Sep 062012
 


CL 10 12 (1 Min) 09.06.12

9/6/2012 Monthly ISM Non-Manufacturing PMI (0400 HI time / 1000 EDT)
Forecast: 52.5
Actual: 53.7
Previous Revision: n/a
SPIKE WITH 2ND PEAK
Started @ 97.11
1st Peak @ 97.23 – 0401 (1 min)
12 ticks

2nd Peak @ 97.36 – 0405 (5 min)
25 ticks

Reversal to 97.14 – 0407 (7 min)
22 ticks

Notes: Positive report moderately exceeded the forecast. Since the ECB had dominated the news in the previous 2+ hrs with bullish news, the market was in a very short term overbought condition. This restrained the long move. With JOBB you would have filled on the long entry at about 97.17. Since this report often peaks after the :01 bar and it was fairly positive, I would stay in until 4-5 min, looking to exit with 15-20 ticks. After the 2nd peak yielded 25 ticks, the reversal took 2 bars to recapture 22 ticks.