Trading Diary & Market Update ~ Tuesday 23rd May 2017

08:15am  Another quiet day at home planned catching up on emails and Skype calls and I will also be doing some chart watching from time to time so any trades I find will be reported below.

Market Update:

Markets have been and will continue to be affected by the terrorist attack in Manchester last night and the FTSE-1oo opened down earlier this morning but has recovered slightly and is now above the 7500 level again.  U.S. markets ended Monday’s session in a positive mood after President Trump announced multiple deals with Saudi Arabia, the S&P-500 closed up 0.52% with the Dow Jones-30 index finishing at a similiar level.

The overnight Asian trading session traded sideways to begin with but as news emerged regarding the UK bombing attack there were falls across most major indices and as expected there was a slight rise in the Gold price as investors search for safe haven assets but the price has now fallen back in the past few hours and is once again sitting at the significant $1260 level.

Crude oil had another positive session on Monday following on from OPEC’s comments regarding production cuts into 2018 and U.S. WTI Crude seems to be staying above the $50 level which is a bullish sign for traders – watch for some profit taking in the next few days and a return back to the significant support/resistance level.

Trading Diary:

10:00am    Nothing to report on my collection of favourite charts at the moment so I am off for a cycle ride in the sunshine for an hour or so.

12:15pm    Been back for 30 minutes but seen no interesting opportunities on my charts so off out for lunch. I’ll be back in front of the screens this afternoon.

13:55pm   Just got into a ‘long’ position on my Brent Crude Oil chart, it’s a Master-The-Trend Strategy-set-up/pattern with an 16 pip stop loss.

15:30pm    I am still in my Brent Crude position but the markets have been quite volatile so far this afternoon with no big moves either way so nothing to report so far  - my trade is still around break-even so I’m leaving it see if a break out one way or the other occurs later.

16:25pm    The Brent price has eventually risen slightly and I have taken the opportunity to come out of my position with a small +28 pip profit.  My charts are being closed down now and I will be back here tomorrow morning.

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