![]() Once you find the Pitchfork channel, this trading tool is complete and ready to take the trading decision. However, it is essential to understand the logic behind every element of these trading tools. The good thing is that you don't have to draw it manually as it will be pulled automatically when you plot the three points. It is a parallel channel that goes through the median line and the middle of point 2 and 3. The image below represents how the median line looks like: It will be drawn once you plot three primary points. ![]() To identify the median line, you should spot the middle point of point 2 and point 3. The image above represents how to spot these three points. The third point is the retracement of the initial swing.Second point is the high of the current trend.The first point is the starting of a trend.Therefore, these three points should follow these logics. The high-low-high or low-high-low represents the upcoming emerging market or existing trend on the chart. These three points are essential for traders, and it requires some technical knowledge.įollow the below-mentioned steps to draw the Andrews Pitchfork in your chart: Primary Three Points If you use Tradingview, you will find it on the "Gann and Fibonacci Tools" section.Īfter getting the trading tool, you have to plot these three points based on the high-low-high or low-high-low basis. If you fail to identify the three legs of this trading tool, your trading decision might go wrong.įor Mt4 trading platform, this trading tool is available on the Insert tab. However, there are three points in the Andrews Pitchfork that you should know how to plot. Therefore, you don't have to worry about drawing it manually. This trading tool is free in almost all platforms like cTrader, MT4 and MT5. ![]() Now move to how we can draw these lines in your trading chart. In the image above, we can see how the Andrews Pitchfork trading tool looks like. 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 Andrews Pitchfork there are three parallel trendlines, constructed from different highs and lows. This trading tool was developed by Alam Andrews, which looks like traditional trend lines based on market lows and highs.įor retail traders, it is essential to identify the potential market reversal zone to predict the possible market movement. ![]()
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March 2023
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