08:00am  Day at home doing some repairs so I may have time to watch my collection of ‘favourite’ charts – any trades I have will be reported here.

Market Update:

Markets ended bullish last night in the U.S. and that sentiment carried on overnight in Asia with the Shanghai Composite, Hang Seng Index and Nikkei Stock Average 225 ended up. This move was prompted by weak U.S. manufacturing numbers which gives traders a reason to believe the Federal Reserve will delay their rate rise until early next year. Strong earnings from leading banks also helped equities to end the session positively with the Dow Jones 30 finishing last night 217 points ahead and the wider S&P 500 also around 1.5% up. This bullish sentiment means the price on the S&P 500 daily chart has risen to the significant 200 moving average which is currently acting as a resistance level so next week’s movement may confirm a move into a bull market.

Gold continued its move up and yesterday reached its best level for 4 months at $1187.50 and is now over its own 200 day moving average on the daily chart although the overnight Asian session has seen some profit taking and it is moving down slightly, currently at $1175.80.  U.S. oil futures had a volatile day after the weekly Crude Inventories numbers revealed a build of over 7 million barrels for the past 7 days, the WTI Crude ended the day at $46.85 and is slightly ahead this morning at $47.10.

Trading Diary:

09:35am   Not a lot happening on my charts so I am off on a cycle ride for a few hours.

12:10pm   No trades to report and off to lunch now.

16:20pm   Been watching my charts on and off for the last hour since I’ve been home and I have eventually found a UTB opportunity. I have just entered a long position on my AUD/JPY chart with a 26 pip stop loss.

18:55pm   As it’s Friday evening, the Lord Nelson is beckoning but my AUD/JPY is still trundling away (fairly positively) so I’ve brought the stop loss up to break even and set the profit at +26 pips.