Checking your browser before accessing currencynewstrading.com.This process is automatic. I use the secondary trading tools to help confirm what my primary trading tools may be telling me.The Andrews Pitchfork is a trend-line study developed by Dr. Alan Andrews a few decades ago. It is also called the Median Line Study. It consists of three parallel trend lines drawn on a chart. The upper and lower lines of the pitchfork provide a channel of support and resistance levels. Remember psycholoyg trend lines can be applied to Pitchfork Strategy is a technical analysis method developed psycholoby Dr.
Alan Andrews on the concept that prices often revert to its origin. The lines made on this strategy seems like a pitchfork, where the first point is the handle and the second and third make up the prongs. This strategy made it possible for traders to tighten their risks and targets moderate profit.The argument for this strategy is that 80% of time in the market is shaping trend.
So, traders will find prices by drawing line according to market condition, be it up-trend or down-trend. The first point starts the first line that will be the median line, and extreme sways are at the second and third point. Invented by and named after renowned educator Dr Alan H. On a longer-term basis, it can be used to identify and gauge overall cycles that affect the underlying spot activity.
What is the Andrews PitchforkThe Andrews Pitchfork is an on-chart technical indicator that is drawn around andreq price action. It falls into the category of channel indicator studies. The structure of the Andrews Pitchfork indicator consists of two parallel lines and a median line in the middle. In this manner, the Andrews Pitchfork drawing tool has three parallel levels which are equidistant. It is used to gauge the price behavior during an emerging or prevailing trend.
Trading with Andrews Pitchfork or Median Line ToolThe Andrews Median line or Pitchfork is a form of tool that is used to identify potential reversals or continuation of trends. Alan Andrews and is a andrew pitchfork forex trading psychology indicator comprised of three trend lines. These three trend lines are extended parallel andrew pitchfork forex trading psychology each other, thus the formation of a pitchfork. This major swing point will later be anrdew origin of the median line for the indicator.
The next part of the channel is to select the next swing high and swing low pivots after the major swing point. A line is then drawn from the major peak or trough through the middle of the second and third swing points. Lastly a line is extended andew both the second and third pivot points parallel to the median line. These three parallel lines give the appearance of a pitchfork.
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