-053112.jpg "Click to enlarge")
5/31/2012 CNY HSBC Flash Manufacturing PMI (1500 HI time / 2100 EDT)
Forecast: 52.1
Actual: 50.4
Previous Revision: n/a
SPIKE with 2nd peak
Started @ 0.9518
1st Peak @ 0.9485 – 1500 (0 min)
33 ticks
Reversal to 0.9506 – 1501 (1 min)
21 ticks
2nd Peak @ 0.9468 – 1509 (9 min)
50 ticks
Reversal to 0.9514 – 1643 (103 min)
46 ticks
Notes: Results released 20 sec early, so spike moved at 14:59:40. Strongly negative report disappointed the traders. This caused a short spike of 33 ticks that peaked on the :00 bar, only crossing the S1 Pivot near the origin. It was unable to sustain the large drop and retraced for 21 ticks to 0.9506 on the :01 bar. The market had been trending lower prior to the report. With JOBB, you would have filled short at 0.9511 with 2 ticks of slippage. If you had been quick you could have closed out 5-8 sec after the spike and made about 20 ticks. If not, be patient and set your exit near the bottom of the 1st peak at about 0.9487 and wait for it to fill on the :03 or :06 bar. It achieved a 2nd peak of 50 ticks, eclipsing the S2 Pivot on the :09 bar. The reversal yielded 46 ticks in 94 min after the 2nd peak, slowly and methodically climbing through all 3 major SMAs and eclipsing the S1 Pivot.