11/21/2012 CNY HSBC Flash Manufacturing PMI (1545 HI time / 2045 EST)
Previous Revision: +0.4 to 49.5
Spike / REVERSE
Started @ 1.0367
1st Peak @ 1.0383 – 1547 (2 min)
Reversal to 1.0368 – 1557 (12 min)
Notes: Report impressed the traders, with a moderate positive previous report revision. This caused a long spike of 16 ticks that peaked on the :47 bar. The market had been trending higher before the report, so no SMAs were crossed, and the R2 Pivot was just below the start point. With JOBB on a 4 tick bracket you would have filled long with no slippage at 1.0371, then had an opportunity to exit at about 1.0380 for 9 ticks max. The reversal took over quickly, nearly surrendering the entire gain in 12 min.