March 29, 2011
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
