Sep 042012

6A 09 12 (2 Range) 09.04.12

9/4/2012 Quarterly Advance GDP (1530 HI time / 2130 EDT)
Forecast: 0.8%
Actual: 0.6%
Previous Revision: +0.1% to 1.4%
Started @ 1.0198
1st Peak@ 1.0176 – 1531 (1 min)
22 ticks

Reversal to 1.0199 – 1536 (6 min)
23 ticks

Notes: Report was mildly negative offset with a small previous upward revision. This caused a relatively small and short lived spike of 22 ticks that left most of the tail naked then a matching reversal of 23 ticks realized 5 min later to wrap up the exposure of the report’s influence. The Initial spike crossed the 50 and 100 SMAs and the S1 Pivot near the origin. It was able to penetrate the S2 Pivot, but found strong support there. The :32 bar tried unsuccessfully to go short and penetrate the S2 Pivot, then bounced upward into the reversal that reclaimed the entire drop in 3 bars. With JOBB, you would have filled short with a few ticks of slippage at about 1.0188, then had an opportunity to close out with about 8 ticks at or above the S2 Pivot as it repeatedly tested that level in the first 15 seconds of the reaction