Trading Diary & Market Update ~ Tuesday 30th May 2017

08:10am   I am at home for most of today catching up on emails and also doing some chart watching from time to time so any trades I find will be reported below.

Market Update:

Markets were subdued yesterday due to bank holidays in the UK, U.S. and China and the overnight Asian session was fairly directionless on low volumes as a consequence of both the Shanghai Composite and Hang Seng closed for the 2-day Dragon Boat Festival.  Europe has opened this morning fairly negatively with all major bourses in the red during the first few minute of trading on concerns over the Greek bail-out situation and falling oil prices. ECB President Mario Draghi is also negative on the near term outlook for Europe as he has commented that it is still too early to contemplate an end to monetary stimulus and this has traders looking at the overall strength of the European economy.

With equity markets taking a breather, we should see Gold becoming more bullish and the commodity is now trading above the significant support/resistance line at $1260, the 4-hr chart is suggesting a small move down to the 20MA before further rises (I will send out a chart for subscribers this morning).  Crude oil rose slightly on Friday on hopes of global production cuts but consolidated yesterday as it hit the significant $50 level and is now falling once again on concerns of over supply despite a strong start to the U.S. driving season when petrol demand is at its greatest during the year.

Trading Diary:

09:20am   Nothing much to see on my group of favourite charts so far this morning – so time to get outside and go for a cycle ride.

12:25pm   Just got into a ‘short’ position on my WTI Crude Oil 15-min chart and I am also in a ‘short’ Gold position as well which I entered just after I got back from my cycle ride. Both are Master-The-Trend Strategy-A set-ups and the stop losses are 10 and 13 pips respectively.

13:40pm   The Gold price has come down to the small support/resistance line at $1260 and is faltering slightly as the U.S. markets open so I am now out of that position – my score is +40 pips. The Oil price is still very bearish so I am staying in that position for a little longer.

15:15pm   Now out of the Crude Oil trade as well now, the price has hit the fairly solid $49:00 level and bounced back up so I have come out with a +42 pip profit  ~  that’ll do me for today’s trading, back tomorrow morning.

I have just tried to send out some chart screenshots to customers showing my two trades today but yet again the Aweber email software is playing up so there are some delays – apologies for this inconvenience.

My usual “Nick’s Trades” email may also be delayed later as well.


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