07:40am   Early start for me as I’d like to get some chart watching in before a shopping trip in London this afternoon.

Market Update:

U.S. markets closed slightly ahead on Wednesday ahead of tomorrow’s monthly Non Farm Payrolls on a rising oil price and the latest FOMC meeting minutes. Members of the Federal Open Market Committee are waiting for further data from both the U.S. also Europe in the wake of the UK’s exit from the EU and this all suggests that they will not consider a rate rise until at least December. Oil surged ahead on advance reports ahead of today’s U.S. Crude Oil Inventories that available stockpile will have reduced in the short term although that does have to be weighed again lower demand so we could see WTI Crude struggle to get back above the $50 level.

The overnight Asian market ended mixed although the bearish sentiment from earlier in the week has subsided after a positive U.S. close and this optimism is transferring to European markets this morning and is helping equities surge ahead in the first few minutes of trading. As mentioned yesterday, Gold is at 2 year highs and during Wednesday’s session it was further ahead, hitting $1375 just before the U.S. trading session started although profit takers have reduced that price down to $1367:20 at the moment.

Trading Diary:

08:40am   Not much to see on my chart at the moment so off for a cycle ride along the beach path.

11:45am  Just entered a ‘short’ position on my French CAC-40 index, it’s a UTB pattern and my stop loss is a whopping 9 pips.

13:30pm   Came out of my CAC-40 position a few minutes ago ahead of the U.S. trading session open when European markets can become more volatile. The trade has ended at +23 pips and I am off to London in a few hours so no further trading for me today.  Back in front of my charts tomorrow morning.