10/24/2012 FOMC Statement / FED Funds Rate (0815 HI time / 1415 EDT)
Started @ 85.77 (0815)
1st Peak @ 85.49 – 0818 (3 min)
Reversal to 85.97 – 0819 (4 min)
Notes: Report released on time, as the FED chose to continue the existing open ended QE3 policy despite seeing certain indications of improving economic conditions. This caused both the CL and the DX to seesaw over several minutes between the 200 SMA on the low end, and the S1 Pivot on the high end. This would have been an ideal report for a trap trade with a span of about 40 ticks. Notice how the volume dried up and the range tightened as the pit closed at 0830, 15 min after the report released.