07:55am There’s been a change of plans so no trading for me today as I am still in London unexpectedly but could be back home tonight so maybe in front of my charts tomorrow.
Market Update:
There was no great market moving news yesterday so equities experienced a mixed session with U.S. indices undecided on direction (Dow Jones-30 -0.20% and S&P-500 +0.11%) although European bourses were fairly upbeat on the day the the UK officially started their divorce from the European Union. A planned merger between the London Stock Exchange and Deutsche Boerse was blocked on monopoly concerns and as a result both companies share’s jumped over 2% by the close.
The overnight Asian session was mainly in the red except for the Australian ASX-200 which was buoyed by optimism in the commodities and energy sector. Oil values jumped yesterday after a lower than expected stock build in the U.S. and there are now also concerns over supply issues in Libya which will slow distribution onto the world markets. U.S. WTI Crude ended the day up by 19 cents to $49:70 and this morning it is slightly down at $49:30.
Gold is in a small consolidation period and travelling in a narrowing channel between $1245 and $1258 although I can see a possible price break out soon as the triangle pattern comes to a close (email me for more details)
07:50am Earlier start for me today as I am off to London later this afternoon but if I have any trades this morning, they will be detailed below.
Market Update:
The main market moving news from yesterday involved U.S. President Donald Trump signing an executive order to reverse previous President Obama’s clean air policies which is designed (he says) to boost domestic energy production and initially this has caused a jump in related stocks. Energy and mining company shares rose as well as financials which caused the the main S&P index of the leading 500 companies in the U.S. to rise 0.73% by the close last night.
As expected, the rush of cash to equities has affected the Gold price and it is now well off its high of $1262 that it hit once again on Monday – currently trading at $1249.88 this morning. Asian markets were not as bullish as U.S. ones and the overnight session there ended just very slightly up with the Shanghai Composite bucking this trend and closing down by 11 points at 3241.31.
Crude oil values are in focus today as we have the weekly inventory numbers out of Cushing, Wyoming and the expectation is for a small rise of just over 1 million barrels. Initial trades this morning is suggesting that this number could come in lower as U.S. WTI Crude values are up 25 cents on last night’s close, currently trading at $48.70 and fast approaching its 200-day moving average.
Trading Diary:
09:50am Just entered a ‘long’ position on my Gold 15-min chart, it’s a Master-The-Trend Strategy-B set-up and my stop loss is 19 pips.
10:50am The Gold price has come up against the same small resistance for the third time in the past hour so I have closed my position off as I am happy with the small profit (+20 pips)
11:10am Quick cycle ride so no trades to be reported for a while.
12:45pm Back from my cycle and just had a quick look at my group of favourite charts and there’s nothing to see at the moment so I am off to lunch.
14:05pm Charts off now and finished trading for the day. Back here tomorrow for my last day of trading this month.
08:25am Back home after a short break away and I am planning a quiet day here catching up on emails and doing some chart watching from time to time, any trades I do have will be detailed below.
Market Update:
As the U.S. is still the leading economy in the world, traders still look towards its markets for a certain amount of guidance and equities there slid once again last night and closed down again as investors analyse the chances of success for President’s Trumps election promises. The markets have rallied very well over the last few months on optimism that big changes were expected that would bring a fresh look to politics and the economy in the U.S. but time and time again Trump’s government has been stopped in its tracks as they try to engineer big changes.
There is obviously some profit taking is occurring now in U.S. equity markets but traders are trying to guess how far the markets will fall. The S&P-500 closed at 2341.58 last night and although there is a small rise in futures markets this morning, we could see a return to the previously important 2280 level. Asian markets ended mixed after their overnight session with the Australian ASX-200 a notable winner at +1.230% but most other bourses closing around level. European markets have had a good start today but there is not much economic news out today to give them much direction.
Crude oil values have had a large fall in the past month or so but U.S. WTI Crude seems to have found some support at $47.00 so mark that level on your charts and watch for some trading opportunities.
Trading Diary:
09:10am Nothing yet coming up on my collection of favourite charts so I am off for a cycle ride.
12:10pm Just entered a ‘long’ position on my Brent Crude Oil chart, it’s a Master-The-Trend Strategy-A pattern with an 11 pip stop loss.
13:15pm Just come out of my Brent Crude position at +24 pips. Off out for a quick lunch now, when I get back I will send out full details and chart screenshot as usual to customers who also use this strategy.
15:20pm Back home now and just entered a ‘long’ position on my FTSE-100 15-min chart. It’s a Master-The-Trend Strategy-B set-up with an 18 pip stop loss.
17:00pm Time to switch off my screens – I’ve been in the study for longer than normal but it has turned out to be a successful session, my FTSE-1oo trade has just been closed at +29 pips. Total for the day therefore is +53 pips.
8:10am No Market Update or trading today as I have just had a phone call to join friends on a guys day-out at the last moment, leaving in 5-minutes. Back in front of my charts next Tuesday morning
08:10am Planning a quiet morning here in my home office catching up on emails/Skype calls and doing some chart watching ahead of a trip to London after lunch.
Market Update:
Stock markets in the U.S. closed mixed yesterday as traders await the critical vote on Trump’s healthcare bill and oil prices took another tumble on larger than expected Stateside crude stocks. The overnight Asian session bucked this trend and ended positively although the Japanese Nikkei 225 did fall below the significant 19,000 level before closing up by 0.23% and the Australian ASX-200 had a choppy session after rises in Gold prices but volatility in Crude Oil markets.
European markets are opening down this morning after the terrorist attack in London yesterday and investors keep an eye on President Trump’s Pro-Growth plans for his country and the healthcare vote soon. Gold had another positive day on Wednesday as equity markets falter and investors move money into safe havens, it closed at $1248.60 last night and is slightly down this morning on limited profit taking.
Oil prices had another volatile session yesterday as the U.S. stock numbers showed an increase in stocks once again although hopes for a continued production cut by OPEC members is keeping the support level valid at $47:00 for U.S. WTI Crude.
Trading Diary:
11:05am Nothing to report so far this morning as far as trading is concerned, the markets that I watch on a daily basis are either floating sideways at the moment or jumping up and down in no real direction. If you have any of my systems you will know I prefer trading a trend or a price reversal and none of these have come along so far today.
Time for a cycle ride I think.
12:20pm Just got back home and my selection of charts have come out of the doldrums and started providing some potential trading patterns. I have just entered a ‘short’ trade on my S&P-500 chart using my UTB price-reversal set-up and there could be another short on Crude Oil if the price drops soon.
12:40pm The Brent Crude price has dropped sufficiently so I am now in a ‘short’ position on that chart using a Master-The-Trend Strategy-B pattern, my stop loss is 19 pips. My stop loss on the S&P trade is 18 pips.
13:10pm Volatility is climbing as we approach the U.S. trading session open and I am off to London soon so I have closed both positions. The S&P-500 trade has managed +53 pips and the Brent Crude has come in at +31 pips.
Back in front of my charts tomorrow morning.
07:55am Nice quiet day at home for most of today so if I take any trades I will detail them below.
Market Update: U.S. equity markets had their worst day of 2017 yesterday, they fell over 1% with banking shares providing the largest losses (Bank Of America fell 5.8%) on concerns that the Federal Reserve may not raise rates as quickly this year as was first expected. There are also worries that President Trump’s policy promises may not materialise as quick was first thought – healthcare and tax reforms are major subjects where voters want to see action after promises made during the election run-up.
This negative sentiment spilled over to the Asian trading session last night and most indices closed in negative territory. The Japanese Nikkei 225 fell on Yen strength and also reports that North Korea had a failed missile test which could have been aimed at Japan. This morning’s European session is getting underway with German, French and British equity markets in a negative mood so far.
Gold is benefiting from the sell-off in equity markets and is rising back towards the $1263 resistance level – it jumped $9.80 in a high volume session yesterday and is currently trading at $1247.44. Crude oil is still under pressure from global over production and it fell 92 cents during Tuesday’s trading session and we will have confirmation of the U.S. stock situation this afternoon with the Crude Oil Inventories.
Trading Diary:
09:50am Nothing to see on my collection of favourite charts so I am off for a ‘bracing’ cycle ride for an hour or so.
11:25am Just entered a ‘short’ position on my S&P-500 chart, unusually it’s a Magic-Line pattern and my stop loss is 14 pips. If you do not have the instructions for this simple trading system, you can download the manual free of charge ON THIS PAGE
11:45am My S&P-500 chart is quite ‘jumpy’ so I have taken the opportunity to come out of the position as it touched a very minor support level at 2341.40 which has given me a quick profit of +21 pips. There was a ‘short’ opportunity on the Brent Crude chart a few minutes ago but I will sit on my hands for the time being as the Crude Oil Inventories are due out soon.
12:15am Out for an early lunch with some fellow traders – more chart watching this afternoon.
15:20pm I have been back home for 30 minutes or so but no trading opportunities have revealed themselves so I am switching off my screens for the day – back early tomorrow morning.
08:30am Back in front of my charts this morning after a short break away — any trades I do have will be detailed below.
Market Update:
Stock markets on Monday closed mixed as traders can see choppy waters ahead. The UK has announced a definite date for the start of the Brexit process, U.S. investors are still not sure about the Federal Reserve’s intentions for interest rate “adjustments” for the rest of 2017 plus we have the earnings season starting soon which could provide some surprises. Both main U.S. indices closed slightly down after a fairly volatile session although the overnight Asian session was more mixed with Chinese bourses closing positively but Japan and Australia finishing down overall.
European markets this morning are settling down now and are slightly lower on the day but there’s not much economic news to influence direction except for a raft of RPI/CPI figures out of London in just over an hour. Oil has been in the doldrums recently with over production being the main culprit with U.S. WTI Crude hitting a low of $47 this time last week but news of OPEC’s output cuts being more heavily policed this morning has given a boost to prices and WTI is now trading around the $49.30 level – just above it’s 200-day moving average, which is seen by many as a positive sign.
Gold could see some buying soon as equity markets take a breather from the bullish moves up they’ve seen lately, although my daily chart shows the price sitting right on the 200-day moving average while been very overbought, suggesting a move down in the short term. Keep your eyes on that chart for some interesting trading opportunities in the next few days.
Trading Diary:
10:30am There has been no opportunities so far this morning so I am taking this opportunity to have a cycle ride out in the sunshine.
12:35pm Just entered a ‘long’ position on my Gold 15-min chart, it’s a Master-The-Trend Strategy-A set-up and my stop loss is a very reasonable 13 pips.
14:25pm The Gold price has advanced well and I am happy with the profit so far, so I am now out of my position with a score of +99 pips. Off out now for a rather late lunch now and I am quite content to finish my trading for the day on that result.
09:45am Very ‘relaxed’ start to my trading day after an extremely late night out – but I will be doing some chart watching this morning ahead of a long weekend break away – any trades I have will be reported below.
Back here on Tuesday morning – hope you have a relaxing weekend break !
Market Update:
The bullish momentum caused by the FOMC decision to raise U.S. rates is slowing slightly and all the main U.S. indices closed in the red last night due mainly to falling health related stocks after President Trump announced some new spending cuts in the sector. The S&P-500 has failed to reach last week’s highs and now looks to be heading back towards its 20-day moving average although the overnight Asian trading session finished mixed with the Hang Seng index staging a late rally to finish ahead but Japanese and the main Chinese equity markets were slightly down at the close.
European markets are opening flat this morning as traders start to adjust their positions ahead of the weekend break and oil markets are holding steady as after large falls. WTI Crude has been trading around its 200-day moving average for most of the week and is looking as though we could see further falls from $49.00 level towards Tuesday’s low of $47.00.
Gold has enjoyed a small rise on U.S. Dollar weakness after the Fed announced they were not increasing the pace of monetary tightening. It’s now sitting at $1228.70 up from last Friday’s low of $1195 but it has stalled in the past 24hrs as it touched its 200-day moving average.
Trading Diary:
10:55am I have just entered a ‘long’ position on my WTI Crude 15-min chart, it’s a Master-The-Trend Strategy-B set-up with a 19 pip stop loss.
13:20pm Just got back from an early lunch and seen my WTI trade has been stopped out at-19 pips.
16:55pm Unusually for a Friday afternoon, I have been here in my home office catching up on emails and Skype calls and while sitting at my desk I have also been watching my charts. I have noticed there has been a distinct lack of trade set-ups so I have been looking further afield and I have just entered a ‘long’ position on my NZD/USD 1-hr chart, it’s a Master-The-Trend Strategy-A set-up with a 14 pip stop loss.
18:20pm The NZD/USD has risen quite well but as I am off for the weekend very soon I have just closed off my position at +23 pips, giving me a total for the day of +4 pips but a running total for this week of +95 pips and +393 pips so far for March 2017.
Have a great weekend and I will be back trading on Tuesday morning.
08:30am Another quiet day at home catching up on emails and doing some chart watching, any trades I have will be detailed below.
Market Update:
As widely expected, the U.S. Federal Reserve raised interest rates last night by 0.25% and signaled a gradual rather than hurried increase for the rest of 2017 with perhaps three more ‘adjustments’ to follow before the end of the year. Equity markets reacted positively with the Dow Jones 30 index closing at another record high at 20,950 (+112) and this sentiment spilled over to the Asian trading session overnight with most indices ending positively. The Bank Of Japan is holding their monetary policy steady which is seen as good news for traders and the People’s Bank Of China raised their rate by 0.10% in a mood of confidence.
Oil values rose yesterday as well which also boosted equity markets after a surprise fall in U.S. stock inventories, WTI Crude closed at $48.74 last night (+29 cents) but is up further this morning as the positive sentiment continues. Gold also reacted positively to a measured increase in U.S. rates, it started Wednesday’s session just under the significant $1200 level and by last night it was sitting at $1219.10 and currently it is at $1222.90 and looking at its next target near to $1244.00.
Europe is looking bullish this morning as well, the optimism is carrying on from last night and UK traders are awaiting the Bank Of England’s interest rate decision although a hold is already priced into the markets so anything else will cause a big move.
Trading Diary:
09:10am I have just entered a ‘long’ position on my German DAX-30 chart, it’s a Master-The-Trend Strategy-A pattern with a 16 pip stop loss.
09:50am Just taken a quick profit on my DAX position, I have come out with +22 pips.
10:30am Now in a ‘long’ position on my Gold 30-min chart using the same set-up as my previous DAX-30 trade. My stop loss this time is 21 pips.
12:25pm The Gold price has shot up quite well in the last half hour so I have taken the profit and come out with +81 pips giving me a total of +103 pips today.
13:00pm Happy with my score so far, so I am finishing my chart watching for the day – back here tomorrow.
08:10am Here at home for most of the day so any trades I have will be reported below.
Market Update:
Traders are on high alert today ahead of the Federal Reserve’s interest rate decision in around 10-hours time with an expected .025% hike in the minimum lending rate, this is the amount that is already priced in but any higher will surprise investors. Markets are expected to be fairly muted with low volumes ahead of the announcement as investors adjust positions ready for some selected buying later today, the overnight Asian trading session reflected this by closing mostly lower with Toshiba coming out as the largest loser of the session (-12.3%).
Oil is once again in the news with further falls yesterday and U.S. WTI Crude briefly fell over 2% during Tuesday’s session before settling back to close around $48.42 last night. This fall was caused mainly by news from Saudi Arabia that their production is actually rising despite promises that they will toe the line with the rest of OPEC members with regard to cuts in output in an attempt to stem the falling value of crude. During the night, the price has recovered slightly as initial figures out of the U.S. show that there has been an unexpected draw on stocks in the past few days and WTI Crude is currently sititng up at $48.75.
Gold has formed a small support at $1195 as investor await the outcome of today’s U.S. rate decision, volumes have been lower than usual but we could see some action later as investors move out of this safe haven and into more lucrative instruments. The price is currently slightly over the significant $1200 level with short term resistance around the $1216 level.
Trading Diary:
09:55am As I expected, the markets are fairly quiet with not much to see at the moment but I have just found a ‘short’ UTB price-reversal pattern on my S&P-500 chart, so I am in the position with a 12 pip stop loss.
11:50am Just got back from a cycle ride and seen my Gold position has been stopped out at -12 pips.
12:35pm Nothing else to see on my charts at the moment so off for some lunch.
14:10pm Markets are either drifting sideways or quite volatile today as traders await the Fed’s rate decision later this evening so I am finishing my trading for the day – back here tomorrow.
