07:10am   Up early for some reason and I’ve sent off my my daily ‘Trading-Guidance’ email already – down in Essex for a few days and with the weather a bit gloomy and wet outside I shall probably spend most of the day here at home watching charts and catching up on emails.

Market Update:

Although European and U.S. markets had a largely bullish day yesterday there was no real strength to the moves and overnight the Asian session was mixed with the Hang Seng approaching their close around now with a 205 pip rise so far but the Japanese Nikkei 225 is 362 points down. No significant economic news is being released today so direction will be entirely dependent on traders sentiment – which according to a couple of London traders I spoke to last night means a generally bearish session. The bullish U.S. session yesterday was mainly down to fairly good existing homes sales although the number did come out slightly shy of the expected 5.5 million but China is still weighing heavily on investor sentiment.

Crude oil prices have taken a fall overnight after a resilient session on Monday where there was a 3% rise but profit takers have moved this morning in as traders cannot see much upside as demand is weakening and supplies are still plentiful. I can also see a possible down move on my U.S. WTI Crude chart at the moment so bullish prospects look fairly non-existent  at the moment.

Trading Diary:

07:50am  As I mentioned above, there’s a potential ‘short’ trade setting up on my WTI Crude chart – it’s one of my trendFX patterns.

08:10am   The WTI price has fallen sufficiently on the 8 o’clock candle to trigger a ‘short’ position for me – my stop loss is 15 pips.

09:35am    Happy with the +36 pip profit so I am now out of my WTI position.

10:10am   Now in another ‘short’ trade – this time a UTB position on my Gold chart, the stop loss is 15 pips.

10:35am   Neighbour has just arrived for a cycle ride so I have just closed off my latest trade – it has managed +55 pips.

12:25pm    Back from my cycle ride and now out to lunch at The Lion so no trading for a while.

15:20pm    Back home — and just took a quick ‘short’ trade on my S&P 500 chart using strategy-1 from my trendFX system, the stop loss is a relatively high 58 pips but that is a reflection of the current volatility. There is a similiar trade on both the FTSE 100 and Dax 30 charts.

16:40pm    Just been invited out for some clay pigeon practice shortly so I’m off out for a few hours and I’ve taken the opportunity to close the S&P 500 position – it has come in at +91 pips.  Three is enough trades for one day — my total +182 pips.