11/1/2012 Weekly Unemployment Claims (0230 HI time / 0830 EDT)
SPIKE WITH 2ND PEAK
Started @ 86.25
1st Peak @ 86.42 – 0232 (2 min)
2nd Peak @ 86.62 – 0242 (12 min)
Reversal to 86.09 – 0302 (32 min)
Notes: Report came in moderately better than the forecast by 8K jobs. This causes a medium sized long spike of 17 ticks in 2 min that had to cross all 3 SMAs. With JOBB, you would have filled long at about 86.33 with 1 tick of slippage, then seen it hover just above your fill for the rest of the bar. I would set a sell limit just above the 200 SMA and look to exit with about 5 ticks. After getting stuck around the 200 SMA for a few min, it was able to climb for a 2nd peak of 37 ticks about 10 min later. The reversal was able to bounce back for 53 ticks in about 20 min, most of it surrendered on after the pit open.