Ok here is how I traded .... This is the first time I traded news event because I had decided not to trade any event. So trade was only with 1 lot just to test whether it works or not.
Logic : Read somewhere in TJ only about this. Can't remember the thread but someone traded like this in Jan'14 (last RBI meet). First thing is we need to know what market is expecting. Here.. the large expectation was that there will no rate change. Also, right before the announcement (11 pm) there will a wild move and we need to watch that becuz that is usually a trap. Here it was at around 11:57 the price tried to break down the LOD and YL but didn't sustain. This gave a clue that the move was fake. So, i took long with 1 lot and SL low of the red candle. My target was HOD which it did reach but was too fast to close my tread to closed on lil pull back. After the announcement of no rate change which was expected, market didn't move up (had it been some surprise, we might have seen it above 13k). So after some see - saw the price zoomed down. I didn't trade that because I was done for the day and I had some work out side... but looking at the move.. I can just feel
Anways.... this trade is not a proven set up.. I just used it based on how I see things and may not be the right way. I usually take support from pratap's afl clubbed with price action for my trades.