Mar 142012

CL 04 12 (1 Min) 03.14.12

3/14/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EST)
Forecast: 2.2M
Actual: 1.8M
Started @ 106.56
1st Peak @ 107.02 – 0432 (2 min)
46 ticks

Reversal to 106.58 – 0452 (22 min)
44 ticks

Notes: Spiked upward without crossing any SMAs, so despite the oscillations, when you see the wick on the 0431 candle, setup a limit exit order near the top of the wick and wait for the market to hit it. In this case the spike bled over into the 0432 candle and did not really reverse until the 0434 candle due to no SMAs to pull it back. Eventually it fell, but the reversal stalled and took an unusually long 22 min. The market dramatically fell for the next 30 minutes, but this was not due to the influence of the report.