Dovish Bernanke...

For 2 days, I've stopped trading and observe the market with much anticipation. I was prepared to trade during the beige book report on yesterday but the data came out mixed and Euro continued the rally till yesterday closing at 1.2430-40 range. Today it was expected that comments from Mr. Bernanke would determine the price of the day... and it turned out the Fed decided to pause the rate hike at the moment even with rising inflation. I took a trade immediately after the comment by Bernanke defined as 'dovish' comments.

Trades Completed:

Trade: Long 10 lots of EUR/USD @ 1.2456

Stop: No stops input due to what's left over in my portfolio

Target: 1.2485

Result: Trade closed on 27 April 2006, stopped out of the 10 lots @ 1.2482 ( +26 pips )

Comments: As soon as the comments were out, I've placed trade buying euro dollar. Managed to gain a little from what I've lost 3 days ago. I would call this a nice trade but I took profit short because my margin is very limited to play around. Profit is better than loss.I'm considering a trade at 1.2540, 5 pips above the September 7 Daily High. Another large resistance is seen now at 1.2550 with rumours of European Central Bank On offer at 1.2550. It's speculated that 1.2600 will be the target before the New York close.

Oanda Brokerage

I've successfull transfered funds to Oanda Forex Broker with a new balance of 143.66
But won't be trading in the new account until the next Monday. But Oanda account will be my primary account to reach my goal. FXCM will still be used but will not be concentrated as much as Oanda.