10:25am   Slightly later than usual Market Update as I had an early game of golf this morning but the rest of the day will be spent mainly here at home catching up on emails and chart watching so any trades I do have will be reported here through the day.

Market Update:

Tuesday’s U.S. trading session ended in the red as falling oil prices weighed on sentiment and concerns over today’s Federal Reserve meeting minutes which will give traders a sign of what’s to come in the net few month with interest rates. The holiday season is well underway as well so trading volumes are low and traders took advantage of rising equity prices to book some profits.

On the back of this lacklustre performance, the overnight Asian trading session ended mixed although this morning’s European indices are well off the week’s high ahead of tonight’s Fed Rate Meeting minutes. Oil values have been bullish of late although there is some profit taking in the past few hours and the main driver for this surge in price is the growing realisation that the experiment that Saudi Arabia began against cheap U.S. shale producers has largely failed and they now want to return to a more ordered market where OPEC countries no longer flood the market in the hope of destroying the U.S. producers. There is hope that next month’s OPEC meeting with non-OPEC members will produce an agreement to restrict output to boost prices back over the $50 level.

Gold endured a fairly volatile session yesterday and is still moving along in a narrowing price channel so we would be expecting it to break out out either up or down quite soon – subscribers of my Triangle Trading TRADE-ALERT service will be kept abreast of developments. (email me for a chart screenshot)

Trading Diary:

11:25am  Just got into a ‘short‘ trendFX position on my FTSE-100 15min chart, it’s a  strategy-1 set-up and I have an 11 pip stop loss.

14:10pm   Back from lunch and my FTSE trade is still alive and well at +17 pips so I shall leave it running for a while longer to see if the price can go further south.

15:45pm   It looks as thought the FTSE-100 price has bottomed out and is now going up so I have come out of my position at +30 pips.  No more chart watching for me today, back here in the morning.