07:10am    Nice quiet day at home after a long weekend break away so any trades I have will be reported below.

Market Update:

The main news during the overnight Asian trading session came from Australia where the Reserve Bank Of Australia cut its base rate by 0.25% to a new low of 1.5% although the ASX-200 index did not react as this rate cut has been priced into the market over the last month or so. Other markets in Asian were mainly down following on from a lacklustre session in the U.S. on Monday where both the S&P-500 and Dow Jones 30 ended the day in negative territory although Apple did help the Nasdaq close around 0.4% higher.

U.S. Crude Oil fell below the $40 level for the first time since April which also put pressure on equities but i has now recovered slightly and is trading at $40:14 currently although the outlook still looks gloomy as news spreads of an increase in ‘short’ bets by hedge funds mainly due to an ongoing global over supply. Gold is still enjoying a good run up with the daily chart heading back towards the high of $1375 reached in early July. It had another positive session yesterday although the $1355 level could prove to be a small hurdle to overcome in the next few days.

Trading Diary:

09:25am   Just got into a ‘short’ position on my S&P-500 chart, it’s a trendFX strategy-3 set-up with a 23 pip stop loss.

11:15am   There could now be a ‘long’ trendFX opportunity coming up on my Brent Crude Oil chart if the price now starts to rise and gets above $42:65. My S&P trade still going but not much profit at the moment.

11:40am   Now in the above mentioned Brent Crude position – it’s another trendFX strategy-3 set-up and my stop loss is 27 pips.

12:25pm   Off out to lunch in a few minutes and then a game of golf so I have kept stop losses at the current level and set targets at 1:1