Chart Trader Function in NinjaTrader 7

Chart Trader Function:

- Apply the chart trader by using your chart properties

- If you load your template it will do it for you automatically

- Use this just like your DOM (market, limit, ATM strategies, etc)

- I like to use it for trade management, and use my dom for the entry.

- When used correctly you can get a lot of important information and react to it quickly.

- The most important use of this tool is that it allows me to use the BIG PICTURE support and resistance as my guide for trade management.

Fast Track:

How long do we allow for it to trigger?

The longer it takes to trigger, the higher the risk.

The best trades happen when the trigger comes quick.

We often times see the best trades when price is almost moving too fast.

5 minutes is longer than enough time to see the trade trigger.

If the speed slows down, then its HIGH RISK

If the speed picks back up we can take the trade.

If the pattern sets up, but we don’t break the new highs/test the trigger line within 5 minutes I soon become concerned.

Using the PHOD:

We had price above the PHOD so we assume the markets buyers are in charge.

We also see the BMT/OPEN and the previous range is below us.

Example:

We are above the PHOD so we assume the buyers are in control. We then buy pullbacks to profit from this position > PHOD.

If we start seeing the speed slow down, the momentum overbought on 89range, lack of buyers at new highs, we then begin to look for the 3 signs of price reversal.

When we see the reversal coming, we know EXACTLY where price wants to go.

Expect price to drop back to the PHOD and if we enter below the PHOD expect the PLOD to be tested.

1 contract day trading:

You need to be more selective with 1 contract

This goes against what most 1 contract traders are capable of doing

That is why trading 1 contract can be a gift and a curse.

It won’t take away all your cash, but as a new trader we have hard time being selective and this is the MOST IMPORTANT times we must be.

Which market is the easiest for new traders?

It all depends on your personality, the market’s personality, and your long/short term trading goals.

Use the Fast Track Method on any market you chose to see a SAFE and HIGH % look at how to trade that market.

Spend 2 weeks and LISTEN to every tick of the morning/afternoon or overnight session (whichever you want to trade)

Custom Trade Worksheet in the Advanced Course.

Russell / Gold / Euro

Crude is very whippy, so use your time to get acclimated with crude.

Gold is great when it moves, and the Russell has $500 margins with $10/tick so its also great market for new traders.