10/23/2012 German Flash Manufacturing PMI (2130 HI time / 0330 EDT)
Previous Revision: -0.1 to 47.4
SPIKE WITH 2ND PEAK
Started @ 1.3000 (2128)
1st Peak @ 1.2980 – 2129 (1 min)
2nd Peak @ 1.2964 – 2149 (21 min)
No Reversal due to German IFO report at 2200
Notes: Report breaks 2 min early at 2128. The reading came in 2.4 points below the forecast to disappoint. This caused a 20 tick short spike over 1 bar that crossed all 3 major SMAs and the PP Pivot, bottoming 1 tick above the LOD. With JOBB you would have filled short at about 1.2995 with 2 ticks of slippage. Look to exit somewhere between the PP Pivot and the LOD with about 12-15 ticks. After the 1st peak, it reversed for a small 9 ticks, that could not reach the 13 SMA, then fell again for a 36 tick 2nd peak, extending the LOD by 15 ticks. Due to the German IFO Business report breaking bearishly at 2200, the reversal did not have a chance to materialize, so I wrote it off.