2/20/2012 RBA Monetary Policy Meeting Minutes (1430 HI time / 1930 EST)
SPIKE / RETRACE
Started @ 1.0689
1st Peak @ 1.0666 – 1431 (1 min)
Reverse to 1.0702 – 1446 (16 min)
36 ticks (2x top)
Notes: Healthy spike with long tail on the 1431 candle. Look for 20-25 ticks on this trade. with no key SMA below to offer support, the S2 line is the only challenge. When the length of the 1431 candle approaches a length where the S2 line is about halfway in the middle, that is a good place to close. As all of the spike was in 1 candle, the reversal was larger than the spike.