Trend Lines on NinjaTrader 7 Day Trading Strategy

  –          Trend lines in NT7

o    Must have the most recent release of NT7
o    Must have the same # of days of data for EVERY CHART you use for that symbol
o    Must have your trend lines as ‘auto scale’ = FALES
o    BENEFITS
§  Save us hours of time each week
§  Helps us define the EXACT levels for trend lines
§  It helps us feel more confident b/c we know where all the levels are on the SAME CHART you see the pattern
o    Start with the slower timeframes first, then draw the most obvious trend lines, those TL’s will be added to your fast charts
o    Then move to your faster timeframes and make sure those TL’s are correct.  Make sure they are at the highs/lows of the candlestick wicks
        
–           How do we upgrade to the NEW NT7?
o    Copy down your license key from the previous version
o    Copy the workspaces files from your current version and save them on your desktop
o    You will need to re-download the indicators, templates, etc anyway
o    Go to ninjatrader.com and click on DOWNLOAD
o    Enter your license key and follow the steps
o    Follow ALL the steps in the download checklist, EVERY THING
–          Do we use Fibonacci?
o    Fib numbers, yes
o    Retracements, no, but sometimes
o    I trust price levels, rather than price calculations
o    Watch the video in the ADV course on the ‘trigger zone’ tool for more info on using the Fib retracement tool
–          What is the least LEADING indicator?
o    MACD is the LAST to move
o    Time & Sales is the FIRST to move
o    We always remind you to use a MACD to get out of a position, not the opposite
o    We read tape to get un IN the trade
–          Books:
o    Mind over Markets, by Dalton
o    Disciplined Trader, Mark Douglas
o    Pretty slow reads, nothing sexy
o    Books will never replace LIVE PRICE ACTION
o    Market Wizards, talks about the different success day traders in our time

    schooloftrade

    Click Here to Leave a Comment Below

    Joseph James - March 18, 2011 Reply

    one more thing…make sure you turn OFF Auto Scale on all trend lines.

    Joseph James - March 21, 2011 Reply

    if this jams your workspace, you need to delete the workspace file and then use your backup. We assume that this will corrupt the file.

    Joseph James - March 23, 2011 Reply

    If you dont want to use 90 days of data, you can easily turn OFF Global Drawing objects.

    I turn OFF Global Drawing objects for my:

    – Pace of Tape
    – Trade manangement
    – Average true range
    – 4range

    Leave a Reply: