-050312.jpg "Click to enlarge")
5/3/2012 Monthly ISM Non-Manufacturing PMI (0400 HI time / 1000 EDT)
Forecast: 55.5
Actual:53.5K
Previous Revision: n/a
SPIKE WITH 2ND PEAK
Started @ 103.65
1st Peak @ 103.24 – 0401 (1 min)
41 ticks
Reversal to 103.47 – 0404 (4 min)
23 ticks
2nd Peak @ 103.03 – 0416 (16 min)
62 ticks
Reversal to 103.32 – 0520 (20 min)
29 ticks
Notes: Negative report fell well short of the forecast. This caused a downward spike with the trend on the first candle of 41 ticks, a 23 tick reversal, then a lower 2nd peak of 62 ticks, then another reversal of 29 ticks. With JOBB your order would have filled short at about 103.57 with 2 ticks of slippage, then presented an easy opportunity to close out with at least 20 ticks. the subsequent reversal, 2nd peak, and reversal serve as a gap closing then another move lower followed by the final reversal where it came back up to the 13 and 20 SMAs.