The support forum is built with (1) General and FAQ forums for common trading queries received from aspiring and experienced traders, and (2) forums for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
Brooks Trading Course social media communities
Greetings!
I've read three of Dr. Brooks' books and I am most of the way through the online course and there is one very small thing that keeps bugging me.
I'm embarrassed to post this question, but I've seen repeated mentions of "81 bars" on a 5-minute chart but that doesn't add up in my small brain. Obviously I'm missing something because one regular day-long trading session (0930-1600) is 6.5 hours so should come out to 78 5-minute bars. What am I missing? Thanks in advance for being kind.
Best,
Brian
The regular day long trading session on the ES is 09:30 to 17:00. 81 bars.
Joseph is not quite right. The day session for the e-mini runs from 9:30 AM EST to 4:15 PM EST (16:15), which is 81 five-minute bars (6.75 hours times 60 divided by 5 is 81). It's 4:15 and not 4:00 PM because of the way futures are settled.
You can read about it here, but basically variation margin is calculated based on the price right before 4:15 PM. That's the settlement price. Stocks close at 4pm.
Thanks Garrett - so clear and helpful. I thought it might have something to do with context (e-mini versus stocks). Thanks also for the additional info. May all your days be green!
Excellent reference from Garrett regarding the E-Mini settlement time. Although I always wondered why Al picked that time for the cutoff since technically the E-Mini goes further for another whole hour. The Globex CME E-Mini schedule is from 6pm - 5pm EST the next day (basically only 1hr of downtime). So why stop at 4:15p instead of 5pm since these settlement times don't affect daytraders? Maybe someone here knows 😉
