-080111.jpg "Click to enlarge")
8/1/2011 RBA Rate Statement / Cash Rate (1830 HI time / 0030 EDT)
Forecast: 4.75%
Actual: 4.75%
DOWNWARD FAN (INDECISIVE initially)
Started @ 1.0695
1st Candle: Peak @ 1.0670 / Retrace to 1.0707 / Settle @ 1.0688 – 1831 (1 min)
-25 ticks / 37 ticks / – 19 ticks
2nd Peak @ 1.0641 – 1842 (12 min)
54 ticks
3rd Peak @ 1.0626 – 1908 (38 min)
69 ticks
Reverse to 1.0646 – 1948 (78 min)
20 ticks
Notes: In spite of most expectations that the RBA would cut interest rates a quarter point, they decided to hold. This caused initial indecision, followed by a steady methodical drop. If using JOBB, you would have filled short. Keep an eye on the Range chart after the seesaw in the first 2 seconds, it fell to its peak, then retraced 4 ticks and hovered in that area for 12 sec. That is where to close before it reversed 33 ticks in 2 sec. When you see the first candle indecisive like that, it is good to watch the chart to see where the trend is going for another candle and then get in with the trend. I would go in short at about 1.0677 and stay in until 1846 when it appeared to hit bottom after 4 candles went sideways.