Hi, traders!
Trading View gives us great opportunities to gain as much profit from analysis as it’s possible. Many tools indicators, including custom indicators let traders to extract all insights from the price action plot. However, many of us don’t know about very useful tools that TW gives us “from the box”. Well, today we’ll speak about pitchfork and its modifications.
Pitchfork
The technical indicator known as Andrews Pitchfork is not that well known and is rarely used by novice traders. However, it is a quick and easy way for traders to identify possible levels of support and resistance for price. It is created by placing three points at the end of previous trends and then drawing a line from the first point that runs through the midpoint of the other two points. The reason this indicator is called a "pitchfork" becomes apparent from the shape that is created in the chart.
How to draw?
Put the first point to the start of a new trend, second point on the next higher high, and the third to the lower low.
Shiff Pitchfork
But it’s good when we have no corrections. Try to draw pitchfork after it and you’ll fail. Fortunately, this problem has been solved with Shiff Pitchfork.
It has the same properties like the Original one, but the “corrections bug” is fixed.
How to draw?
Put the first point to the start of correction (pump), second point on the next higher high/lower low, and the third to the lower low/higher high.
Well, frankly speaking, the Original Pitchfork works well only on trend markets. For the corrections Shiff Pitchfork was invented. But what should we do with other cases? choppy market< for instance? Don’t worry, everything has been already invented.
The Modified Shiff Pitchfork
The Modified Shiff Pitchfork is heuristic above the Shiff pitchfork that specializes on sideways market movements.
How to draw?
Put the first point to the start of sideways movement, second point on the next higher high/lower low, and the third to the lower low/higher high.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
Trading View gives us great opportunities to gain as much profit from analysis as it’s possible. Many tools indicators, including custom indicators let traders to extract all insights from the price action plot. However, many of us don’t know about very useful tools that TW gives us “from the box”. Well, today we’ll speak about pitchfork and its modifications.
Pitchfork
The technical indicator known as Andrews Pitchfork is not that well known and is rarely used by novice traders. However, it is a quick and easy way for traders to identify possible levels of support and resistance for price. It is created by placing three points at the end of previous trends and then drawing a line from the first point that runs through the midpoint of the other two points. The reason this indicator is called a "pitchfork" becomes apparent from the shape that is created in the chart.
Put the first point to the start of a new trend, second point on the next higher high, and the third to the lower low.
Shiff Pitchfork
But it’s good when we have no corrections. Try to draw pitchfork after it and you’ll fail. Fortunately, this problem has been solved with Shiff Pitchfork.
It has the same properties like the Original one, but the “corrections bug” is fixed.
Put the first point to the start of correction (pump), second point on the next higher high/lower low, and the third to the lower low/higher high.
Well, frankly speaking, the Original Pitchfork works well only on trend markets. For the corrections Shiff Pitchfork was invented. But what should we do with other cases? choppy market< for instance? Don’t worry, everything has been already invented.
The Modified Shiff Pitchfork
The Modified Shiff Pitchfork is heuristic above the Shiff pitchfork that specializes on sideways market movements.
Put the first point to the start of sideways movement, second point on the next higher high/lower low, and the third to the lower low/higher high.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
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