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Using the Wedge and Trend Fan Tools

Video Transcript

In this video, I want to demonstrate how to place the Wedge Tool and the Trend Fan 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 select the Wedge Tool, we click this icon, here, the Wedge icon. To draw the Wedge icon, we make a simple left click, a second left click. This then loads the cursor with the point of the wedge. This is where we can draw either a wedge, a pendant formation, ascending wedge, or descending wedge. In this case, we're going to draw a descending wedge formation. We do the final left click and this is what sets the wedge formation.

The next tool that I would like to show you is the Speed Fan Tool. You'll notice it's here, labeled Trend Fan. The first thing we do is we just click to load the cursor, gives us our cross hair. We find the lowest point of a trend. A Trend Fan or a Speed Fan is generally three different trend lines, drawn up through the areas of support and resistance areas in a chart. So we click on it once and it gives us the first trend. Click again, and it gives us the second trend. Click again, and it gives us a third trend. Now, Track 'n Trade allows you to have more than just three. We can also come down here and we can have as many Trend Fan Lines as we would like. Just simply, by continuing the left click.

If you would like to terminate, once we're done and we don't want to draw anymore Trendlines, on the last Trendline, we right click. This is how we terminate the drawing of the Trend Fan, by right clicking. This terminates that drawing code.

If you have the Preferences selected, the Preferences Tab selected, when you draw or select a tool within Track 'n Trade, it brings up the Preferences Tab for that tool. In this case you'll notice that we have the Trend Fan selected, we can change the color of the lines. We can change the line styles, or the thickness. We can also change the font style, and font size. We can turn the fonts off, altogether, if you would like. Of course, the Snap To is the ability to have it snap to the individual Price Bars themselves.

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