07:55am Early start this morning as I am off out to the coast this afternoon but before then I will here in my home office catching up on emails, chart watching and organising the release of my new price-reversal trading strategy.
Market Update:
U.S. markets had another negative session yesterday as they retreat from record highs ahead of the UK election, European Central Bank’s monthly rate decision and probably more relevant for U.S. traders – the testimony by ex-FBI Director James Comey. These upcoming events could push investors into a period of inactivity so volumes in the U.S. and Europe are likely to be low for the next 48hrs as announcements and news is released.
The overnight Asian trading session closed mixed although the Shanghai Composite did finish up by 1.24% even though there is a push towards safe haven assets ahead of the aforementioned events occurring over the next few days. Gold and the Japanese Yen have risen as expected, the yellow metal rose $13.80 yesterday and is now sitting at a minor resistance level at $1295 so we may see a bearish reaction today or tomorrow.
Crude oil had a fairly positive session yesterday, U.S. WTI Crude rose 58 cents by the close on concerns over supply due to tensions in the Middle East over the Qatar situation although the U.S. benchmark has retreated back slightly this morning as worries over oversupply in the U.S. comes to the forefront as traders wait for today’s Crude Oil Inventories numbers.
Trading Diary:
09:50am Just taken a ‘long’ position on a volatile FTSE-100 chart, it’s a Master-The-Trend Strategy-B set-up with a 12 pip stop loss. Probably go for a small profit as market is quite ‘jumpy’ ahead of the UK election.
10:00am Out of my FTSE position at +12 pips after a sharp move up.
11:05am No win a ‘short’ trade on my GOLD 15min chart, it’s a UTB price-reversal set-up and my stop loss is 11 pips.
11:40am The Gold price has shot down very dramatically so I am taking a quick profit before the buyers come in to the market, I have managed a profit of +49 pips.
I am off for a cycle ride now and as I am happy with the +61 pip profit for the day so far, I will stop my chart watching for the day – back here early tomorrow morning.
08:45am A relaxing start to the day and the plan is to be at home for most of it catching up on emails and Skype calls after a short break away. I will also be watching my charts from time to time as well so any trades I have will be reported below.
Market Update:
U.S. markets closed slightly down last night although they are still around record levels despite disappointing Non Farm Payrolls numbers on Friday and increased geo-political tensions around the world. The S&P-500 index closed down 0.12% after fairly low volumes with Apple causing most of the falls an broker downgrades hit the stock. The overnight Asian market ended the session mixed with Chinese stocks doing quite well but the rest of the region finishing down slightly on light trading due to traders waiting for big news on Thursday including UK elections, James Comey’s testimony in the U.S.and European Central Bank interest rate decision.
The oil markets are in decline once more due mainly to concerns over the Qatar situation as many believe that oil exports from the country will dry up quite quickly due to the current tensions surrounding the country giving the rest of OPEC the excuse to increase oil production which will have a negative impact on values in the next month or so. U.S. WTI Crude is once again down to the $47:00 support level so watch for trading opportunities at this level.
Gold is enjoying a bullish move away from the $1260 support level as equity markets slow and start to look as though they could retreat from the record highs they’ve reached in the last few weeks. The yellow metal should benefit from a flight to safety as tensions in the Middle East escalate and worries over further terrorist attacks are factored in. The price is approaching a small resistance level at $1295 so watch for a possible reaction (and trading opportunity)
Trading Diary:
11:55am Nothing to report regarding trades for this morning, it has been fairly quiet on my collection of favourite charts. Off for an early lunch soon, back later this afternoon.
15:45pm Just got into a short’ position on my DAX-30 15-min chart, it’s a Master-The-Trend Strategy-A set-up with an 18 pip stop loss.
18:50pm I have left my position running unusually late but finally I am out of the DAX-30 trade with a +42 pip profit. It has taken quite a while to get into a profit but eventually the price fell sufficiently.
09:05am It’s Non Farm Payrolls Day in the U.S. so as usual the markets will be drifting sideways this morning and then reasonably volatile this afternoon so I will not be trading at all today but will be back here on Tuesday after a long weekend break.
Market Update:
Markets in the U.S. closed strongly on Thursday with the S&P-500 and Nasdaq indices hitting intraday highs on hopes of a favourable jobs report later today. The ADP Non Farm Report which is released 24 hrs ahead of the NFP numbers indicated a rise of 253,000 positions although today’s numbers are not expected to be as optimistic but a good number (over 100,000) should excite equity markets into some bullish moves and strengthen the case for a June rate rise from the Fed.
Asian markets followed on from Thursday’s bullishness despite President Trump’s decision to pull the U.S. out of the Paris Climate Accord. Most indices had a positive session and closed ahead and only the Shanghai Composite had a slight blip at the end to close 0.28% down. The bullish sentiment has continued as the European trading session gets underway with all bourses showing good gains for this last trading day of the week.
Oil had another negative day’s trading yesterday and WTI Crude closed down 59 cents and $48.01 at the close and is further in the red this morning at $47.49 and closing in on the $47.00 minor support area as continuing oversupply dogs the market even though this week’s Crude Oil Inventories showed a small decline. Traders can see increased shale oil production coming after Trump’s decision to pull out of the Paris agreement.
08:25am I had planned on being in front of my screens this morning but I’ve been invited out for the day so no trading for me today and as it’s Non Farm Payrolls tomorrow I will not be watching any charts until next week – probably Tuesday 6th.
Market Update:
European markets ended Wednesday’s trading session mainly down after an unexpected fall in EU inflation data plus ongoing political uncertainty in Italy, Greece and the UK and this negative sentiment carried on into the U.S. session where the two major indices closed in negative territory after concerns over inflation hampered the financial sector. The S&P-500 index hit a high of 2418 last week but has not been able to replicate that performance so far this week although a good jobs report tomorrow may help lift optimism and take traders minds off a potential rate rise later this month.
The overnight Asian trading session ended mixed at best with Japanese and Australian indices closing up but Chinese equities having a tougher time although the Hang Seng did manage to see some bullish action upto the close. European markets are fairly positive this morning and have shrugged off yesterday’s concerns although we could see lower than usual volumes ahead of the Non Farm Payroll numbers tomorrow.
Crude oil had another negative session yesterday on continued over supply concerns and specifically on reports from Libya that their previous oilfield issues have been resolved. There has been a slight recovery in the price this morning as U.S. stocks are expected to show a larger than expected draw in weekly figures today.
Trading Diary:
No trading today, back in front of my screens next Tuesday
08:10am Another quiet day at home planned catching up on emails and Skype calls and also doing some chart watching from time to time ~ any trades I take will be detailed below through the day.
Market Update:
European markets closed mainly down yesterday amid fears of a snap election in Italy and the prospect of a hung parliament in the UK as the Conservative’s are beginning to lose their previously dominant position ahead of next week’s poll. Banking stocks were the worst performers and British Airway’s parent company IAG also ended negatively after falling over 2.5% on the day after computer issues over the bank holiday weekend.
Following on from the European close, the end of Tuesday’s U.S. trading session finished negatively as well with the Dow Jones 30 down 50 points on worries over a June interest rate hike amongst many issues – Goldman Sachs was the biggest loser on the day. The overnight Asian session closed mixed after the negative U.S. close although Chinese stocks were buoyant as traders returned after their extended bank holiday.
Gold is starting to look stronger as equity markets are struggling to rise much higher, the commodity found a small support area at $1260 yesterday and is looking fairly bullish this morning and could head for $1270 within the next few days. Oil closed down yesterday with U.S. WTI Crude reversed at $50 and headed downwards and this fall is carrying on this morning, the U.S. benchmark is sitting at $49:15 at the moment and $48:50 looks to be the next target.
Trading Diary:
11:40am It has been a fairly quiet morning as far as my collection of favourite charts are concerned but I have just returned from a cycle ride to find a ‘long’ opportunity on my German DAX-30 30-min chart.
It is a Master-The-Trend Strategy-B pattern and my stop loss is higher than normal at 36 pips, reflecting the high volatility at the moment.
13:10pm The U.S. trading session is starting soon and the DAX-30 has touched the significant 12,700 and begun to retreat back so I have come out of my position with a +71 pip profit.
15:55pm Been back from lunch a short while but nothing interesting on my charts so I am closing them off now – happy with the day’s score which gives me a total of +381 pips for this month.
08:10am I am at home for most of today catching up on emails and also doing some chart watching from time to time so any trades I find will be reported below.
Market Update:
Markets were subdued yesterday due to bank holidays in the UK, U.S. and China and the overnight Asian session was fairly directionless on low volumes as a consequence of both the Shanghai Composite and Hang Seng closed for the 2-day Dragon Boat Festival. Europe has opened this morning fairly negatively with all major bourses in the red during the first few minute of trading on concerns over the Greek bail-out situation and falling oil prices. ECB President Mario Draghi is also negative on the near term outlook for Europe as he has commented that it is still too early to contemplate an end to monetary stimulus and this has traders looking at the overall strength of the European economy.
With equity markets taking a breather, we should see Gold becoming more bullish and the commodity is now trading above the significant support/resistance line at $1260, the 4-hr chart is suggesting a small move down to the 20MA before further rises (I will send out a chart for subscribers this morning). Crude oil rose slightly on Friday on hopes of global production cuts but consolidated yesterday as it hit the significant $50 level and is now falling once again on concerns of over supply despite a strong start to the U.S. driving season when petrol demand is at its greatest during the year.
Trading Diary:
09:20am Nothing much to see on my group of favourite charts so far this morning – so time to get outside and go for a cycle ride.
12:25pm Just got into a ‘short’ position on my WTI Crude Oil 15-min chart and I am also in a ‘short’ Gold position as well which I entered just after I got back from my cycle ride. Both are Master-The-Trend Strategy-A set-ups and the stop losses are 10 and 13 pips respectively.
13:40pm The Gold price has come down to the small support/resistance line at $1260 and is faltering slightly as the U.S. markets open so I am now out of that position – my score is +40 pips. The Oil price is still very bearish so I am staying in that position for a little longer.
15:15pm Now out of the Crude Oil trade as well now, the price has hit the fairly solid $49:00 level and bounced back up so I have come out with a +42 pip profit ~ that’ll do me for today’s trading, back tomorrow morning.
I have just tried to send out some chart screenshots to customers showing my two trades today but yet again the Aweber email software is playing up so there are some delays – apologies for this inconvenience.
My usual “Nick’s Trades” email may also be delayed later as well.
08:20am I am planning a quiet day at home today ahead of a couple of days away so any trades I take will be detailed in my Trading Diary below.
Market Update:
Markets in the U.S. closed in positive territory last night following on from the bullish end to Tuesday’s European session, with optimism over President Trump’s new economic deals that could materialise following his visit to the Middle East region. This sentiment spilled over to the overnight Asian session where most equity indices finished in the black although the Hang Seng index finished slightly down at -2.55 points after Moody’s downgraded China’s credit rating from A1 to A3 on worries over leverage in the economy.
Crude oil markets rose as well during yesterday’s session and this sentiment carried on overnight and U.S. WTI Crude is now firmly above the significant $50 level on hopes that OPEC’s mooted production cuts into 2018 are going to materialise. The group is meeting tomorrow to sort out the exact details of agreement so we should expect some announcement during the latter part of Thursday’s trading session.
Gold is still moving down from the minor resistance area at $1265 where it reversed a few days ago, the negative sentiment is being driven by rises in equity markets and this morning we see the yellow metal further down at $1249.80 although it has seen some support in the past few hours at its 20-day moving average.
Trading Diary:
11:10am There’s been no interesting opportunities this morning so I am off for a cycle ride and then some lunch so I will be back here in front of my charts in a few hours.
14:25pm Just back from lunch and the markets I usually watch are mostly drifting sideways with no real direction so I am closing the screens off for today.
I am away from late tomorrow morning for two days and as it is a Bank Holiday here in the UK on Monday I will be back in front of my charts next Tuesday (30th)
08:15am Another quiet day at home planned catching up on emails and Skype calls and I will also be doing some chart watching from time to time so any trades I find will be reported below.
Market Update:
Markets have been and will continue to be affected by the terrorist attack in Manchester last night and the FTSE-1oo opened down earlier this morning but has recovered slightly and is now above the 7500 level again. U.S. markets ended Monday’s session in a positive mood after President Trump announced multiple deals with Saudi Arabia, the S&P-500 closed up 0.52% with the Dow Jones-30 index finishing at a similiar level.
The overnight Asian trading session traded sideways to begin with but as news emerged regarding the UK bombing attack there were falls across most major indices and as expected there was a slight rise in the Gold price as investors search for safe haven assets but the price has now fallen back in the past few hours and is once again sitting at the significant $1260 level.
Crude oil had another positive session on Monday following on from OPEC’s comments regarding production cuts into 2018 and U.S. WTI Crude seems to be staying above the $50 level which is a bullish sign for traders – watch for some profit taking in the next few days and a return back to the significant support/resistance level.
Trading Diary:
10:00am Nothing to report on my collection of favourite charts at the moment so I am off for a cycle ride in the sunshine for an hour or so.
12:15pm Been back for 30 minutes but seen no interesting opportunities on my charts so off out for lunch. I’ll be back in front of the screens this afternoon.
13:55pm Just got into a ‘long’ position on my Brent Crude Oil chart, it’s a Master-The-Trend Strategy-B set-up/pattern with an 16 pip stop loss.
15:30pm I am still in my Brent Crude position but the markets have been quite volatile so far this afternoon with no big moves either way so nothing to report so far - my trade is still around break-even so I’m leaving it see if a break out one way or the other occurs later.
16:25pm The Brent price has eventually risen slightly and I have taken the opportunity to come out of my position with a small +28 pip profit. My charts are being closed down now and I will be back here tomorrow morning.
08:30am Back in front of my screens after a week away, if I have any trades I will post details in my Trading Diary below throughout the day.
Market Update
Equity markets closed last week mainly up and U.S. stocks enjoyed a bullish close as worries over Donald Trump’s Presidency recede slightly amid a well-received visit to Saudi Arabia. Worries over his sacking of FBI Chief Comey last week sent jitters across markets but that seems to be old news now and we are set for a bullish start to this current trading week.
The overnight Asian trading session ended mainly up even though North Korea has sent up another missile in their ongoing test timetable, the markets seem to be taking less notice of the rogue nation’s antics in that area although that could all change a moment if Kim Jong-un does prove they could launch a credible threat to mainland U.S.
The other big market news at the moment is the rising crude oil price. This has come about as OPEC members are moving towards further output curbs in 2018 which is a considerable extension to previous agreements. WTI Crude Oil moved above the significant $50 level on Friday and reached a high of $50:88 during the overnight Asian trading session but some profit-taking is pulling the price down slightly this morning so watch for some trading opportunities later today as price nears $50 again.
Trading Diary:
10:o5am A UTB Price-Reversal pattern has just shown up on my WTI Crude 1-hour chart and the price has just dropped sufficiently to trigger a short trade. My stop loss is 18 pips.
10:15am I am now in a ‘short’ position on my 15-min S&P-500 chart, it’s a ‘Magic-Line’ set-up with a 15 pip stop loss.
10:50am Due to the high volatility in the S&P-500 at the moment, I have come out of my position to protect the small profit I have built up.
Score so far today = +20 pips.
11:00am Time for a cycle ride out in the sunshine for an hour or so – first one for 10 days.
13:45pm Just back from lunch and I’ve seen my earlier WTI Crude Oil position has been stopped out at -18 pips.
13:55pm Now in a ‘long’ Master-The-Trend position on my 15-min S&P-500 chart. It’s a Strategy-B pattern with a 17 pip stop loss.
15:15pm Out of my S&P position with a +59 pip profit and as that puts me at +61 pips for the day I am switching off my screens and getting out into the sunshine. Back here tomorrow morning at the usual time.
08:20am I am planning to be at home for most of the day catching up on emails and doing some chart watching ahead of a hastily arranged week-long holiday starting on Sunday. Any trades I have will be detailed below.
Market Update:
U.S. equity markets experienced a negative session yesterday as focus turned to retails stocks and growth potential after Macy’s released weaker than expected 1st Quarter results. The main S&P-500 index closed down last night by 5.19 points at 2394.44 and is down a further 6.40 points in this morning’s futures market and the narrower Dow Jones 30 was down by almost 24 points. This negative sentiment did not really transfer over to the overnight Asian trading session and it ended mixed as traders took in news from retail figures in the U.S. (negative) and the steadying crude oil price (positive) plus the G7 meeting in Italy (neural)
As mentioned, the Crude Oil price is stabilising after some fairly large falls recently, WTI Crude had another positive session and closed the up 37 cents at $47.80 per barrel and the price on the Daily chart looks to be ready for a bearish price reversal at its 50-day moving average due to an extremely overbought situation at the moment.
Gold hit a recent low at $1213 on Monday and since then, due to equity weakness, has risen slowly to close positively last night at $1224.80 and this morning is showing further gains and is currently sitting at $1228.25 and we could see the price rising further to its 200-day moving average – watch for a trading opportunity if it does reach that MA.
Trading Diary:
10:40am There’s not much to get very excited about on my group of favourite charts and I’ve now finished a raft of Skype calls with budding traders so I am off for a cycle ride for an hour or so.
13:50pm Just taken a ‘long’ position on my Gold 30-min chart, it’s a Master-The-Trend Strategy-A pattern with a 24 pip stop loss.
17:50pm Just seen that my trade’s been stopped out so my score for the day is -24 pips. Back in front of my charts on Monday 22nd May - I hope you have a nice relaxing weekend and a profitable week’s trading.
