NinjaTrader sponsored John Paul’s price action webinar yesterday. John Paul begins the hour-long webinar by talking about one of our old courses, the ATO (At the Open). Now only available in the Mentorship Program, the ATO teaches you how to trade the opening move in the E-mini S&P. This exact price pattern occurs on a regular basis. By applying objective rules, you can learn to take advantage of this pattern every day.
Next, John Paul says why he doesn’t like to use traditional indicators – fibs, moving averages, MACDs, etc. These indicators usually require optimization because the market is always evolving. If you don’t optimize, you are stuck with old settings for a market that no longer behaves the way the indicator anticipates. The Atlas Line is indeed software for NinjaTrader, TradeStation and eSignal. Unlike other indicators, the Atlas Line only needs to be configured for the user’s local time zone. No ongoing updates are provided, nor does the user experience lag associated with traditional indicators.
At about 8:00, John Paul gives us an update on the January Effect on how it has played out so far. The January Effect says 2013 is expected to close higher (in December, 2013) than the price the price it closed at in the end of January, 2013. Since an overall trend is determined, John Paul is able to recognize a breakout strategy you can use for holding positions longer than a day or two. We get many questions from traders who hold positions overnight or swing trade – this is what you’re looking for. The strategy is described starting at about 10:00.
At 23:00, you can get an understanding of what the ATR (Average True Range) is. Even with long term positions, traders can use it to determine profit targets and stop losses.
At 37:00, John Paul transitions into the Atlas Line, explaining its trades and the Strength and Pullback signals.
At 43:00, John Paul explains the difference between the two scalping methods offered – The Trade Scalper and Price Action Scalping. Price Action Scalping is only offered in the Mentorship Program (begins May 1, 2013). He also covers chart setup with the NinjaTrader Dynamic SuperDOM. Remember that he can’t describe the full method it its entirety – just the basics are mentioned.
At 55:00, John Paul explains the market news page. We’ve posted about it before. Use the calendar to see upcoming financial news for the week. The closest news event is highlighted. On the top of the page, real-time market news is shown. Just refresh the page every week.