Apr 202013

CL 04-13 (1 Min) 2_27_2013

2/27/2013 Weekly Crude Oil Inventory Report (1030 EST)
Forecast:  2.4M
Actual:  1.1M
Started @ 92.82
1st Peak @ 92.98 – 1031 (1 min)
16 ticks

Reversal to 92.57 – 1049 (19 min)
41 ticks

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.