Confused Market, Which way?

Early of today where I was seeing huge profit from the USD/CHF trade I placed yesterday after the Federal Reserve decided to pause at 5.25%. Then, I interpreted the FOMC statement as rather hawkish that spur the dollar. I followed the trend. It proved right with a profit of 30 pips... it was a low one. I could've easiliy doubled that amound of pips made if I was just awake earlier. After I closed the trade with 30 pips, seeing that the market is still confused of which direction to persue, I've decided to maintain sidelined until a much clearer price movement is detected.

I then missed the good entry price for EUR/USD. Damn! This is a lesson and a valuable experience for me, an experience which could possibly bring me AT LEAST 50 pips of profit. Therefore, I've placed a trade at 1.2880, not a nice point of entry but I guess I'll rather risk 40 pips than miss the next big leg up which potentially could retest 1.2980 and now it's taken. It's been a few hours now and I see prices are somehow more stable and in convincing movements and I'm not really worried about it as I'll be seeing further consolidation by the EUR/USD with an expectation of a weaker than expected US Trade Balance, another indication that US is undergoing a transition phase to a slower economic growth. The market is very data dependant now, especially for the dollar bulls as the statement again said that they would consider to increase benchmark interest rates higher than the current level is economy growth is accomodating and inflationary pressure is still around.

According to my personal views, from the consecutively 17 rates hikes previously, it's just in the medium stage of slower economic growth as I felt that the Federal Reserve had done more than 'enough' to have inflation 'in control'. From the era of Alan Greenspan and now the baton passed to Bernanke, I'm not sure whether I should congratulations to him for being the Fed Chairman because it's now the toughest time and his credibility is on the line, adding the he's made some 'newbie' mistakes previously after he told CNBC reporter that the market misinterpreted his message from the Beige Book couple of months ago. This has put his credibility into serious consideration. So, he's got a tough job to do~ As I've said repeatly mentioned previously, interest rates hike on the current month would only take effect 6-9 months later. Chances are the interest rates will just be 5.25% throughout this year. Inflation contained or not, is no longer the market's concern as economic growth can't be risked into possible recession. I'm still keeping my options open for further rate hikes AND as part of the majority in the market, I'll be very data dependant. Many economists are predicting another rate hike this year and some are even bold enough to predict that interest rates would be as high as 6%! That's ridiculous I would say.

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Closed Trades
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Long USD/CHF @ 1.2245, TP @ 1.2275 (+30 pips)

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Existing Trades
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Long EUR/USD @ 1.2880, SL @ 1.2840

Gold has traded higher today as previous metal gained against the dollar and mostly because of the FOMC statement revised as rather less hawkish than expected. Gold is currently trading at %648.30 and reached a high today at 655.20. Another bullish in the previous metal could be triggered if weaker than expected US Trade Balance is reported. Same thing goes to all dollar denominated currencies. Today's trading is not really ideal for me and I'm very pissed with myself that I missed the entry. Anyway, Happy Trading!