Track 'n Trade - Stocks | Futures | Forex

Using the Elliott Wave and Gann Fan Tools

Video Transcript

In this video, we want to demonstrate how to place the manually placed Elliott Wave tool as well as the Gann Fan within Track 'n Trade. Now, the first thing I want to point out, is that we have two Elliott Wave tools in Track 'n Trade. The one we're going to focus on, is the manually placed Elliott Wave tool in this example. If you wanted the automated, or automatic Elliott Wave tool, you would right click on the chart. You would come down to Chart Overlays, and you would have the Zig-Zag/Elliott Wave tool, here. This would be the automated method. But in this example, we're talking about the manually drawn method. The manually drawn method is a recurring Price Pattern which is the Elliott Wave, and we example that or highlight that in the manually placed Elliott Wave tool, by clicking here. If we come down we start with the Elliott Wave and we start to highlight the different points that we want within the Elliott Wave to highlight in our drawing. We do it like this.

If we come to a point where we decide we want to change our mind; and we don't want to draw it anymore, or we feel like we've done the wrong thing. The way stop drawing is we simply right click and it will delete the existing drawing and you can start over. This is the same with almost every tool in Track 'n Trade by right clicking while you're halfway through drawing a tool. It will delete it, so you can start fresh.

Let's load the cursor, once again, and click the Elliott Wave tool. We're going to slide up here, and we're going to place the Elliott Wave tool in here. Just by clicking each one of the points that we want to highlight, as one of the Elliott Wave points. Elliott is a traditionally five wave pattern, with a A, B, C re-tracing pattern. So we highlight it this wave. We just go 1, 2, 3, 4, 5, A, B, C, by using the left click button. We can adjust any of these points just by moving them, by clicking on them, and dragging them later. Of course, if we have the Preferences Tab selected, we have all the different preferences available to us for that particular tool. In this case we can come in here, we can change the color, we can change the line style or the line thickness, we could come in and we could change the font size. Maybe we want to make it bold. The different style of text that we want to have on there. Maybe want to change it to a different style of text. We have little Arcs that we can show, you'll notice that there are little Arcs in there. You can either turn those on or off. We have the Snap To capability, which snaps it to the individual Price Bars or makes it free flowing. I kind of like the Snap turned on, it allows us to snap to a particular Price Bar level. Or Always Show the Lines. If we turn that off, then when we deselect that tool, you'll notice the lines go away. When we select it, it brings back the preferences for that tool. We say Always Show the Lines. When we select it. Now when we deselect the tool, you'll notice the lines remain. To remove the tool from the screen, very simply, all we have to do is select it. Make sure all the handles are highlighted. We can either right click and say Delete the tool, or we can simply highlight the tool hit the Delete Key on the keyboard and it deletes it, as well.

The next tool that I want to highlight is the Gann Fan. The Gann Fan is right here, on the button bar. If we click that icon, it's going to load the cursor with the Gann Fan. We can simply find the lowest point of the trend, draw to the highest point of the trend. It's going to give us the Gann Fan, very simply put. Many people like to square the Gann Fan, so I'm going to show you how to square the Gann Fan. To remove the current Gann Fan that we have on the screen, I'm going to right click and hit Delete, remove that Gann Fan. The next one, I'm going to draw a square. So, I click the Gann Fan, I load the cursor with the icon. I start at the lowest point, and I begin drawing, while holding down the left mouse button. As long as I'm holding down the left mouse button, you can notice that the Gann Fan is dynamic and will fit whatever structure you would like to. It will go to whatever points you would like to point it to. But if you would like to square the Gann Fan, hold down the Control Key while you're doing the drawing, and it will hold it square to the current chart scaling. So it will remain squared, then you can square the Gann Fan to the particular price level. This is a method in which Gann would use to square his drawing to the chart. This is a method in which you can do the same thing in your computer software.

When the tool is selected, you have the Preferences Tab selected, you have the Control Panel, which allows you to come in and make the changes that we have just exampled.

On the Elliott Wave tool, we can come in change the lines, the styles, the colors, the background, the font sizes. We can also come in and do the same thing, we can show the text or not. We can extend the lines on the Gann Fan to go off the screen, indefinitely. We also have the Snap capabilities and the Fill the Background capabilities.