1/23/2014 French Flash Manufacturing PMI (0300 EST)
Forecast: 47.6
Actual: 48.8
Previous Revision: -0.1 to 47.0
Services PMI
Forecast: 48.2
Actual: 48.6
Previous Revision: +0.4 to 47.8
SPIKE WITH 2ND PEAK
Started @ 1.3573 (0258)
1st Peak @ 1.3603 – 0259 (1 min)
30 ticks
Reversal to 1.3586 – 0300 (2 min)
17 ticks
2nd Peak @ 1.3610 – 0314 (16 min)
37 ticks
Reversal to 1.3597 – 0320 (22 min)
13 ticks
Notes: Report breaks 2 min early at 0258. The manufacturing reading came in 1.2 points above the forecast to impress with a negligible downward revision on the previous report, and the simultaneous Services reading came in 0.4 points above the forecast with a moderate upward revision. All of this served to cause a healthy and slightly volatile long spike of 30 ticks on the :59 bar that started on the 13 SMA, crossed the R2 Mid Pivot, and extended the HOD. With JOBB you would have filled long at about 1.3581 with 5 ticks of slippage then seen hover between 5 and 13 ticks of profit for the rest of the bar after it burst immediately to hit the R2 Pivot, then backed off leaving a naked wick. A profit target of 15 ticks would have filled, but if you were looking for an exit later in the bar, try the 1.3593 area for about 12 ticks. This would have filled on the :59 or :01 bars. After the reversal was mostly achieved on the :59 bar, it rebounded for a 2nd peak of 7 more ticks on the :14 bar. Notice it never even touched the 13 or 20 SMAs until the post 2nd peak reversal fell for 13 ticks in 6 min. Then it traded sideways before heading into the German report.