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Does anyone know how to get the measured move tool on Ninja? I was told to use a Fib retracements, however it doesn't come close to what Al Brooks has on his charts. Thanks,
Can you help answer these questions from other members on NexusFi?
For a measured move you would first measure the size of an upswing or downswing and then add the distance that equals the swing size to the starting point.
In NinjaTrader you can do this with the Fibonacci Extension Tool. See chart below.
Now don't blame me, if price does not always respect the targets, as it should in a well behaving market.
I tried that but the settings for the Fib are not the same as a measured move, per Al Brooks charts. I'm trying to post an example, but having problems. This is my time posting, shy and nervous.
There is nothing you need to set up. Just press F9 and then select the first swing and move on to the starting point of the second swing.
By the way I do not think that this type of analysis is very useful. Al Brooks cuts off the pre-open price action and volume. His chart only shows half the swing that occured, and he derives a target from that half swing, which is obviously false. Markets are interrelated, news releases occur prior to the open of the stock market and the FOREX markets start at 8:00 AM EST.
If you look at the price action, you will notice that the double amount of the 30 min opening range (add opening range to upper limit of opening range) got you a better target than the broken swing measured move from Al Brooks.
Today is rollover day. This is not really a typical day to consider. Globex volume was 539 k, volume of the first 30 minutes was 218 K for the old contract for ES.
But equity markets worldwide move in lockstep, off-session the ES is driven by the FESX which has a high volume, when the NYSE is still closed. The volume shown does not represent the world equity markets, and while you are still asleep the markets are digesting the news from other markets of the world.
Today ES made its high prior to the open, so far the Globex low was not tested either.
