January 13, 2011
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
