Oct 172012

6A 12 12 (1 Min) 10.17.12

10/17/2012 CNY Quarterly GDP (1600 HI time / 2200 EDT)
Forecast: 7.4%
Actual: 7.4%
Previous Revision: n/a
Started @ 1.0319 (1559)
1st Peak @ 1.0346 – 1601 (2 min)
27 ticks

Reversal to 1.0329 – 1610 (11 min)
17 ticks

Notes: Matching report impressed the traders. This caused a decent long spike of 27 ticks that peaked on the :01 bar, crossing all 3 of the SMAs in its path and eclipsing the R1 Pivot. The market had been trading sideways before the report. With JOBB, you would have filled long at 1.0324 with no slippage. Keep an eye on how it behaves as it challenges the SMA barrier then after it easily clears, look to exit at the R1 Pivot at 1.0344 for 20 ticks. The reversal yielded 17 ticks in about 9 min after the peak, retreating to eclipse the 50 SMA. After that it tried to achieve a 2nd peak, and managed a double top about an hour later.