08:55am   Back in the UK and having a nice relaxing day at home catching up on emails and doing some chart watching. Any trades I have will be reported below.

Market Update:

Markets are fairly optimistic at the moment and this sentiment has the surging oil price behind it. The U.S. WTI Crude price rose $1.60 yesterday to close at $47.87 and this morning it is sitting at $48.20 and getting closer to the significant $50 point, a level we have not seen since October 2015. The Asian market finished mainly ahead overnight after an encouraging U.S. finish last night and this morning in Europe most equity  indices are also ahead with the German Dax-30 gapping up on the open by  128 points.

The rise in crude oil values has been prompted mainly by potential supply problems that have been highlighted by a few brokers with Goldman Sachs reversing their previously bearish stance on the commodity.  Gold has  been in the doldrums lately with the surprising resilience in equity markets slowing buying of the precious metal as a safe haven product – it formed a bearish reversal candle on the daily chart last night so we may see more falls to the $1257 level as we go towards the end of the week.

Trading Diary:

09:30am    Just watching the Gold chart to see if the price drops lower than $1272:20 which will trigger a ‘short’ trendFX position.

09:40am    The Gold price has dropped sufficiently so I am now in the above mentioned trade with a 22 pip stop loss. It is a strategy-3 set-up from the trendFX manual.

10:05am    Off out for a cycle ride in the sun with some neighbours but not set a target for my trade, I’ll see what’s happened when I’m back in an hour or so.

11:15am   Just back and my Gold position is currently sitting at +3 pips although it has been as low as +29 pips. If you were a new trader you would have just set the target at 1:1 (+22 pips) and taken your profit a while ago but I am not too worried about risking a few points to see if the trade gives me more of a profit.  After 25 years of trading, you will feel the same I can assure you !

11:25am   Now just entered a ‘short’ UTB trade on my FTSE-100 chart, my stop loss this time is 16 pips.

12:00 midday  Just seen that my Gold position has been stopped out at -22 pips.

15:10pm   The FTSE-100 price has eventually come down quite well but it seems to have bottomed out around the 6145 level and risen slightly so I have just closed off the position at 6155 giving me a +40 pip profit.  Happy with the day’s results so I’ve finished trading until tomorrow although I am going to scan through my list of around 30 Triangle Trading charts now to compile a Trade-Alert Sheet for subscribers, letting them know of upcoming triangle trading opportunities and also potential Trend-Line trades as well