8/21/2015 German Flash Manufacturing PMI (0330 EDT)
Forecast: 51.7
Actual: 53.2
Previous Revision: +0.3 to 51.8
Services PMI
Forecast: 53.7
Actual: 53.6
Previous Revision: +0.1 to 53.8
SPIKE / REVERSE
Started @ 1.1255
1st Peak @ 1.1274 – 0330:00 (1 min)
19 ticks
Reversal to 1.1247 – 0336 (6 min)
27 ticks
Pullback to 1.1261 – 0345 (15 min)
14 ticks
Reversal to 1.1244 – 0409 (69 min)
17 ticks
Notes: The manufacturing reading came in 1.5 points above the forecast to impress the market with a modest downward revision on the previous report while the services reading matched with a negligible previous report revision. This caused a quick long spike of 19 ticks in 1 sec that crossed the R2 Pivot and reached the 50 SMA before reversing. With JOBB and a 3 tick bracket, you would have filled long at 1.1261 with 3 ticks of slippage then seen it peak and back off to hover just above the R2 Pivot. A profit target of 12 ticks or less would have filled, otherwise look to exit where it hovered with 5-6 ticks. It reversed to the origin in 1 min then another 8 ticks in 5 min as it eclipsed the R2 Mid Pivot. Then it pulled back 14 ticks in 9 min before reversing 17 ticks in 54 min.