4/24/2013 German IFO Business Climate (0400 EDT)
Forecast: 106.4
Actual: 104.4
Previous Revision: n/a
SPIKE/REVERSE
Started @ 1.2993
1st Peak @ 1.2959 – 0401 (1 min)
34 ticks
Reversal to 1.3022 – 0450 (50 min)
63 ticks
Notes: The reading came in 2 points below the forecast to disappoint. The report came a few sec late and caused a short spike of 34 ticks about 11 sec into the :01 bar. With JOBB, you would have filled short at about 1.2986 with 2 ticks of slippage. Then it would have continued to step lower to bottom at 1.2959 33 sec into the bar while eclipsing the S2 Mid Pivot. That would be a great target to exit with 20+ ticks. Then it reversed to initially hit the 13 SMA, then struggled with the 50 SMA, but made quick work of the 100 / 200 SMAs and the PP Pivot to extend the HOD by 6 ticks. After that, the HOD held for an hour as it drifted sideways between the PP Pivot and the HOD, then achieved 16 more ticks about 2 hrs after the report.