low of $49:75 and is now sitting at $49:98. There is a small support/resistance level at $50:25 so watch for a possible reaction around this level if prices rise further.
Trading Diary:
09:00am I have just got into a ‘long’ position on my Brent Crude Oil chart, more details soon I am on a Skype call at the moment.
09:05am The trade mentioned above is a Master-The-Trend Strategy-B pattern with a 17 pip stop loss.
09:25am I am now in another Master-The-Trend Position, this time on my Gold 15 minute chart with an 18 pip stop loss.
09:55am The Brent Crude price has shot up quite well in the past 30 minutes so I am now out of my position with a +32 pip profit. My Gold position is still doing ok but I will a bit longer to see how it develops.
10:40am I have just closed off my Gold trade for a very un-technical reason — my neighbour has invited me out for a cycle ride. The position has given me +22 pips.
14:10pm Just back from lunch and there’s not much to get excited about on my collection of charts at the moment so I am going to switch them off now as I am quite happy with my score for the day so far (+54 pips)
Tomorrow is Non Farm Payrolls day so traditionally I do not trade, I will be back in front of my screens next Tuesday after a 4-day break from ‘work’
08:30am I am planning another quiet day at home with some chart watching from time to time so any trades I take will be detailed below in my Trading Diary.
Market Update:
European markets are in focus over the last day or so as the Spanish/Catalonian crisis deepens with the head of the region’s separatists government saying that they will declare independence in next few days which could then spark a constitutional crisis with Madrid. The Spanish IBEX is down sharply this morning and is breaching the long term support at 10,085, it is currently sitting at 10,074.50 which is just below its 50-week moving average. The German DAX-30 is trading level this morning after yesterday’s holiday and the London FTSE-100 is looking quite bullish at 7473 being helped by good news from Tesco, sending their shares up 1.5% in early trading.
Markets in the U.S. closed at another record high yesterday as buying momentum keeps company valuations up although traders I have spoken to last night cannot put their finger on one particular reason for the bullishness although many do not see the top yet. I have put a target on the S&P-500 of 2555.00 which it is rapidly approaching, current price is 2533.70 on a close last night of 2534.58. The overnight Asian trading session ended mainly up although the Australian ASX-200 closed down by 0.77%, it was dragged down by energy and financial stocks (China and South Korea markets are closed for holidays).
Gold, as mentioned previously, has fallen on the enthusiasm for equities although the daily chart did produce a bullish reversal candle yesterday and there has been some buying activity this morning. It is trading this morning at $1276.10, up on last night’s close of $1271.40 although there is some resistance around $1278, I will send out an interesting chart to subscribers in a short while.
Trading Diary:
09:35am Nothing much to see on my collection of favourite charts at the moment so I am off for a cycle ride.
12:40pm I have no trading opportunities to report so far today – off to lunch now with some neighbours.
15:05pm I have just taken a ‘long’ position on my German DAX-30 15-min chart, it’s a Master-The-Trend Strategy-B pattern with a 19 pip stop loss.
16:55pm The European markets are starting to quieten down now and the DAX index has just risen over its high of the day and retreated downwards slightly so I have come out of my position with a +32 pip profit. Switching off my screens and I will be back here early tomorrow morning.
08:20am I am back from a short holiday and my plans today are to catch up on emails and also do some chart watching from time to time. Any trade positions I take will be detailed below in my Trading Diary.
Market Update:
Fourth quarter trading in the U.S. started on a positive note with the Dow Jones finishing 152 points ahead, reaching another new high with the S&P-500 and Nasdaq following with equal optimism. Bank and Healthcare stocks were the best performers and General Motors also had a good showing and the rise is partly being attributed to hopes that tax reforms in the country are going to be finalised before the end of the year. The overnight Asian trading session was generally positive following on from Monday’s U.S. session and the Hang Seng Index closed up around 2% following their Mid Autumn Festival holiday but the main Chinese Shanghai Composite index is still closed for a second day for the National Day bank holiday. Other main news from the region is that the Reserve Bank of Australia kept their lending rate at 1.5% for the 14th month in a row.
Oil is continuing its fall with U.S. WTI Crude reversing from its high at $52:83 last Thursday on concerns over oversupply and closed at $50:44 last night and is holding steady at the same level as the European trading session opens this morning. Iraq has announced that their crude experts have risen in September and OPEC also said their output has risen in the past few weeks despite promises that members would restrict production to try and prop the price up.
Gold is struggling as investors take money away and invest in equities, it closed last night at $1270.60 which showed a decline of $9:45 on the day and this morning the price is sitting slightly down at $1269:95 although the daily chart is suggesting some bargain hunting at the $1270 level.
Trading Diary:
09:25am There’s nothing to see on my collection of favourite charts so I am off for a cycle ride on my new bike. Back in a couple of hours.
13:05pm Just taken a ‘short’ position on my U.S. WTI Crude Oil chart, it’s a Master-The-Trend Strategy-B set-up with a very small 10 pip stop loss.
13:40pm Out of my WTI Crude position now, the price has come down quite well but the bearish momentum has slowed now so I closed the trade off at +14 pips.
15:00pm Just back from a quick lunch and I can see there’s no trading opportunities at the moment so I am turning off my charts and finishing for the day – back here tomorrow morning.
09:15am I am planning a quiet day at home catching up on emails and doing some chart watching ahead of a 4- day break away for my birthday and any trades I find will be detailed below. I have had a slightly later than usual start to my working day as the local BBC Radio station has been broadcasting outside my house this morning so I have only just got back inside.
Market Update:
Equity markets are being affected by the escalating war of words between the U.S. and North Korea with both the S&P-500 and Dow Jones 30 indices closing down around 0.25% yesterday. Tech stocks assisted in the drop and the Nasdaq was down 1% at one stage before recovering late in the session and there was also a late rally for energy companies plus jitters over the German election gave traders food for thought. The overnight Asian trading session continued the pessimism over the Korean situation and most indices in the region closed in negative territory although the Chinese Shanghai Composite did stage a late rally to finish up by 0.07%.
As you would expect, Gold staged a safe-haven rally yesterday off the $1292 support/resistance level and closed up $12.80 to close at $1310.40 last night although there has been some selling in the past few hours and the price has come down to $1306.30. There is a certain amount of resistance from the 20-day moving average so we could see further selling over the next few days. Crude oil has been bullish over the last 24-hrs as news emerges that Turkey may close the oil pipeline from Iraq which is the country’s only supply outlet with the rest of the world, it pumps out around half a million barrels a day. The concerns over this potential cut in supply gave Brent Crude a boost yesterday and it touched its highest level for 16 months at $59:47 and U.S. WTI Crude has now got to a significant resistance level at $52:00 once again where it has staged a small retreat – watch for trading opportunities !
Trading Diary:
09:55am I have just taken a ‘long’ position on my German DAX-30 15min chart. It’s a Master-The-Trend Strategy-B pattern with a 18 pip stop loss.
11:25am The price on my DAX-30 chart has really struggled to get any higher over the last hour so I have closed my position off at +31 pips. There was a another similiar set-up on the GOLD chart just after 11am but I was outside with the builders at the time it triggered. Off for a cycle ride now then some lunch at the local.
13:55pm Back home now and I’ve just got into a ‘long’ position on my 30-min S&P-500 chart. It’s another Master-The-Trend Strategy-B set-up and my stop loss is 31 pips but now sure how long I will stay in the trade as this period of the day is a very volatile couple of hours.
15:00pm The S&P-500 price seems to have got stuck slightly at the 2503.00 level so I am now out of my position at +32 pips giving me a day’s total of +63 pips which I am more than happy with so I am turning off my screens now for this session.
This is my last day of trading for the month as I am away somewhere for a birthday surprise although I will still be sending out my daily Trading-Guidance sheet very morning as this is very important for new traders who follow the service. My score for September’s trading is +328 pips and if you want to replicate this performance just drop me a quick email.
09:05am I had planned to be trading today as normal but I am helping a neighbour out for most of the day at short notice so back in front of my charts tomorrow.
08:20am Planning a day at home again with some chart watching now and then so any trades I find will be detailed below in my Trading Diary. I am planning a day off tomorrow but will be back in front of my charts on Monday.
Market Update:
Main market news from yesterday came from the FOMC Press Conference last night (UK time) where the U.S. Federal Reserve announced that they were carrying forward their previous rate hike policy which sees once more rise in interest rates in late 2017 together with 3 more in 2018. They did however reduce the number of rises between now and 2019 by one which did cause a slight stir in the markets although the sudden fall in U.S. equity markets that occurred during the announcement reversed and buyers came back in strength. The Fed also announced they were reversing their bond purchasing programme which was initiated during the 2008 global financial crisis, this was also no real surprise for traders and was largely priced into the market already.
The overnight Asian trading session saw increased trading volumes after a slowdown ahead of the Fed’s press conference and most markets closed lower as the U.S. Dollar rose and this sentiment is spilling over to the European open this morning where most equity indices are slightly down on their close yesterday. Gold is continuing its slide south and although it did find some limited support at its 50-day moving average there does seem to be some increased bearish pressure this morning. It is currently sitting at $1299.85 down on last night’s close at $1300.80.
Crude oil rose 44 cents yesterday to close at $50:70 as more OPEC members join the resolution to try and cap output into the first quarter of 2018 although the price is falling this morning on U.S. inventory concerns and a potential lowering of demand caused by the rising U.S. Dollar as this lowers fuel consumption in non-Dollar denominated countries.
Trading Diary:
09:15am There’s been nothing really of interest on my collection of favourite charts so far this morning so I am off for a cycle ride in the sunshine for an hour or so.
12:10pm I have just taken a ‘short’ position on my Brent Crude Oil chart, it’s another Master-The-Trend Strategy-B pattern and the stop loss this time is 24 pips.
14:20pm Just back from lunch out and noticed my Brent Crude trade has been stopped out at -24 pips.
15:10pm I am now in a ‘short’ position on my Gold 15min chart, it’s another Master-The-Trend trade – this time a Strategy-A set-up. My stop loss is 21 pips.
15:55pm Taking a quick 21 pip profit from my Gold position so my score for the day stands at -3 pips.
08:55am I am planning another day at home catching up on some do-it-yourself jobs that have piled up over the last few weeks and inbetween this I shall also be doing some chart watching. Any trades I take will be detailed below in my Trading Diary.
Market Update:
Although European markets ended Tuesday’s session mixed, the U.S. indices enjoyed another record rise with the Dow Jones 30 reaching an all time intraday high at 22,383.60 before settling down at 22,370.80 by the close, a rise on the day of just +0.18% and the wider S&P-500 was up a similiar amount and also reached an all time high (2506.65). The Federal Reserve will conclude its 2-day meeting tonight so there probably will not be many buyers around until after their press conference at 19:00pm UK time so expect trading volumes to be low but high volatility after we have seen the result of the meeting.
The overnight Asian trading session was subdued as traders in the region also wait for some clues on future U.S. monetary policy tonight. Their interest rate level is expected to remain the same with probably one more hike before the end of the year but what is of more interest is the timing and details of how they are going to unwind the $4.5 trillion balance sheet. Gold has not seen the moves in the past few days that it’s experienced earlier in the month as investors are playing a waiting game ahead of the Fed’s meeting but we have seen a slight rise after President Trump’s comments at the UN yesterday which many see as provoking nuclear confrontation. It closed up $3.30 yesterday at $1310.80 and is slightly higher this morning at $1312.25.
Crude oil is slowly moving upwards this morning as comments from Iraq’s oil minister regarding the reigning back of output from OPEC member countries has brought some buyers in for futures contracts and there is also evidence this week of a smaller than expected rise in U.S. crude inventories although that will need to be confirmed later today. U.S. WTI Crude closed at $50:25 last night, a rise of 34 cents but has slipped back to that level in the past few minutes after reaching $50:42 earlier this morning.
Trading Diary:
09:45am I feel history repeating itself slightly today as I have taken another early morning trend trade on the German DAX-30 index. It’s a Master-The-Trend Strategy-B pattern and the stop loss is 15 pips.
10:00am Quick 20 pip profit from the DAX position, the price is too volatile to stay in for any length of time.
14:35pm Just got back from lunch and markets slightly erratic so I think I will close my screens off for the day. If you are watching your charts this evening be careful in the lead up to the Fed press conference at 19:30pm UK time, there will be some volatile moves.
08:05am I am back home after a long weekend break and I shall be here in my home office catching up on emails and also doing some chart watching from time to time. Any trades I find will be detailed below.
Market Update:
European equity markets closed mainly higher on Monday as perceived geopolitical risk subsided and Portugal returned to ‘Investment Grade’ once again after 5 years and this sentiment was carried on later in the day over in the U.S. where the Dow Jones 30 index closed once again at a record high. The index of 30 leading companies finished the session up 63 points at 22,331.35 with Boeing and Caterpillar contributing the highest rises together with the financial sector as a whole although this could be tempered today as traders await the outcome of the two day Federal Reserve meeting which kicks off today.
The overnight Asian trading session ended mixed as traders seemed reluctant to buy ahead of the Fed meeting as they are concerned about future U.S. monetary policy although the Japanese Nikkei-225 index gained over 1.77% by the close as a raft of buying occurred following their Respect For The Aged bank holiday. Gold is still edging down as equity markets rise although the fall has lessened slightly as the price hit the 200-moving average on the 4-hr chart but we could see a further drop this week to the minor support/resistance level at $1296. The commodity is currently sitting at $1307.10 having fallen $11.55 during yesterday’s session.
Crude oil values are still on the rise as OPEC leading member Saudi Arabia together with other major producers such as Russia have pledged to hold back around 1.8 million barrels per day from the market for the rest of 2017 to try to prop up prices and this does seem to be having an effect although as expected, the U.S. producers have taken advantage of this and increased shale production to compensate so the rise in the WTI Crude price could be capped around the $50/$51 level. It’s price is currently at $50.56 up from last night’s close of $49.91.
Trading Diary:
08:20am Just entered a ‘short’ position on my German DAX-30 15-min chart more details shortly as I have a Skype call now.
08:25am The above trade was triggered by a Master-The-Trend Strategy B pattern and my stop loss is 13 pips.
08:45am As it’s early in the morning and the European trading session is still getting underway I have exercised some caution and taken a quick 20 pip profit from my DAX trade.
09:00am Nothing much else happening on my charts at the moment so I am off for a cycle ride for an hour or so.
15:30pm Back from a late lunch and there’s not very much happening on my collection of favourite charts so I am switching them off for the day – back here tomorrow morning.
