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Track 'n Trade - Stocks | Futures | Forex
Using the 123 Tool
In this video, we want to cover the 123 Tool, within Track 'n Trade. This video is a quick reference guide on how to place and the setup of this tool. It's not meant to be an educational video on the Merit's of the tool, itself.
I also want to make a note, here that this feature is exactly the same whether we're using Track 'n Trade Stocks, Futures, or Forex.
You'll notice that I'm using the Futures version for this demonstration. The 1, 2, 3 or A, B, C Tool, (as we call it) is a multifaceted tool with several different purposes. I will highlight each one of those throughout this video.
You'll notice that I have it selected, here, in the Button Bar. It's the 1, 2, 3 Tool. You'll also notice that it's the Preferences Tab is selected and the preferences for the 1, 2, 3 Tool are displayed. Now, the 1, 2, 3 Tool is simply placed on the screen by left clicking, dragging from one low point in the trend, left clicking to the second where the high point in the trend. Then the first retracement or the lowest point of the first retracement in the trend. Once I make the third left click, the tool is complete. We have our 1, 2, 3 formation. This is indicating a bottoming formation. If we come back and we bring up the 1, 2, 3 or A, B, C Tool Preferences, you'll notice that the preferences have a number of similar types of features as the other tools, that we've been covering. The first one is the Text, we can come in here and we can adjust the text. The text can be a number of different things. We can come in and we can make it 1, 2, 3. We can make it A, B, C, A, B, C Caps, A, B, C Parenthesis. Whatever you would like to have. I like to kind of make it a little bit larger fonts, so we can see it, make it bold. You'll notice that the text can either be turned on or turned off. We have the Arcs that can be turned on or turned off. The Snap To, of course, is what snaps it to the Price Bar highs and lows. We can turn that on and off. We also have the ability to Always Show the Lines, or Turn the Lines Off. If we say Always Show the Lines, and we have that turned off, once the tool is not selected, you'll notice that the lines go away. If we select it again, we bring it back up the Preferences Always Show the Lines. Show Change Calculation. We can also show the calculations in here. We can show that this as a dollar calculator style. It shows the amount of money that we're showing. This is $10,839 on this particular chart, with a pull back or retracement of $5,563. We can put that as a return on margin or we can put that as Tics.
We can come down here and we can change the quantity, obviously, if we have that turned on, in the value. We can change the quantity, bring that up. Maybe there's a quantity 5 or quantity 6. You see the numbers change in reference to that quantity. We can also change the text color.
The next feature I want to drop into is the extended features, based on Fibonacci. These are our Fibonacci extensions. I'm going to show those to you, now. The first you'll notice is that we have our A, B, C retracement, we're going to turn on our 1, 2 or A, B, C Controls. When we turn those on, you'll notice that between A and B we would have additional measuring tools. In this case the default is Fibonacci and these are our Fibonacci numbers. We can also change those to be user-definable. For example: you can just put in 50, and you're going to see a marker for 50%. The label here is Percent Price, None, or Both. We're just going to leave that at Percent. We can reverse that, of course, we would have to have something that was 25, let's see, if we reverse it, we're going to go to the other side of the marker. We're going to reverse that to the other side of the Price Bar. I'll come in here, put it back to Percent, turn off the reverse, go back to 50%. We now have our marker set at 50%.
If we're going to come in here and the next leg is the 2-3 or B,C point, between B and C. We can turn that leg on and then we can see the calculations in there, as well. We can have the 1, 2, 3 Retracement Level, which is showing this is a 51.3% Retracement against that last move between A and B. We can have the Fibonacci numbers which calculate the Fibonacci down through that series, between B and C. Again, we can go User-Definable, and we can just specify a User-Definable point. We're going to leave this one here on 1, 2, 3/A, B, C.
The next point that I want to talk about is the 3-4 or C-D. This is the projection, the anticipated rise in price and we turn that one on. It's going to project out into the future where we anticipate prices rising to. You'll notice that we can have that set to Fibonacci, which, again, is going to identify the Fibonacci numbers. Since we have the calculator turned on, that showed Change Calculations, it's showing you the calculations, again, based on the quantity. If we change that back to 1, we're going to see the calculations based at those different levels of the projection or the amount of money we would anticipate making if we got into the market at the C point and exited at these individual Fibonacci Extension points.
You can see those are labeled by Fibonacci, again, you can use the User-Definable. We can come in here and we can say maybe 25 and we can separate these by commas, if we wanted to have more than 1. We can go comma, maybe 75, 50, 75, 100. You can set in your own numbers, if you would like. Separated by commas, and those are going to give you those projection levels. Again, you can have the Percent, Price, Both, or you can have those labeled as None. You can come in and you can Reverse them by putting them on the other side.
We have the Projections, again, this is beyond 100, so you have one more that goes out beyond 100. So, we can go Projections Beyond 100. We can use Fibonacci, and you can see that it's automatically put the Fibonacci number in there for you. Based on that level or again, you can do User-Definable: you could do 125, 150, 175, 200. That would have your own User-Definable fields. This one we'll just stick with Fibonacci, and you'll notice that because we have the calculations turned on, those numbers are showing out there, as well.
That is a simple use of/and setup of the 1, 2, 3 Tool in Track 'n Trade.