2/27/2013 Weekly Crude Oil Inventory Report (1030 EST)
Started @ 92.82
1st Peak @ 92.98 – 1031 (1 min)
Reversal to 92.57 – 1049 (19 min)
Notes: Slightly smaller gain in crude inventories than expected, while gasoline saw a moderate drop and distillates saw a modest drop. This prompted a relatively tame long spike reacting to the drop in gasoline. It had been trending upward in the last hour, so the bullish momentum was waning. With JOBB and a 10 tick buffer, you would have filled long at about 92.93 with 1 tick of slippage. Then you would have seen it bob between 11 ticks in the red and 5 ticks until the end of the bar. I would place a limit exit at 2-3 ticks in the green and it would fill about halfway into the bar. After that it chopped lower for 41 ticks to cross the 50/100 SMAs and PP Pivot, then eclipse the 200 SMA.