Nov 082012

6A 12 12 (1 Min) 11.08.12

11/8/2012 Quarterly RBA Monetary Policy Statement (1430 HI time / 1930 EDT)
Forecast: n/a
Actual: n/a
Started @ 1.0358
1st Peak @ 1.0348 – 1431 (1 min)
10 ticks

Reverse to 1.0374 – 1530 (60 min)
26 ticks

Notes: Minimal excitement on this report. Citing a mildly positive outlook for economic growth in the US and Asia, and weak but stabilizing conditions in Europe, the RBA continues to take a slightly dovish approach. This caused a 10 short move that hit the S2 Pivot and bounced back. With JOBB, your order would have filled short at 1.0353 with no slippage then would have given you a brief opportunity to close out with 3-4 ticks before it reversed long. If you were not quick enough to eke out a few ticks, do not get greedy. Close out at or near breakeven on the :31 or :32 bar. After trading sideways for 20 min, it began a slow reversal long for 26 total tick that crossed all 3 SMAs and the S1 Pivot to peak at the HOD 1 hr after the report.