-030612.jpg "Click to enlarge")
3/6/2012 Quarterly Advance GDP (1430 HI time / 1930 EDT)
Forecast: 0.7%
Actual: 0.4%
Previous Revision: -0.2% to 0.8%
SPIKE WITH 2ND PEAK
Started @ 1.0555
1st Peak@ 1.0505 – 1431 (1 min)
50 ticks
2nd Peak @ 1.0495 – 1455 (25 min)
60 ticks (2x bottom)
Reversal to 1.0522 – 1511 (41 min)
27 ticks (3x top)
Notes: Report was strongly negative, with a decent previous downward revision. This caused a large spike of 50 ticks, with a follow on peak 10 ticks lower, and a relatively small reversal not even half of the magnitude of the 2nd peak . The initial spike crossed all three major SMAs, but as the 1st peak more than doubled the distance from the origin to the 200 SMA, we saw a 20 tick pullback, but nothing more as is continued downward. After seeing the double bottom at 1.0495, I would enter a long trade at about 1.0497 and exit at about 1.0519 when it crossed the 50 SMA.