08:50am CET (07:50 UK Time)   No activity on the markets for me yesterday, I was struck down with a strange 24hr bug but all ok now so if I have any trades today I will report the details here.

Market Update:

Putting aside the ongoing terrorist worries in Europe which has now moved to Germany as well, traders other focus today is the Federal Reserve’s FOMC meeting minutes towards the end of the U.S. trading session. There is a growing expectation that the vote for a rate rise on December will be in the majority with the latest betting showing a 66% chance of a 0.25% increase at next month’s announcement. This sentiment was part of the reason that the Dow Jones 30 and S&P500 indices closed mixed last night and there is now a bearish candlestick reversal pattern  on the S&P daily chart so today’s movement may well be down eventually although traders will be reluctant to enter large positions before tonight’s announcement.

Crude oil had another negative day after a brief respite on Monday caused by the terrorist situation on France which always highlights concerns over supply in the Middle East although the general trend is still bearish because of oversupply in most of the world on falling demand. U.S. WTI Crude fell 67 cents on Tuesday to finish at $41:06 and is currently down further at $40:99 with UK Brent Crude following the general trend.

Gold had a brief bullish session on Monday when bargain hunters moved in on geopolitical concerns but has now continued its journey downwards and has fallen below a long term support level at $1068 and is now heading for the next support at $1045 which was last seen in 2010.

Trading Diary:

All Time Below Are Central European Time (UK +1hr)

09:20am    Not much going on with my collection of favourite charts so I am off for a cycle ride.

11:25am    Just got into a ‘short’ position on my Gold chart, it is a trendFX strategy-1 set-up with a 22 pip stop loss

14:20pm   The U.S. trading session is about to get underway so I am now out of my Gold trade as the market may become volatile for an hour or so — my position has managed +34 pips.

15:00pm    No more trading for the day as I’m giving my elderly neighbour a lift to Palma and back.