ANDREWS PITCHFORK INDICATOR
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Andrews Pitchfork Indicator is a trend channel tool developed by ALAN ANDREWS consisting of three parallel trend lines to identify possible levels of support and resistance. These lines are drawn by selecting three points based on highs or lows moving from left to right on the chart. Along with normal trend lines and channels, the outside trend line marks potential support and resistance areas.
A trend remains in place as long as the Pitchfork channel holds; reversal takes when there is a breakout of a pitchfork channel.
The Andrews Pitchfork can be used to breakouts above the upper trend line and breakdown below the lower trend line. Using this strategy one should be cautious of head fake moves and use other indicators as a benchmark to strengthen the breakout or breakdown such as looking for increased volume to accompany the move.
The pitchfork trading indicator being attached to three pivots, the simplest way to trade the Andrews Pitchfork tool is to buy or sell on pullbacks within the pitchfork.
Common approach used under ANDREWS PITCHFORK
1) Identify the three pivot points necessary to draw the pitchfork lines.
2) The price should be inside the pitchfork parallel channel, if we are looking for buying opportunities to assume the lower pitchfork support trend line to hold the price for a bounce.
3) Andrews Pitchfork gives the flexibility to manage trader in many different ways.
ANDREWS PITCHFORK CONCLUSION
Andrews Pitchfork tool is versatile tool can be used in any market and in any time frame. Trading with Andrews Pitchfork requires a bit of practice and more importantly patience with experience. The possibility of developing own custom trading system based on Andrews Pitchfork tool should be quite simple and rewarding.
The faculty AS Chakaravarthy sir having very good knowledge and vast experience on Technical and Fundamental Analysis. He has also developed his own analysis and methods to analyze the trend of market and also provides the teaching in very simple and understandable to a very new and common student.
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