Trading Diary & Market Update ~ Monday 22nd May 2017

08:30am   Back in front of my screens after a week away, if I have any trades I will post details in my Trading Diary below throughout the day.

Market Update

Equity markets closed last week mainly up and U.S. stocks enjoyed a bullish close as worries over Donald Trump’s Presidency recede slightly amid a well-received visit to Saudi Arabia. Worries over his sacking of FBI Chief Comey last week sent jitters across markets but that seems to be old news now and we are set for a bullish start to this current trading week.

The overnight Asian trading session ended mainly up even though North Korea has sent up another missile in their ongoing test timetable, the markets seem to be taking less notice of the rogue nation’s antics in that area although that could all change a moment if Kim Jong-un does prove they could launch a credible threat to mainland U.S.

The other big market news at the moment is the rising crude oil price. This has come about as OPEC members are moving towards further output curbs in 2018 which is a considerable extension to previous agreements. WTI Crude Oil moved above the significant $50 level on Friday and reached a high of $50:88 during the overnight Asian trading session but some profit-taking is pulling the price down slightly this morning so watch for some trading opportunities later today as price nears $50 again.

Trading Diary:

10:o5am   A UTB Price-Reversal pattern has just shown up on my WTI Crude 1-hour chart and the price has just dropped sufficiently to trigger a short trade.  My stop loss is 18 pips.

10:15am   I am now in a ‘short’ position on my 15-min S&P-500 chart, it’s a ‘Magic-Line’ set-up with a 15 pip stop loss.

10:50am    Due to the high volatility in the S&P-500 at the moment, I have come out of my position to protect the small profit I have built up.

Score so far today = +20 pips.

11:00am  Time for a cycle ride out in the sunshine for an hour or so – first one for 10 days.

13:45pm    Just back from lunch and I’ve seen my earlier WTI Crude Oil position has been stopped out at -18 pips.

13:55pm    Now in a ‘long’ Master-The-Trend position on my 15-min S&P-500 chart. It’s a Strategy-B pattern with a 17 pip stop loss.

15:15pm   Out of my S&P position with a +59 pip profit and as that puts me at +61 pips for the day I am switching off my screens and getting out into the sunshine. Back here tomorrow morning at the usual time.

This entry was posted on Monday, May 22nd, 2017 at 8:31 am and is filed under Trading Days. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Comments are closed.