11/22/2013 German IFO Business Climate (0400 EST)
Forecast: 107.9
Actual: 109.3
Previous Revision: n/a
SPIKE/REVERSE
Started @ 1.3495
1st Peak @ 1.3529 – 0402 (2 min)
34 ticks
Reversal to 1.3512 – 0405 (5 min)
17 ticks
Notes: The reading came in 1.4 points above the forecast and the highest reading in multiple years. This caused a large decisive and stable spike of 34 ticks that peaked early on the :02 bar as it reached the R2 Mid Pivot. With JOBB, you would have filled long at about 1.3502 with 2 ticks of slippage, then had an opportunity to capture at least 20 ticks with ease or more if you waited into the :02 bar. After the peak, it reversed for 17 ticks in 3 min back to the R1 Pivot. After that it traded sideways for at least an hour, using the R1 Pivot as its floor.