Want to trade two types of charts in one chart window? This video will teach you how. Doing so will quickly let you get a glimpse of different types of market activity. You can run a 1-Minute chart alongside a 5-Minute chart, for example. On each chart, you can have the appropriate indicator. In other words, you could scalp on the 1-Minute chart and using the Atlas Line on the 5-Minute.
It is also possible to add a panel for the ATR and place it in between the two charts. The video shows this. This is a good configuration because you can see when signals match up or confirm one another, or when one filters out another, in order to decide to take a trade or to skip. Because the ATR is used as a volatility, profit target, and stop loss indicator, it makes sense to have its position centralized within the chart.
In case you are wondering, the Trade Scalper is used in this video. A 1-Minute chart is on top and a 5-Minute chart below. One DayTradeToWin testimonial is written by someone who likes to confirm movement on both chart types. He does not indicate that he uses the Atlas Line or any other indicator. This may be an indication he’s only using the Trade Scalper, which is interesting, because it may appeal to you as all all-encompassing scalping trading method.
If you prefer not to have multiple chart types within one charting window, you may separate charts into tabs using the tab area on the bottom of the chart. This way, you can select among the tabs/charts as needed. If you happen to look at multiple charts on a regular basis, perhaps having multiple chart windows will be your best option. In that case, you may want special software to position these charts to maximization organization and screen space. The DayTradeToWin website discusses software that will help you do this.
Advanced traders are encouraged to watch these videos as well. DayTradeToWin has taught thousands of people about trading using price action. There’s no doubt some of these people are advanced traders. In fact, some of the DayTradeToWin testimonials say that success was finally achieved after many years of trying various types of systems. Does that sound like you? They’ve also helped people who have never even looked at a trading chart for more than a half-hour. And if you’ve had some time to get familiar with charts and trading, but do not consider yourself a pro, then there’s much to learn as well. You see, the approach John Paul, founder of DayTradeToWin, takes is much different than anything else out there.
Here we have his latest price action webinar split into two parts. He begins by discussing his general approach, risk management and what price action means. The ATR (Average True Range) is the indicator that dictates much of his trading. For just about every trade he takes, he looks at the ATR to determine the profit target and stop loss. You can think of the profit target and stop loss as the reward and risk potential, respectively. In the NinjaTrader chart, the ATR typically appears at the bottom. John Paul has thickened the line and changed the color to a yellowish gold.
The Long and Dbl Wick Long signals that you see belong to the Trade Scalper indicator software. There are different price options for the course and software: 6-Month or Lifetime. If you’ve been following John Paul for some years, you may be ready to jump into a Lifetime license. If you’re just getting your feet wet, by all means, consider a 6-Month License. Toward the end of this first video, he explains what counter-trend trading means.
Moving forward, we continue with John Paul’s explanation of counter-trend trading. He discusses more price action dynamics then goes into overbought and oversold market conditions. This is similar to the large candle explanation he gave in another recent video.
There’s also some time spent scrolling through the charts, so you can see all of the recent Trade Scalper signals: good and bad. He readily points out a Long signal that wasn’t so great, as the market soon turned around. To mitigate against some losses, he recommends using three different stop strategies: a time-based stop, a prove-it stop, and the catastrophic stop. The catastrophic stop is used as safety net and is the default stop applied when he places a trade using an ATM Strategy. If the trade doesn’t go well, he can try to lock in profit or close it out according to the other two stop loss rules.