Trading Diary & Market Update ~ Thursday 5th October 2017

08:15am  Another quiet day at home doing some odd jobs and also watching my charts every so often, any trades I find will be detailed below in my Trading Diary.

Market Update:

All the major U.S. indices closed at further record highs on Wednesday on encouraging economic data released through the day. Jobs growth and a healthy manufacturing sector helped push equities higher and the S&P-500 closed at 2537.74, although it had been as high as 2540 around midday before the announcements. There should be a slowing down in the bullish momentum today as traders adjust their positions ahead of tomorrow’s monthly jobs report and if you take yesterday’s ADP employment numbers into consideration, there could be small decline on August’s level but it is still expected to be positive despite the hurricane disruption.

The overnight Asian trading session closed mixed overall with the main Chinese and South Korean indices closed for bank holidays. The Australian ASX-200 finished level after lower retail sales data was released although their trade surplus was better than expectations. This morning’s European trading session has got off to a fairly good start with the London FTSE-100 and Spanish IBEX-35 showing gains but the German DAX-30 is slightly lower. There was large drops in Spanish stocks yesterday on worries over the Catalonia situation but some bargain hunters have come into the market this an driven the main Spanish index higher in the past hour.

Oil traders are watch the meeting between Saudi Arabia and Russia as further production cuts between Russia and OPEC members have been suggested and this is stabilising crude oil prices for the moment. U.S. WTI Crude has been falling for the last five sessions but there is some buyers coming into the market this morning and the price has bounced at the low of $49:75 and is now sitting at $49:98. There is a small support/resistance level at $50:25 so watch for a possible reaction around this level if prices rise further.

Trading Diary:

09:00am  I have just got into a ‘long’ position on my Brent Crude Oil chart, more details soon I am on a Skype call at the moment.

09:05am   The trade mentioned above is a Master-The-Trend Strategy-B pattern with a 17 pip stop loss.

 09:25am    I am now in another Master-The-Trend Position, this time on my Gold 15 minute chart with an 18 pip stop loss.

09:55am   The Brent Crude price has shot up quite well in the past 30 minutes so I am now out of my position with a +32 pip profit. My Gold position is still doing ok but I will a bit longer to see how it develops.

10:40am   I have just closed off my Gold trade for a very un-technical reason — my neighbour has invited me out for a cycle ride.  The position has given me +22 pips.

14:10pm  Just back from lunch and there’s not much to get excited about on my collection of charts at the moment so I am going to switch them off now as I am quite happy with my score for the day so far (+54 pips)

Tomorrow is Non Farm Payrolls day so traditionally I do not trade, I will be back in front of my screens next Tuesday after a 4-day break from ‘work’

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