10/3/2011 RBA Rate Statement / Cash Rate (1730 HI time / 2330 EDT)
DULL REACTION (with delayed spike)
Started @ 0.9320
1st Candle: Peak @ 0.9335 – 1731 (1 min)
2nd Peak @ 0.9269 – 1738 (8 min)
Reverse to 0.9301 – 1747 (17 min)
32 ticks (2x top)
Notes: The RBA left its benchmark interest rate unchanged for a tenth straight meeting, citing conditions in global financial markets have continued to be very unsettled, with uncertainty increasing about both the prospects for resolution of the sovereign debt and banking problems in Europe, and the outlook for global economic growth, matching predictions. This caused an initial dull reaction as illustrated by the range chart with very few candles in the span of the first 4 minutes. With JOBB you would be filled long 6 sec into the 1731 candle. After posting about 8 ticks of profit, it hovered and then retraced on the following candle. I would close out on the hovering and due to the lack of volume as this is abnormal. Keeping an eye for a later opportunity to get in, I would get in short at about 0.9308 on the 1735 candle and close out after it bounced off of the S2 line with a long tail at 1738.