Currency Forecast, February 7th 2014

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Currency Forecast, February 7th 2014
Currency Forecast, February 7th 2014

Currency Forecast, February 7th 2014

Today will be the big day of the month – with Nonfarm Payrolls number out this afternoon (USA).

EURTRY took out some stops below the 3,0000 level (as I thought), so I bought back 1 there, which I like to resell at 3,0500 – should we see that level again, before we continue to trade lower.

USDJPY also moved higher, but I like to let it go further, before I like to sell them. Only, once it trades above 102,50 , I will set a stop profit level then at 101,90 and will change that level every time higher , when USDJPY made another 50 pips higher.

EURUSD and EURJPY are still nowhere. I would stay out of those currency pairs for now, as we are in the middle of a range and that would be really just like flipping a coin.

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 1,3565 , USDCHF 0,9015 , EURCHF 1,2230 , USDJPY 102,00 , EURJPY 138,35 , EURHUF 308,25 , USDCAD 1,1065 , EURTRY 3,0090, GOLD 1.262,00

EURUSD
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +280 pips

USDJPY
(Entry lvl):
Current position: Long 2 @ 101,50
Target:
Stop lvl:
Last trade:
P/L (ytd): +90 pips

EURJPY
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +375 Pips

USDCHF
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURCHF
(Entry lvl):
Current position: Long 3 @ 1,2265
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURHUF
(Entry lvl):
Current position: Short 3 @ 303,70
Target:
Stop lvl:
Last trade:
P/L (ytd):

USDCAD
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): -1146 pips

EURTRY
(Entry lvl): Sell 1 @ 3,0500
Current position: Short 2 @ 3,0093
Target:
Stop lvl:
Last trade: Bought 1 @ 3,0000
P/L (ytd): +93 pips (without carry P/L)

XAUUSD (Gold)
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURPLN
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade: Bought 2 @ 4,1900
P/L (ytd): +1000 pips

To contact the reporter of this story: Marco Roemer at marco@forexminute.com