1/31/2013 CNY Manufacturing PMI (2000 EST)
Forecast: 51.1
Actual: 50.4
Previous Revision: n/a
SPIKE WITH 2ND PEAK
Started @ 1.0402
1st Peak @ 1.0376 – 2003 (3 min)
26 ticks
2nd Peak @ 1.0366 – 2035 (35 min)
36 ticks
Reversal to 1.0387 – 2047 (47 min)
21 ticks
Notes: Negative report disappointed the traders. This caused a healthy short spike of 26 ticks that peaked on the :03 bar, crossing the 100/200 SMAs and R1 Pivot near the origin and eclipsing the PP Pivot near the bottom. The market had been trending slightly higher before the report in the last 60 min, and started to correct. With JOBB, you would have filled short at 1.0396 with 2 ticks of slippage, then if you were patient, you would have had an opportunity to exit with 16+ ticks as it bottomed below the PP Pivot. After the 1st peak, it continued lower slowly gaining 10 more ticks in about 30 min. Then it reversed for 21 ticks in the next 12 min, mostly on the :46 bar. After that it continued lower, then traded sideways between the S1 Pivot and 50 SMA.