Hello, traders!
Today we’ll continue to speak about graphical tools of trading view. We have already completed Fib. Retracement, Gann Square and different kinds of Pitchfork. Today we’ll speak about extremely useful tool, that we are integrating in our strategies. So, ladies and gentlemen, love and favor, Pitchfan.
A Pitchfan is a set of rays spreading out of the point of a trend's beginning. These rays inclined with the coefficients formed by a Fibonacci number sequence.it is recommended to apply a Pitchfan after the first wave of the trend has passed and the correction has clearly begun.
To draw a Pitchfan, it's first and second points are to be set at the trend's extreme points, and the third point is to be set at the extreme point of the first correction wave.
Basically, during the bullish trend, put the first point to the beginning of the trend, second to first confirmed higher high, third to the first confirmed higher low. Whereas during bearish trend put the first point to the beginning of the trend, second to first confirmed lower low, third to first confirmed lower high.
When I say «confirmed», I mean two-three candles should close after the high lower and after the low - higher. Kinda difficult? Have a look at the chart and should become more clear.
What does it say?
Initially, if you plot it correctly, it’ll give you clear support resistance levels. This’s information, in my opinion is priceless for any trader cause it’s much easier to predict the future price movements. But the best of usage, seems to me, in conjunction with Fib Retracement or Trend based Fib. Extension. If it’s interesting to you, dear traders, write down to comments and advise the third indicator or tool. So, we’ll make the trading strategy together.
Read my tutorials, write questions to comments and you are about to boost up. Have a nice trading week, dear traders!
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
Today we’ll continue to speak about graphical tools of trading view. We have already completed Fib. Retracement, Gann Square and different kinds of Pitchfork. Today we’ll speak about extremely useful tool, that we are integrating in our strategies. So, ladies and gentlemen, love and favor, Pitchfan.
A Pitchfan is a set of rays spreading out of the point of a trend's beginning. These rays inclined with the coefficients formed by a Fibonacci number sequence.it is recommended to apply a Pitchfan after the first wave of the trend has passed and the correction has clearly begun.
To draw a Pitchfan, it's first and second points are to be set at the trend's extreme points, and the third point is to be set at the extreme point of the first correction wave.
Basically, during the bullish trend, put the first point to the beginning of the trend, second to first confirmed higher high, third to the first confirmed higher low. Whereas during bearish trend put the first point to the beginning of the trend, second to first confirmed lower low, third to first confirmed lower high.
When I say «confirmed», I mean two-three candles should close after the high lower and after the low - higher. Kinda difficult? Have a look at the chart and should become more clear.
What does it say?
Initially, if you plot it correctly, it’ll give you clear support resistance levels. This’s information, in my opinion is priceless for any trader cause it’s much easier to predict the future price movements. But the best of usage, seems to me, in conjunction with Fib Retracement or Trend based Fib. Extension. If it’s interesting to you, dear traders, write down to comments and advise the third indicator or tool. So, we’ll make the trading strategy together.
Read my tutorials, write questions to comments and you are about to boost up. Have a nice trading week, dear traders!
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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