Track 'n Trade - Stocks | Futures | Forex

Using the Head & Shoulders and the Dart Tool

Video Transcript

In this video, we want to cover the Head & Shoulders Tool, as well as the Dart Tool within Track 'n Trade. This video is a quick reference guide on how to place and the setup of the tool. It's not meant as an educational video on the Merits 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 in this demonstration.

The first we want to do is we want to come down and we want to click on the icon for the Head & Shoulders. Of course, if we have the Preferences Tab selected you receive the Preferences Dialogue Box opened up, here. To place the Head & Shoulders formation, we look for a Head & Shoulders bottom formation. You'll notice is in here, a very small little Head & Shoulders formation. We very simply click on the left shoulder, and the neck line. Click again on the head, click again, on the neck line, click again on the right shoulder, and you'll notice that Track 'n Trade automatically labels for you the left shoulder, the head, the right shoulder. It draws in the neck line and puts handles on the neckline. The handles on the neckline are there, so that you can extend or retract the neckline, which is basically a trend line along this trend line, here. That's the breaking of the trend line, above the right shoulder.

If you would like to come over to the Preferences Tab, you'll notice that we can change things like the color of lines, we can change the text size. We can come in and we can either show the text or not. We can show the Arcs, or not. We can Snap it to the Price Bars, or not. We can Always Show the Lines, or not. If we have Always Show The Lines turned off, once the tool is deselected, you'll notice that the lines go away. If we select the tool, once again, we can put Always Show The Lines. Once the tool is deselected the lines still appear. This is the Head & Shoulders formation within Track 'n Trade.

The next tool I want to show you is the Dart Tool. The Dart Tool is just to the right of the Head & Shoulders tool. If we click on the Dart Tool, you'll notice that the Dart Tool Preferences appear. Again, you'll notice that we have Snap turned on, and we have the same, Always Show Lines features and then the Color features. The Dart Tool is designed to specify the little dart formations or the little topping and bottoming formations that occur at turning points, within the market. It looks like a little dart, it has feathers, and a point. This is an outline, just outlining, helping us do our chart analysis. Helping us remember our thought process, or to show our charts to other people, what it is that we are thinking. These are the little dart formations, that are occurring in the chart, which allow us to identify these rising and falling markets. This is the Dart Tool.