Currency forecast, August 6th 2013

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Currency forecast, August 6th 2013
Currency forecast, August 6th 2013

Currency forecast, August 6th 2013

 

A very quiet day again with gold the biggest mover (though I think the current price level is still too high, so I like to stay short gold). Maybe I think about to close the position around 1270,00

It is still a good time to be short binary options (EURUSD) with upside strikes (1,3350-1,3400). There are currently only two things to look at. This is Italy which can only surprise to the negative side, so would be Euro negative and the story about the FED and the USA, which could change its policy quicker than expected, which would be positive for the USD. In both scenarios it would mean a lower EURUSD rate and in case nothing happens, then you earn the money with the time decay of the option.

Market should stay that calm for the rest of the week and as mentioned, the best way to make money out of such a market is to sell binary options or to play the small range if you prefer to trade fx-spot, though it is a lot harder to get exactly the high and low of the day – it is a lot easier to just sell an option and wait and earn with every day the market stays in a small range or moves away from the strike.

Good luck,  

**relatedarticle**

Current trades, positions and levels:

For info how the model works: The P/L is always calculated with the size of 1. So if the position is 1 and it makes a profit of 100 pips, the P/L would be +100 pips. If the position is 2 and it makes a profit of 100 pips, the P/L would be +200 pips of course – it is always calculated with the position size of 1. The position could go up to 3, in case the system has a strong view.

Current spot: EURUSD 1,3260 , USDCHF 0,9285 , EURCHF 1,2310 , USDJPY 98,40 , EURJPY 130,50 , EURHUF 298,95 , USDCAD 1,0370 , GOLD 1.294,00

EURUSD  

(Entry lvl):

Current position: Short 3 @ 1,3150 (1@ 1,3050 and 1 @ 1,3130 and 1 @ 1,3270) Target:

Stop lvl:

Last trade:

P/L (ytd): -110 pips  

USDJPY

(Entry lvl): 

Current position: flat

Target:

Stop lvl:

Last trade:

P/L (ytd): +1150 pips  

EURJPY

(Entry lvl):

Current position: Short 1 @ 130,90

Target:

Stop lvl:

Last trade:

P/L (ytd): +230 pips  

USDCHF  

(Entry lvl):

Current position: Long 2 @ 0,9420

Target:

Stop lvl:

Last trade:

P/L (ytd): +440 pips  

EURCHF

(Entry lvl):

Current position: flat

Target:

Stop lvl:

Last trade:

P/L (ytd): +10 pips  

EURHUF  

(Entry lvl):

Current position: Short 2 @ 299,90

Target:

Stop lvl:

Last trade:

P/L (ytd): +1560 pips  

USDCAD  

(Entry lvl):

Current position: flat

Target:

Stop lvl:

Last trade:

P/L (ytd): +240 pips

XAUUSD (Gold)

 (Entry lvl):

Current position: Short 2k onces @ 1316,00

Target:

Stop lvl:

Last trade:

P/L (ytd): +86.000 USD