Nov 072011

6A 03 12 (1 Min) 11.07.11

11/7/2011 Monthly Trade Balance (1430 HI time / 1930 EST)
Forecast: 3.02B
Previous Revision:-0.15B to 2.95B
Spike / REtrace
Started @ 1.0210
1st Peak @ 1.0188 – 1436 (6 min)
22 ticks (2x bottom)

Reversal to 1.0203 – 1447 (17 min)
15 ticks (6x top)

Notes: Report fell short of forecast, with a small negative previous report revision. The 1431 candle crossed the 50 SMA downward. This restrained its momentum, but the report was negative enough so that it continued down after 2-3 minutes. This would be a tough one to call to stay in or get out after the 1431 candle. It hovered, but did not want to reverse yet. It did continue down another 13 ticks and bottomed out at 1436. The big red candle would be a good indication to get out as it is the same size as the 1431 candle.