1/24/2013 German Flash Manufacturing PMI (0330 EST)
Forecast: 47.1
Actual: 48.8
Previous Revision: -0.3 to 46.0
SPIKE WITH 2ND PEAK
Started @ 1.3306 (0328)
1st Peak @ 1.3338 – 0329 (1 min)
32 ticks
Reversal to 1.3313 – 0345 (17 min)
25 ticks
2nd Peak @ 1.3348 – 0416 (48 min)
42 ticks
Reversal to 1.3317 – 0501 (93 min)
31 ticks
Notes: Report breaks 2 min early at 0328. The reading came in nearly 2 points above the forecast to strongly impress. This caused a large 32 tick long spike over 1 bar that crossed all 3 major SMAs and the PP Pivot, peaking about 9 ticks above the 100 SMA. This completely undid the reaction of the negative French report 30 min earlier. With JOBB you would have filled long at about 1.3310 with no slippage. Look to exit above the 100 SMA for about 20-25 ticks. After the 1st peak, it traded sideways above the the 100 SMA, then reversed down to eclipse the PP Pivot. Then it rebounded strongly for a 2nd peak of 10 more ticks than the initial peak 48 min after the report. The final reversal fell 31 ticks to just above the PP Pivot about 45 min after the 2nd peak.