08:50am  Back after a 6-day break away and I shall be mainly at home today so if I do take any trades I will report them below.

Market Update:

European markets have opened mainly down this morning after a less than positive end yesterday as traders digest the possibility that the U.S. Federal Reserve are going to increase their lending rate at the next FOMC meeting in June.  Apart from Fed Chief Janet Yellen’s comments last week regarding the likelihood of a rate hike, St.Louis Fed boss James Bullard also said yesterday that markets were well prepared for a summer rate rise.

French, German and UK equity indices look as though their previously bullish sentiment calmed somewhat yesterday and this morning are looking decidedly bearish and this is also reflected in this morning’s U.S. equity futures where the S&P500 index has fallen over 60 pips in the last 3-hours.

While I’ve been away from my charts the U.S.  Crude Oil market has reached the important $50 level and reversed back but is now looking reluctant to move above this resistance area. WTI Crude has had three low volume daily sessions and although the daily chart is fairly oversold this morning, it will take some concerted buying pressure. UK Brent Crude is as usual, trading at a slightly higher level and this morning has been hovering around $50 but looks as though further falls are on the cards today.

Trading Diary:

09:20am    Not much on my charts currently to get excited about so off on a cycle ride instead.

12:05pm   Been back home for a short while and the only opportunity that maybe coming up is a potential UTB trade on my WTI Crude chart.

12:20pm  The WTI price has now risen above the $49:49 trigger price so I am now in a ‘long’ UTB position with a 20 pip stop loss which is relatively small for a 1hr chart.

13:00pm    Off out to lunch with some fellow traders so set the target for my WTI position at +20 pips.

14:15pm   Back from lunch and spotted some interesting price action on the WTI Crude chart, there is a narrowing triangle pattern emerging which means that the price will eventually break out either up or down so I have deleted my take profit order and I shall sit and watch the chart for a while to see what occurs. If anyone wants a chart showing this price action just email me but I will send one out later to all subscribers.

15:35pm  The WTI Crude price has just gone through the possible resistance level at $50 so I have closed my trade off now although I did manage to get out at $50:05 giving me a profit of +51 pips.

Happy with that for a day on the markets so I am finished with my trading although I am now going to search through a list of around 30 charts and compile my Triangle Trading TRADE ALERT Sheet to send out in a few hours.