Looks like the Azure Traffic Manager (ATM) received a promotion today to the current Azure portal. That leaves very little left in the old portal which will be retired sometime this summer (soon)!
You can create a new profile with a Quick Create option. You specific the prefix ‘x’ in your global URL (ex. miketesturl.trafficmanager.net), select a method of routing (failover, round robin, or performance) and the services to be a part of the profile. Once you create the profile you can then add and edit service endpoints to it.
You can also change the Time To Live (TTL) value which is how often the Traffic Manager will be queried by the client’s local caching name server for updated DNS entries. A monitoring endpoint can be configured for ATM to try to access to check on the health of your service. You can use the default process which just checks to see if a 200 is returned and takes that as okay. However it does not take into account other factors that you might want to have included in the health of your system. You can write a custom health monitor to do more advanced and personalized health checking for a service if needed.