10/3/2014 Monthly ISM Non-Manufacturing PMI (1000 EDT)
Forecast: 58.5
Actual: 58.6
Previous Revision: n/a
SPIKE / REVERSE
Started @ 0.009121
1st Peak @ 0.009115 – 1000:01 (1 min)
6 ticks
Reversal to 0.009123 – 1000:22 (1 min)
8 ticks
Pullback to 0.009114 – 1001:13 (2 min)
9 ticks
Reversal to 0.009122 – 1008 (8 min)
8 ticks
Notes: Report basically matched the forecast to cause a shortly sustained short reaction of 6 ticks that reversed after hitting the S3 Mid Pivot and extending the LOD 22. With JOBB, you would have filled short at 0.009117 with 1 tick of slippage, then seen it hover for about 5 sec on four fill point before reversing. If you were quick you would have been able to exit at breakeven before the reversal. Otherwise, if you were caught with a few ticks in the red, be patient and wait for it to come back. You would have seen 6 ticks of heat, then watched it fall into the :02 bar to hover at +2 ticks. With the down trend already in place from the NFP report 90 min earlier and a match, it is unlikely to go long. It reversed 8 ticks in 6 min as it continued to flirt with the S3 Mid Pivot, unable to penetrate until about 20 min later.