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There are many Andrews Pitchfork trading strategies that can be built around the Pitchfork trading system lines. In order to use this system, you need to understand what Andrews Pitchfork is. You can also read our best short-term trading strategy.
Andrews Pitchfork is simple to understand because, according to the Pitchfork trading system principles, you only need to know these three rules:. Before ending the article, we want to remind you that we published the Bat Harmonic Pattern, which is part of our Harmonic Patterns Guide. Please leave a comment below if you have any questions about the Andrews Pitchfork trading strategy. We specialize in teaching traders of all skill levels how to trade stocks, options, forex, cryptocurrencies, commodities, and more.
Our mission is to address the lack of good information for market traders and to simplify trading education by giving readers a detailed plan with step-by-step rules to follow. Such a nice blog..
The strategies you described here are so simple to understand and very useful.. Thank u!! First of all I never knew that MT4 had this indicator hidden away and I really like this post of yours; Fantastic. Thanks for the comment, We wish you the best Freddie! I knew Dr. Alan H. Andrews as he taught me at his small home in South Miami, Florida during Christmas holidays of The pitchforks are to-be used on small minor trend also to breakdown or breakup going beyond the pitchforks as you show! As that happens all the time which most people use today!
Also there was another major way he applied them on large trends using smaller intermediate trend itself as the median line running through the extreme closing prices that would find unusual trends and future pivot points. Using them on weekly and monthly charts is more accurate! I have since gone beyond his method as have more accurate that I use!
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Search Our Site Search for:. In Andrews Pitchfork there are three parallel trendlines, constructed from different highs and lows. In a downtrend, it moves from a high, low, and high and in an uptrend, it moves from a low, high, and low again. In the image above, we can see how the Andrews Pitchfork trading tool looks like. Now move to how we can draw these lines in your trading chart.
However, there are three points in the Andrews Pitchfork that you should know how to plot. If you fail to identify the three legs of this trading tool, your trading decision might go wrong. For Mt4 trading platform, this trading tool is available on the Insert tab. After getting the trading tool, you have to plot these three points based on the high-low-high or low-high-low basis.
These three points are essential for traders, and it requires some technical knowledge. Follow the below-mentioned steps to draw the Andrews Pitchfork in your chart:. The high-low-high or low-high-low represents the upcoming emerging market or existing trend on the chart. Therefore, these three points should follow these logics.
The image above represents how to spot these three points. To identify the median line, you should spot the middle point of point 2 and point 3. It will be drawn once you plot three primary points.
The image below represents how the median line looks like:. It is a parallel channel that goes through the median line and the middle of point 2 and 3. However, it is essential to understand the logic behind every element of these trading tools. Once you find the Pitchfork channel, this trading tool is complete and ready to take the trading decision. You can make two types of trading decisions- like Breakout and price action. In the following section, we will see the Andrews Pitchfork trading strategy with a complete trading guide.
Andrews Pitchfork has the parallel lines that will work as trendline support and resistance levels. Therefore, we may see the price to react from these levels.
However, any breakout from these levels would indicate potential trading opportunities. In this trading strategy, you should find the price that is moving within the channel. Observe the price until It Breaks out from the channel with A strong candle. It is crucial to identify the strength of Breakout as it will increase the probability. As we know in the forex market, traders who have much monetary power can take the price on aside.
Therefore, a strong breakout means the price might be controlled by a party who is creating the Breakout. Follow these steps to identify the trading Entry from the Andrews Pitchfork breakout trading strategy:.