My trading strategy was well on target this morning as the FTSE was up 40 points and the world looked beautiful. As the points mounted up I decided to take a small position to ride the rising tide. I took a buy position out for 3 Euro with a tight stop loss to ensure I wouldn’t get caught out. Then the clouds drifted in and the showers began stopping me out and continuing the downward trend. My expectation of a rally before the ECB/ BOE rates decisions was short lived. I was out 30 Euro and my rally never happened.

At 12:00 the BOE announced a stay on rates followed shortly after by the ECB. I had been waiting for the FTSE to rally to 6350 or above to enter sell position but that boat may have sailed. Ben Bernanke is due to give his first speech of the New Year at 6:00pm so we shall wait and see does this still any interest.

In the news retailers reported the weakest holiday season ever and unemployment claims fall. The Dow, S&P and NASDAQ are all down at the moment after shedding 10% in the past three days of trading.

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