1/23/2014 German Flash Manufacturing PMI (0330 EST)
Forecast: 54.7
Actual: 56.3
Previous Revision: +0.1 to 54.3
Services PMI
Forecast: 54.1
Actual: 53.6
Previous Revision: -0.5 to 53.5
SPIKE WITH 2ND PEAK
Started @ 1.3600 (0328)
1st Peak @ 1.3624 – 0329 (1 min)
24 ticks
Reversal to 1.3615 – 0330 (2 min)
9 ticks
2nd Peak @ 1.3642 – 0340 (12 min)
42 ticks
Reversal to 1.3624 – 0347 (19 min)
18 ticks
Notes: Report breaks 2 min early at 0328. The manufacturing reading came in 1.6 points above the forecast to impress with a negligible upward revision on the previous report while the services reading came in 0.5 points below the forecast with a moderate bearish previous report revision to cause a stable bullish reaction as the Manufacturing dominated. This resulted in a 24 tick long move that started on the 20 SMA and crossed the R3 Mid Pivot on the :29 bar. With JOBB you would have filled long at about 1.3607 with 3 ticks of slippage, then a target at or just above the R3 Mid Pivot would have been ideal for about 17+ ticks of profit. This would have filled on the :29 bar or the :31 bar. After the peak, it reversed only 9 ticks on the next bar, then after chopping sideways for a few min, it climbed to a 2nd peak of 18 more ticks to come up just short of the R3 Pivot. Then it reversed for 18 ticks in the next 7 min back to the R3 Mid Pivot and 20 SMA.