Feb 032012

6C 06 12 (1 Min) 02.03.12

2/3/2012 Monthly Unemployment Report (0200 HI time / 0700 EST)
Non Farm Jobs Forecast: 23.3K
Non Farm Jobs Actual:2.3K
Previous Revision: n/a
Rate Forecast: 7.5%
Rate Actual:7.6%
Started @ 0.9966
1st Peak @ 0.9946 – 0201 (1 min)
20 ticks (2x bottom)

Reversal to 0.9959 – 0206 (6 min)
13 ticks

Notes: Moderately negative report showing a less than expected rise in the number of jobs when a larger gain was expected and a rise in the unemployment rate. The market spiked downward 20 ticks, crossing only the S1 line about one third of the way on its path before bottoming out just above the S2 line. With JOBB you would have filled short at about 0.9956. With the downward trend and no major SMAs, it would be okay to wait to close until the :02 candle and set a buy limit 1-2 ticks higher than the bottom of the :01 candle. The reversal was quick and recaptured more than half of the spike up to the 13 EMA.