-115 pips - Uncertain Tuesday, FXCM account down

Thanks to Bernanke for making the statement of " market misinterpreted the the fed rate hike pause testimony' to the CNBC reporter after the weekend dinner at the white house. I blew up my FXCM account with a negative of 55 pips. So I've nothing to left to in the FXCM account, and again... Thanks Bernanke for blowing up my account.

On the other hand on with Oanda, unsure of the certainties of the Fed decision after Bernanke's statement to CNBC reporter, I've bought USD/CHF @ 1.2380 to protect my losses against the dollar in my 2 positions in EUR/USD and I've positioned my trade 50 pips from the price I bought the USD/CHF @ 1.2430 in case dollar starts to start a breakout after 6-days rally of EUR/USD. In 4 hours, my trade at at 1.2430 was taken with dollar still in play thanks to the US data ISM plus Bernanke's statement.

The strong dollar continue to rise to a high of 1.2450 today during the closing of Asian session today. That left EUR/USD around 1.2560 which is the price in Friday before Euro hikes to 1.2600 ground. The bullish greenback today was terminated after the release of the GBP PMI data reporting higher-than-consensus despite the Euro-zone PMI reported higher than expected as well except Germany which remains the same as March of 58.1. With the dollar starts to drop quickly, and my maximum percentage per trade exceeding 9%. I had to make cuts on trades I do not find comfortable with, which then I decided to close the position at 1.2430 @ 1.2370 with a - 60 pips loss. I've made a tough decision, deciding on USD/CHF @ 1.2430 and I feel I've made a right choice. I was holding USD/CHF @ 1.2380 & 1.2430 with 223 units each, which means $0.02 per pip while my trades at EUR/USD @ 1.2610 & 1.2660 @ 107 units & 178 units, respectively, adding up both trades, I was only making $ 0.02 per pip and IF the moves continue to EUR/USD, I would have a large negative at the USD/CHF with my margin sucked into it. So, I've to cut the position with the highest risk and on the view of the long-term, I've decided to cut a position of USD/CHF @ 1.2430 even with -60 pips. It's the term that George Soros said that " Live to trade another day... " Sounds pretty useful for me today. My trades for today are the existing EUR/USD pairs with a new pair of USD/CHF.

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Existing Trades
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Long EUR/USD @ 1.2610

Long EUR/USD @ 1.2660 , TP @ 1.2710

Long USD/CHF @ 1.2380

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Closed/Completed Trades
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Long EUR/USD @ 1.2650 - FXCM Account Margin Call @ 1.2595 ( -55 pips )

Long USD/CHF @ 1.2430 - Oanda Account closed @ 1.2370 ( -60 pips )

Seeing the greenback failed to rally, and with the oil prices soared high to $ 74.80 from Iran crisis, the attention is back to the 1.30 target in 3 months time. A breach on 1.2700 is likely to attract the investors back to the EUR/USD pair.

Quotes from economic experts,

"ECB likely to reinforce expectations for a June hike, the market may be tempted to see if EUR can breach the now critical 1.2700 level in the not too distant future."

"ECB could potentially come as early as this coming week. Here’s why:

Admittedly, ECB President Trichet had more or less ruled out a May rate hike during the Q&A session of the April press briefing. But a number of Council members have tried over the last few days to re-open the debate. Both Executive Board members and national central bank governors indicated that the timing and possibly also the size of future interest rate moves is flexible. As a result, the market has started to toy with the idea of a larger move of 50bp at the June meeting. But, currently, it is not pricing in more than a 25bp move at that meeting. At same time, the market still regards the probability of a move this coming week as rather remote, with an implied probability of around 25%. In my view, financial markets should be more mindful of the fact that any guidance given by the ECB President at one of the monthly press briefings is conditional on the information available at the time and the discussion at the Council meeting. Like any other central bank, the ECB rightly reserves the right to change its mind when the facts change..."

"Influential consulting shop Medley Advisors is out saying Maria B's interview with Bernanke is nothing new and that the Fed is still likely to pause soon"

Sources from Detached Trader