Ninja Trader 7 Global Drawing Objects are vital for day traders

–          Global Drawing Objects:
o    Who: Everyone
o    What:  allows us to draw on 1 timeframe and have that same drawing tool show up on another timeframe for the same symbol
o    Where:  I add them to my slower timeframe first, and then they are added to my faster timeframes automatically
o    When:  draw trend lines, box, circles, text, fib retracements, anything I want to show up on another timeframes
o    Why: slower timeframe is my guide, and I don’t want to forget where those very important levels are, so they are moved the faster timeframe to make this easier.
o    Why should I be very careful?
§  If you don’t have the same # of day of data on the charts with ‘global drawing objects’ enabled you will jam your charts and corrupt your workspace file.
§  Do not use the ‘auto scale’ function on the drawing tool
§  You can use auto scale on the CHART properties itself, but do not use the auto scale feature on the trend line, box, etc (drawing object)
§  You may have other charts that you didn’t notice (turn off the global drawing objects)
·         4range chart
(fast)
·         Pace of Tape Indicator
·         Average True Range
·         Anything that does NOT have the same # of days of data.
§  Jamming your charts will be the biggest concern, so make sure you do this correctly, and make sure that you have the back-up copy of your workspace ready to go.
–          Why do we buy when price is falling?
o    Prices can’t keep falling forever?  They need to bounce at some point
o    Lots of liquidity when you buy after the sellers have pushed the price down
o    Momentum will be oversold, giving us plenty of room for the price to rise off the lows
o    Buying pullback and selling retracements are the highest % ways to day trade.
o    This fits into that nicely
–          What are all the horizontal lines/ indicators
–          Market Analyzer
–          Big Money Trigger Line (BMT) Is our profit target, NOT our entry location, so avoid entries around the BMT

    schooloftrade

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    Joseph James - March 31, 2011 Reply

    thanks to Brian D for sharing this!

    Here is a quick fix to jammings charts because of Global drawing objects.

    Locate folder:
    My DocumentsNinjaTrader7templatesGlobalChartObject

    Just delete contract name giving you problems and re-open your workspace.

    Then re draw your Global objects.

    Beats deleting workspace and recreating workspace.

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