Oct 232012
 


6E 12 12 (1 Min) 10.23.12

10/23/2012 French Flash Manufacturing PMI (2100 HI time / 0300 EDT)
Forecast: 43.9
Actual: 43.5
Previous Revision: +0.1 to 42.7
DULL REACTION
Started @ 1.2998 (2058)
1st Peak @ 1.2992 – 2101 (3 min)
6 ticks

Reversal to 1.3002 – 2110 (12 min)
10 ticks

Notes: Report breaks 2 min early at 2058. The reading came in nearly only 0.4 points below the forecast to slightly disappoint. This caused a dull 6 tick short spike over 3 bars that bottomed at the 200/100 SMAs. With JOBB you would have filled short at about 1.2995 with no slippage. Move the stop loss to 1.3001 (2 tick above the short term hi and above 1.3000), then look to exit at the 200 SMA Pivot with 2-3 ticks. After the 1st peak, it reversed for 10 ticks (1 tick below the HOD) about 10 min later, then traded sideways to wait on the German report release.