2/21/2013 German Flash Manufacturing PMI (0330 EST)
Forecast: 50.4
Actual: 50.1
Previous Revision: +1.0 to 49.8
DOWNWARD FAN
Started @ 1.3261 (0328)
1st Peak @ 1.3215 – 0335 (7 min)
46 ticks
Final Peak @ 1.3168 – 0546 (138 min)
93 ticks
Reversal to 1.3206 – 0824 (296 min)
38 ticks
Notes: Report breaks 2 min early at 0328. The reading came in 0.3 points below the forecast to mildly disappoint while the services reading also came in 1.4 points lower than expected. This caused a large 46 tick short spike over 7 bars that crossed the 200 SMA and the S1 Pivot, bottoming about 25 ticks below the S1 Pivot. With JOBB you would have filled short at about 1.3256 with no slippage. Look to exit initially just below the S1 Pivot and LOD at about 1.3235 for about 20 or so ticks. If you stayed in for longer, wait until it crosses the 13 on the :51 bar to exit with about 43 ticks. After the 1st peak, the bearish sentiment was evident as it kept stepping lower, eventually hitting a final peak of 93 ticks over 2 hrs after the report. Then it took another 2.5 hrs to reverse for 38 ticks