10/19/2015 RBA Monetary Policy Meeting Minutes (2030 EDT)
Forecast: n/a
Actual: n/a
TRAP TRADE – OUTER TIER
Anchor Pt @ 0.7240 – shift down 3 ticks to 0.7237
—————-
Trap Trade:
)))1st peak @ 0.7257 – 2030:40 (1 min)
)))20 ticks
)))Reversal to 0.7247 – 2030:52 (1 min)
)))-10 ticks
)))Pullback to 0.7255 – 2031:15 (2 min)
)))8 ticks
—————-
Reversal to 0.7242 – 2039 (17 min)
13 ticks
Continued Reversal to 0.7230 – 2210 (100 min)
25 ticks
Trap Trade Bracket setup:
Long entries – 0.7229 (just below the OOD / 0.7221 – on the LOD)
Short entry – 0.7245 (just above the R1 Mid Pivot / 0.7252 (just above the R1 Pivot)
Expected Fill: 0.7245 and 0.7252 – both short tiers
Best Initial Exit: 0.7247 – 3 ticks
Recommended Profit Target placement: 0.7238 (just below the PP Pivot) – move higher after observation
Notes: Large long spike did not follow the Cash rate reaction. Look to exit with a handful of ticks on the initial reversal. Also the long term reversal would have shown promise after lower highs developed.