-082212.jpg "Click to enlarge")
8/22/2012 CNY HSBC Flash Manufacturing PMI (1630 HI time / 2230 EDT)
Forecast: n/a
Actual: 47.8
Previous Revision: -0.2 to 49.3
Spike WITH 2nd peak
Started @ 1.0419
1st Peak @ 1.0396 – 1633 (3 min)
23 ticks
Reversal to 1.0406 – 1634 (4 min)
10 ticks
2nd Peak @ 1.0391 – 1642 (12 min)
28 ticks
Reversal to 1.0417 – 1802 (92 min)
26 ticks
Notes: Report disappointed the traders, with a small negative previous report revision. This caused a short spike of 23 ticks that peaked on the :34 bar, crossing the 100 and 200 SMAs. With the market engaged in a rally in the previous 90 min before the report, it was looking to correct. This aided the selling momentum as it was able to sustain the drop and stay below the 200 for more than 30 min after it crossed. With JOBB you would have filled short at 1.0414 with no slippage, and had an opportunity to close out between the 200 SMA and 1.0398 for about 14 ticks. It achieved a 2nd peak of 5 more ticks before reversing slowly for 26 ticks over 80 min.