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Using the Trend, Horizontal Channel, Sideways N% Ruler Tools
In this video, we want to demonstrate the drawing of a Trend Channel, a Narrow Sideways Channel, as well as the N% or 50% Ruler within Track 'n Trade. I'm doing this demonstration in the Stocks version of Track 'n Trade, but these features are exactly the same whether you're using Track 'n Trade Stocks, Futures, or Forex.
The first thing we want to demonstrate is a Trend Channel Tool. You'll notice the Trend Channel Tool is this icon, here. We can go ahead and click it, when we click it if we have the Preferences Tab selected, you'll notice that the preferences for this particular tool, up here. To draw a Trend Channel Tool, we simply start at the top of the upper level of the trend. We left click, we move our cursor to the lower level of the trend, we left click once again. This gives us the Trend Line, that we're looking for. We draw the Trend line, up the trend. We click once again, this then allows us to bring the upper level of the channel up into the location of which we desire, which highlights the trend itself. One final left click will release the mouse and have our trend line drawn for us.
You'll notice that we can then come back grab any of the handles, and move them for a fine adjustment, to replace them anywhere we would like. You'll also notice that this trend channel has a handle in the middle of the trend bar. You can come in and grab those, move those. It's kind of like a window shade, it allows you to move those up and down, and move those with the trend. That's how you use the Trend Channel.
If we come over here to the right Preferences Window, you'll notice that we have the functionality of being able to change the colors, maybe we want to change it to a different color. Different line style or thickness. We also have the ability to change the background color and the ability to Snap it to individual Price Bars. To remove the Trend Channel, if it's highlighted, we can either hit the Delete Key on our keyboard, or we can right click and hit Delete on the right click Menu.
The next tool I want to draw for you is the Narrow Sideways Channel Tool is selected by clicking the Narrow Sideways or Horizontal Channel Tool within the Button Bar. Again, you'll notice that if you have the Preferences Tab selected, this brings up the Preferences for this particular tool. We then draw the Narrow Sideways Channel by simply left clicking it, holding down the mouse button, and drawing it across the channel itself. Like this! Highlighting the upper region or the resistance area against the support region on the bottom. Releasing the mouse button gives us that conformation that- that box is done. Then we can stretch it and make it longer or shorter by grabbing the different handles. We can make it taller or narrower, by grabbing the middle handles.
We also if we come over here to the Control Panel, we have additional controls, as well. We can come in and we can change the colors, we can change the line styles, we can change the line thickness, we can change the background color, we can change the font sizes. We can make it bold or different fonts, whatever we would like to do. This box in here. We also have the ability to show the text or turn the text off and have it Snap To individual Price Bars, when we lay the tool in. This is a way of using the Narrow Sideways Channel Tool within Track 'n Trade. To remove it from the screen, we can very simply just right click over the top of it and hit the Delete Key. You can always hit the Delete Key on your keyboard.
The next tool I want to draw for you is N% Tool or what we call the 50% Ruler. It's listed here. We go ahead and click on that icon. The N% Tool is designed to help us identify the Retracement Level of the 50% overall move in the market. So we draw it by starting at the top of the trend, and just dragging down over through the center of the trend, and all the way to the bottom of the trend. Identifying the area of support on the top and resistance on the bottom. You'll notice that the center line is right at 50%. We can grab the handles and change the adjustment or change the size of the box that is representative of the trend itself. You'll notice the reason we call it the N% Tool, is because we can grab this handle in the center and we can move it up and down. It tells us the different levels, varying levels, based on where we move this to. It's not just the 50% Tool, but it can tell us how far back this market moved against itself. One vs. the other onto the different calculations. Depending on which way you draw the tool, whether you draw it from the top to the bottom, will determine which direction the market is calculating the retracement.
You'll notice in this case, as we slide it up here, this would say that this is a 21% pull back. If we draw it from the bottom to the top, let's redraw it. We'll draw it from the bottom to the top of the trend. We can bring it in here. You'll notice that as we bring this up, this would then say that this is a 79% retracement level. Depending on which way you want to calculate, you can draw the tool from the top to the bottom or from the bottom to the top. Depending on which way you want to calculate.
Again, if we come over to the Prefernces Tab, we can change the color of the tool, we can change the line style, we can change the thickness of the lines. We can also change the background color, we can change the font size. We can also make those bold, we can show the text or not. Of course, we can Snap To the individual Price Bars, themselves.
If you want to get of rid of it, just like any other tool we can right click on it, and hit Delete. Or we can (as long as we have the handles selected) hit the Delete Key on the keyboard and it will delete it and remove it from the chart.