THE BREAK OUT WATCH HITS

FOR two days we have had a trending day locked in a + LBBO to a +SBBO range.  Both days we mentioned in the chat, and the blog, to watch for a significant BO.

From the Range Page in this Blog:  posted targets and the close

DAILY RANGES (break out targets)

Updated at 7:15 AM EST            

*note  BOTs are for the entire period until new range is calculated

8-24-11 BREAK OUT WATCH

ES upper: 1153            1171

6E# upper: 4432          4390*    LBBO then reversal sell off

YM upper: 11086         11263

NQ upper: 2113.5         2139

TF upper: 677.8          688.1


Thanks to all that are making the blog a success.  The 3 digit hits per day are appreciated.

ES

This is the chart pic posted in the chat room.  It was first posted with arrows at key points, with a question thrown out for members to identify why the selected areas were important.  The answers are on the above pic.

 The BO watch was on, and we see an early LBBO.  The market stayed in the bullish-biased Upper Trading Range.  The open was important due to the failed reversal of the LONG BOT (LB) at the end of the consolidation.  BOTS work. Period.  We have a BO and a strong support- even stronger than the EMA.  The BOT was a long at the BO and at both failed reversals.

YM

NQ

 NQ actually tested the pre-open low to complete the H&S variation, yet the EMA remained bullish biased and the second LBBO was at the EMA too.