Here’s how I use the new Trend Channel Drawing Tool from NinjaTrader7

Here’s how to add it to your charts:

· Right-click on chart

· Drawing objects

· Hotkey = ‘trend channel’ (ctrl+2)

How to use it:

· Find the first trend line that will make your channel high or low.

· Go from swing high to swing high or swing low to swing low.

· This will define the high/low of the channel, then look for the most recent MAJOR (obvious) swing high/low to complete the channel.

· SAVE YOUR WORK OFTEN AND SAVE THE TEMPLATE ON YOUR TREND CHANNEL TOOL.

· I will be doing training on HOW I’m going to use this next Monday in members-only training.

New trade management chart indicator, WILL be released end of this week, training will be Monday.

Double-tops and high % trades

Double tops tell me expect a nice drop off the highs, and then look for the highs to be tested once again.

Double bottom tells me to buy the lows and then look to sell at major resistance for the high % short…it will re-test the double bottom again.

When I say “take my money and run”

I have a profit target at 80….im at 83 short and I don’t see much confidence in the price dropping, so I take money early and leave the trade.

There must be a REASON to take your money and run. FEAR is not an exit strategy.

Which is stronger? 13r BMT or the 34r trigger

34r trigger is strong in my opinion

Mental Stops or Hard Stops:

New traders don’t have the confidence/experience/know-how to use MENTAL stops.

New traders should always know WHERE the stop will be BEFORE they enter the trade.

The stop is NOT a factor of your account, it’s a factor of the trade your taking and the timeframe your using.

Mental stops are for swing traders with lots of experience.

When do you use the wider stop on the Fast Track? After you’ve seen poor results with the tighter stop.