May 092013

6A 06-13 (1 Min)  3_21_2013

3/20/2013 CNY HSBC Flash Manufacturing PMI (2045 EDT)
Forecast:  51.2
Actual: 51.7
Previous Revision: n/a
Started @ 1.0309
1st Peak @ 1.0323 – 2146 (1 min)
14 ticks

Reversal to 1.0308 – 2235 (50 min)
15 ticks

Notes:  Report mildly impressed the traders, with no previous report revision.  This caused a long spike of 14 ticks that peaked on the :46 bar.  The market had been trading sideways before the report above the SMAs for the most part, so the long spike was able to go up without much resistance.  With JOBB, you would have filled long at 1.0317 with 4 ticks of slippage. Look to exit with about 3-4 ticks on the :47. After pulling back to the 13 SMA, it attempted a 2nd peak but only achieved a double top.  Then it reversed for 15 ticks in the next 35 min back to eclipse the 200 SMA.