PLEASE REMEMBER THIS IS FOR EDUCATIONAL PURPOSES ONLY!
Greetings Everyone,
One important consideration for any price movement is timeframe. While it feels great to apply a range projection, look at the TAPP (T- Target, A-And, P-Price, P-Projection), and say “this should move to $XX.XX by such and such date”, sometimes it may be useful to analyze the time frames of previous movements. There are several tools you can use for timeframe analysis in Profitsource, but maybe we should start with one of the most simplistic, the Interim Time Frame Tool.
There are two ways to get to the Interim Time Frame Tool, and this applies to Drawling tools in general. One way is to make sure your page monitor sidebar is open on the right-hand side of the screen. If you don’t see the page monitor sidebar, select view from the Profitsource menu and then select page monitor. Next, select Drawing tools from the drop down arrow, and the Interim Time Frame Tool is located there. Here is a short clip:
The second way to access the Interim Time Frame Tool is by directly clicking on the Drawing Icon located on the top of the Profitsource main screen. A small toolbar window should pop-up and you can then select the Gann tab where the Interim Time Frame Tool is located. Here is another clip
After you select the Interim Time Frame Tool you will have to select the timeframe you want to measure. This requires you to select two individual points with a left mouse click. For example, you may want to determine the amount of calendar days or trading days between a recent point of support and a new point of resistance, or simply any timeframe that appears to strike you as interesting. After selecting the Interim Time Frame tool, left-click on your first point, and then left-click on your second point. After you select the first point, you will notice a triangle being drawn, the base of your triangle will be the length of the timeframe after your click on your second target point. The angle of the tool doesn’t matter. In the following example, my second target point was placed on the high of the day, but it can be placed anywhere as long as the date is the same. Here’s an example:
You now have a floating time tool based upon a previous time frame that can be placed anywhere within the chart. To place the timeframe on the chart, simply left-click where you want it, and there you go. After your done, you can move the complete time frame tool (what is now the diagonal and straight line) by a left click on the diagonal to select it, left-clicking again and holding, and then drop it to your location, or simply move the comparable time frame (straight line) by doing the same procedure. Here’s an example
One additional thing you can do is manually adjust the properties of the Interim Time Frame Tool, by right clicking on the diagonal or straight line, and selecting the Interim Time Frame Properties. The First date is your initial point or first click. The second date is the end point or second click. The third date is the point that the horizontal line begins. The forecast date is grayed out, but is simply the end of the horizontal line. You can also configure trading days or calendar days, and by proceeding to the appearance tab, change the color, style and line width. Here’s an example:
This is just one of several tools for timeframe analysis, and I hope it was helpful. I’m going to try to post a different tool once a week.
Later
Fibonacci
PLEASE REMEMBER THIS IS FOR EDUCATIONAL PURPOSES ONLY!
If you like the blog, visit the forum at www.Primalgreed.com Let's Network!Labels: Interim, Profitsource, Tool |
