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Using the Fibonacci Arc & Fibonacci Time Zones Tools
In this video, we want to demonstrate how to place the Fibonacci Time Zone and Fibonacci Arc Tool within Track 'n Trade. I'm doing this demonstration in the Forex version of Track 'n Trade, but these features are exactly the same, whether you're using Track 'n Trade Stocks, Futures, or Forex.
To load the cursor with the first tool that I want to talk about which is the Fibonacci Time Zone, we click the Time button up here in the Button Bar. You'll notice that if we have the Preferences Tab selected it pulls up the Preferences for this particular tool. To draw this tool on the screen, we just simply hold down the left mouse button, and I like to choose a Low of a trend or High of a trend. While holding down the left mouse button, draw it over the top of the trend. What we see is a series of vertical lines, that are representative of the different Price Bars that are counted in Fibonacci numbers. So this is 5 Price Bars, 8 Price Bars, 13, 21, 34, 55. The concept is that we're going to receive different important turning points or time levels around these areas.
You'll notice that over here in the Control Panel we have the different Control Features. We can either come in here and we can change the color of the tool, we can change the line style, or maybe the line thickness. We also have the ability to change the text, we can increase the text size, change the text font size, or the color of the text. Maybe we can make it bold. We can either turn the text on or off. Of course, we have the Snap To capability that allows us to Snap it directly to a particular Price Bar.
To remove the drawing from the chart, all we have to do is simply right click on the tool and hit the Delete Key. If the tool is selected and you can tell it's selected by having the handles on it, you can hit the Delete Key on the keyboard.
The next tool that I want to show is, the Fibonacci Arc tool. By selecting this icon here on the Button Bar, you'll load your cursor with the Fibonacci icon. If you have the Preferences Tab selected, you'll notice that you receive the preferences for this particular tool. To draw this tool, very simply, we choose a Low or a High of a trend, and hold down the left mouse button, and draw to the upper level of the trend. We can take it once we've drawn it once, we can also grab it and move it to another level within the trend. In this example I'm going to leave it right here, and we're going to come over and we're going to look through the Preferences. You'll notice that in the Preferences we have the ability of changing the color, once again, the line style, and the line color, the line thickness. We also have additional features here. We can put on the 76.4% and 23.6% levels within the Arc. Which gives us an inner circle and an outer circle, for additional levels of support and resistance. We can also come in here and change the font size, the font style, the color, and we can bold it here. We can show the text, or turn the text off. We can Snap To the individual Price Bars, as well.
The next button here is the Retracement Levels. In the Fibonacci world we have different levels of retracement. These levels are calculated for you. This is a 127.2% and 161.8% level on the Arc as well, which are additional levels of areas of support and resistance.
To remove the Arc from the screen, very simply, all we have to do is right click on the Arc, select the Delete Key or if the Arc is selected, you can hit the Delete Key on your keyboard and it will remove it from the chart.