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Hello.
And welcome to the NinjaTrader Indicator Warehouse.
Today we are going to cover the support and resistance
lines or SnR lines for short, a new subscription service
from Indicator Warehouse.
SnR lines give you the highest probability support and
resistance levels for the most popular
futures and 4X markets.
It works in all time frames and is a complimentary system,
which can be used as a standalone trading system or
to enhance your current trading strategy.
In this short video, we will show you how to set up your
SnR lines as well as a few ways that you can implement
their trading strategy.
Because the support and resistance lines are unique to
the market traded, the support and resistance service is
broken into the different markets
which are called widgets.
Therefore if you would like to trade the E-mini S&P, you will
need the E-mini S&P widget.
If you would like to trade the 4X Pound US dollar pairing,
then you will need the Pound US dollar widget.
When you make your purchase from Indicator Warehouse for
whichever widget you have subscribed for, you will get a
download email with your download information.
It is important for you to make note of where you
download the file to.
By default, most systems will download the file to either
the desktop or your download folder.
Once you have downloaded your widget, go to your control
center in NinjaTrader.
From here, click on the File menu.
And pull down to the Utilities icon.
From here, move over to Import NinjaScript.
And now you need to locate where you've
downloaded your widget.
I've downloaded mine to my desktop.
And I've subscribed for the euro US dollar and the E-mini.
And when Ninja displays this box, you have successfully
uploaded the widget to your Ninja Trading system.
Do this for each of the widgets you
have subscribed for.
To load the widget onto your chart, first open the market
you're interested in.
In this particular instance, I'm going to be trading the
E-mini S&P. And I want to locate my E-mini S&P widget
from my indicator assortment.
So I go to my Indicator tab.
And from here in the assortment, I can find my IW
S&R lines E-mini widget.
Click on that.
Click to apply.
Click OK.
And depending on how your charts are formatted, you may
end up getting an error message similar to this.
What this is telling you is that your data series needs to
be configured slightly differently.
Go to your Data Series tab.
Click on that.
By default, your Ninja charts are usually set up with only
three days of data.
Ideally you want to at least 10 days of data.
I'll set mine to 30.
And in order to get the indicator to display
correctly, we recommend that you change your session
template to 24/7.
Click Apply and OK.
And now you have your S&R lines on your chart.
Let's take a quick look at the setting for the S&R lines.
By going back to our Indicator tab, we can see that our S&R
lines are highlighted.
Let's take a look to the various features that we have
available here.
Because the S&R lines are a proprietary system from
Indicator Warehouse, there really isn't too much open to
adjustment.
You can change the calculation setting from the Calculate bar
on close to true, in which case the line will paint a
little bit earlier.
But it will still be the same line.
The line does not change from one minute to the next.
The other settings have to do with how the lines look.
You will notice that there are 21 support and resistance
lines painted for each widget that you have purchased.
And the balance point is painted in a fuchsia color
where is all the other lines are painted in a blue color.
And you can adjust these colors to your own personal
preference.
You can also change the way the lines look.
The level style you have a choice of painting either a
straight line or a zone.
Or by default they are set to both.
You can also show the labels in the margin.
But by default, those are turned off.
The zone height--
this refers to how wide the zone is painted.
You can adjust that.
And the opacity of the zone refers to how dark
the zone will look.
So let's take a look at all this on the chart.
And you can see that for the current session the lines are
painted with a line and a zone.
If we scroll back into the chart, you will see that the
past sessions paint only a line.
And that's just for your convenience sake, so that you
always know that you are trading
in the current session.
There are several ways to use your new support and
resistance lines.
You can use them either as a standalone system or part of
your current trading system.
The nice thing about the support and resistance lines
is that they show you the high probability areas where the
market is likely to do something.
Sometimes the market will hit the line bang on as it did
over here and again down here.
And then other times the market will be a little
delayed in its reaction when it hits a support and
resistance area and fudge the line ever so slightly.
What I like to see with the support and resistance is I
like to see the market break through a support or
resistance area and then come back and retest it, as we are
seeing right now.
The market has broken this area of support, has come
back, and is now retesting it.
And this support should now act as resistance.
If this price holds, I will place an order to sell below
these recent lows.
If the price fails and breaks through the upside, then I'll
look for a test of the area as support, which will give me an
opportunity to buy.
Well it looks as though the price is going to hold.
So I will place an order to sell below the recent lows.
And we'll see if the market will bring us in.
Now that we're short the market, I'll
place my exit stop.
And now we'll anticipate that the market will trade down to
the next area of support where once again, we will expect the
market to do something and be on the alert to possibly take
profit or maybe even add to our position.
We're in our trade for about 45 minutes.
And you can see that we've broken through this next area
of support.
And once again the market is coming up to test it as
resistance.
So what I'm going to do is I'm going to use that as an area
actually to place our protective stop to try to lock
in a little bit more profit.
And we're currently up about $1,100 on our position.
So, so far a very nice trade for us, simply trading off of
this retest of the broken support area and following the
market down to the next area of support.
All right.
So the market has violated this area of support, which
should have been resistance.
We got out of our trade with approximately $1,000 profit.
Now that the market is breaking through this area of
resistance, because the market is coming from underneath, we
would anticipate to see some sort of support form here on a
possible retest, in which case that would actually give us an
opportunity to buy.
Prices made a very fast move once they broke this area of
resistance and rallied right back to former support and
resistance, only to come back and once again start trading
off of this support line.
So I'm hoping you can see how incredibly powerful these
support and resistance levels are.
If this area continues to hold as support, then I will look
for an opportunity to buy and trade the market back to the
next area of resistance, and after that followed by the
next there is resistance and so on.
It looks as though this support is going to hold.
So I'm going to get ready to place an order to
buy above the highs.
And we'll see if the market brings us in, as we're
anticipating a bounce off of the support level.
All right.
We're currently long.
I'll place my stop loss order.
And I've placed my stop below the support area, which should
now hold the market up.
| looks like we've caught a very good trending market.
And we've just hit our other support and resistance line.
And the market has come back.
It's started to look a little bit bearish.
So I've quickly rolled up my exit stops.
And it looks like it was just in time as we got stopped out
with about $2,000 in profit on that particular trade.
This is how you can use support and resistance lines
as a standalone system.
Another advantage of using these support and resistance
lines is that they can be used in conjunction with other
trading systems to enhance their effectiveness.
A very simple demonstration would be to take just a
regular indicator of any sort.
Let's say we're going to use an RSI.
We'll add RSI to the mix.
We'll just go with the standard settings.
And now we can use RSI and support and resistance lines
together to help us improve the efficiency of our trade.
The traditional way of trading RSI is to wait for the market
to become over-bought or oversold and to buy when the
market comes out of the oversold region, and to sell
when it comes out of the over-bought region.
Now with the addition of the support and resistance lines,
we can improve the effectiveness of the RSI
indicator by looking for a confluence between the
indicator and the support and resistance levels.
This is the euro US dollar 4X pairing.
And right now, I'm just waiting for the market to do
just that, to give me some confluence between the RSI and
the support and resistance line.
Right now you can see we're trading off of support.
But RSI is relatively neutral, and in
fact is slightly bearish.
So we'll just let this unfold and see how it plays out.
Prices actually broke through the support area and traded
down to our next support line, where we're also starting to
see support.
But notice that RSI became oversold and now is starting
to head a little bit higher.
So if we continue to see this support area hold, I will
place a buy above the high of the candle, given that RSI has
been oversold and now is looking to rally.
And that coincides very nicely with the touch on the support
and resistance line.
It looks as though that level's going to hold.
So I'll place an order to buy.
And now we'll see whether or not the support area holds, in
which case we'll go long.
And we'll see what happens with our RSI as well.
All right.
The market brought us into this trade.
I'll place my exit order.
And my first profit target will be this area of
resistance.
And I'll also be watching my RSI to see if it becomes
over-bought, which will indicate that the particular
resistance line is going to be more likely to hold, just like
we saw this support area hold as things coincided
with our RSI line.
Well, our trade is progressing very nicely.
We've just been in this trade for a matter of minutes.
And we're currently up nearly $4,000.
So I'm going to be very aggressive with my stop, bring
it down here below the support and resistance line, and try
to lock in as much of that profit as possible.
If this resistance area now it turns into resistance and
forces the market lower, then I'll be able to get out at the
earliest possible opportunity.
So that's how you can use simple indicators, whether it
be RSI, Stochastics, MacD, or whatever your favorite
combination in conjunction with support and resistance
levels to make them that much more effective.
And remember, whether you are day trading the E-mini S&P,
other futures contracts, or 4X, Indicator Warehouse will
help you get more profit from your online trading and
technical analysis efforts.
Thank you again for joining me.
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