Dynamic Andrews PitchFork
New innovative Andrews Pitchfork added with new features Schiff Pitchfork and Modified Schiff Pitchfork. Now you can draw all together by single click on your charts.
Andrews Pitchfork commonly used by professional trader to find out trend directions and reversals. This is one of leading tools not legging tool like oscillators, moving averages and others which is mostly found in any charting software.
I was also tried few months back its very interesting tool every trader must be want to use in their trading analysis Please go to search about Andrews pitchfork i also share something about that which all taken by books must read below ...
Brief History of Andrews Pitchfork :-
- Developed by Dr.Alan H. Andrews Pitchfork is a trend channel tool consisting of three lines; a median trend line in the center with two parallel equidistant trend lines on either side. These lines are drawn by selecting three points, usually based on reaction highs or lows moving from left to right on the chart. As with normal trend lines and channels, the outside trend lines mark potential support and resistance areas. A trend remains in place as long as the Pitchfork channel holds; reversals occur when prices break out of a Pitchfork channel.
- Andrews Pitchfork is based on Newton’s third law of motion. “For Every action, there is an equal and opposite reaction”, some also extend this to, “For Every positive action there’s a negative reaction.” So, when the market goes up, it must come down.
- Roger Babson of Babson's Statistical Organization and Babson College (Massachusetts) used Newton’s third law to accurately forecast the market crash of 1929. Alan Hall Andrews was a student of Roger Babson and later a teacher of “Andrews Action Reaction”. He came up with Andrews' Pitchfork as part of his course. It’s important to note that, Roger Babson made a $50 million fortune using the third law of motion in the late 1920’s. Since then, the pitchfork has undergone many modifications such as Standard-Schiff Pitchfork and Modified-Schiff Pitchfork.
- What guarantees you more wins than losses when using Andrews' pitchfork is that, price is proven to hit the median line with an accuracy of 80%. This means that even without implementing advanced pitchfork strategies, you are on the winning side.
- Rules of Andrews Pitchfork
Before and when using the pitchfork, always remember that:-
- The probability of the price hitting the latest median is usually high,
- On reaching the median line, the price reverses, consolidates on either side of the median or shoots (zooms or gaps) through the median,
- After passing the median, the price retracts and retests the median then continues,
- The price usually reverses at any median line or median line parallel,
- The Hagopian’s rule states, should the price reverse prior to hitting the median line, the resulting move in the opposite direction is usually stronger and more than the initial direction.
- It’s important to master these rules before you start using Andrews' Pitchfork in your trading.
If you want to Become expert to work with Andrews pitchfork must read these books followed by below link
SEE VIDEOS HOW TO USE ANDREWS PITCHFORK LIKE PROFESSIONALS :-
Contact us for free training session via Skype /Anydesk Remote
IMPORTANT :- SOME TIME AFTER CLICK ON HIGH LOW RED-SYMBOLS MISSING THAT TIME YOU HAVE TO CLICK ON " FIND OUT POINT " BUTTON AGAIN CLICK ON SAME POINT WHERE YOU NEED POINT ONCE
YOU FIX POINT ANY HIGH LOW THEN AGAIN CLICK ON BUTTON THEN CLICK ON ANOTHER POINT. WATCH VIDEO AFTER 11 MIN. WHEN I WANT TO FIND OUT POINT FOR DRAWING.
Note :- Apply Pitch fork indicator to blank chart or use this template -https://www.dropbox.com/s/1pf8nxgsc7yipzz/default.tpl?dl=0
first few parameter Commonly used colors and sizes. Draw_Trigger_Lines = true; Draw_Inner_Lines = true; Use_Fib_Levels_4_Inner_Lines = FALSE; ( use fibo line divide middle parts) Draw_Warning_Lines = true; Number_Of_Warning_Lines = 6; Draw_Reaction_Lines = true; Number_Of_Reaction_Lines = 12; Extend_Reaction_Lines = true; ALL THINGS POSSIBLE CONTROLLED BY BUTTON NO WORRY ABOUT PARAMETERS .....