8/3/2012 Monthly ISM Non-Manufacturing PMI (0400 HI time / 1000 EDT)
Previous Revision: n/a
SPIKE WITH 2ND PEAK
Started @ 90.12
1st Peak @ 90.79 – 0403 (3 min)
2nd Peak @ 90.84 – 0416 (16 min)
Reversal to 90.50 – 0420 (20 min)
Notes: Positive report moderately exceeded the forecast. This added fuel to the overall 450 tick rally from the Unemployment report earlier to seek out a peak of 67 ticks in 3 min. With JOBB you would have filled on the long entry at about 90.25. Since this report often peaks in after the :01 bar and it broke through the previous high of 90.31 with ease, I would stay in and place a sell limit at the R3 Pivot at 90.65. That would have given you 40 ticks on the :02 bar and it still yielded another 14 ticks and 19 ticks on the 2nd peak. The reversal fell through the R3 Pivot but only fell to 90.50.