Hi Mike, i'll have a go.
I believe pip trading is at its most rife when the incremental trade gives good return.
EG: At the moment we are @ $0.04, so a pip grosses a trader 2.5%. As the price increases towards $0.10, a pip as a percentage of the SP decreases.
This suggests to me that pip activity is at its lowest as a SP nears $0.10, and at its highest when the SP is sub $0.05 (AGO was a good example when it was lower, and obviously liquidity needs to play its part).
Once a SP hits $0.10, pip movement goes to $0.005 (5%), which seems to re-ignite pip activity again.
So IMO, pip activity is not reduced once the SP moves into double figures, but may dissipate from there as the pip percentage decreases against the SP.
(GXY investors will no doubt dispute this)
Termites, page-3
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