May 052011
-050511.jpg "Click to enlarge")
5/5/2011 Quarterly RBA Monetary Policy Statement (1530 HI time / 2130 EDT)
Forecast: n/a
Actual: n/a
UPWARD FAN
Started @ 1.0253
1st Peak @ 1.0276 – 1532 (2 min)
23 ticks
2nd Peak @ 1.0326 – 1604 (34 min)
73 ticks
Reverse to 1.0301 – 1613 (43 min)
25 ticks (2x bottom)
Notes: Upward FAN already in progress prior to report release. With the FAN and the initial spike going with the grain but not excessively, I would stay in and watch it progress. Notice no candle crossed the 13, and very few had tails that touched it. I would have stayed in until 1611 when the market crossed the 20.