![\"breakout](\"\/wp-content\/uploads\/2014\/07\/ES2-600x412.jpg\" "\\"\\"")
<\/p>\n<\/p>\n
I added this chart after the close. The market was in breakout mode and reached a measured move up.<\/p>\n
Posted 7:50 am PST.
\nThe key feature in today\u2019s intraday update is the breakout mode opening range. Today had a strong unemployment report. The Emini closes at 10:15 am because tomorrow is the 4th of July.<\/p>\n
The Emini gapped up to an all-time high, but is it at the top of a 5 minute channel, and just above the top of the weekly channel, so the breakout is probably going to be limited before there is a test down.<\/p>\n
The market reversed down and up in the first half hour, and the range was about half of an average day’s range. This is a breakout mode opening. Traders will look for a breakout in either direction and then a measured move. With the prominent tails and big bars, the probability of a failed breakout is high and it is probably better for breakout traders to wait to see if the breakout is strong.<\/p>\n
At 7:45, the Emini is in a triangle and in breakout mode. There is very little to do until there is a breakout up or down. If it is strong, traders will trade for a measured move. If it is weak, they will look for it to fail and then trade in the opposite direction.<\/p>\n
Traders can see the end of the day bar-by-bar report by signing up<\/a> for free at BrooksPriceAction.com. I talk about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>, and a 2 day free trial<\/a> is available.<\/p>\n I sometimes refer to bar numbers (there are 81 five minute bars each day) instead of times on the 5 minute. When I mention time, it is USA Pacific Standard time (the market opens at 6:30 am PST, and closes at 1:15 pm PST). Background information on this report can be read on the Intraday Market Update<\/a> page.<\/p>\n I added this chart after the close. The market was in breakout mode and reached a measured move up. Posted 7:50 am PST. The key feature in today\u2019s intraday update is the breakout mode opening range. Today had a strong unemployment report. The Emini closes at 10:15 am because tomorrow is the 4th of July. […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[153],"tags":[],"class_list":{"0":"post-24995","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-market-update","7":"entry","8":"has-post-thumbnail","9":"override"},"featured_image_src":null,"author_info":{"display_name":"Al","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/albrooks\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/24995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=24995"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/24995\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=24995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=24995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=24995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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