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Pitchforks

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Pitchforks

Pitchforks are used as part of a popular analysis and trading technique. In essence, there are 3 key elements to it: 2 outside parallel lines that provide support and resistance and a median line in between them. To use a pitchfork correctly, identify 3 points that are consecutive highs and lows, where the first point represents the start of a trend. The median line connects the first point to the midpoint of the other 2. Additional lines can be added at a set number of standard deviations from the median, forming parallel trend channels.

Pitchforks can be used to identify buying and selling opportunities at those lines (for trading bounces or breaks), depending on the specific rules of entry and exit a trader may have. Conservative traders will look for additional confirmation. Apart from Andrew's Pitchfork there are variations like the Schiff Pitchfork, the Modified Schiff pitchfork and the Inside Pitchfork. TradingView has smart drawing tools for all of these techniques and there is a popular chat where users share pitchfork-based ideas.
henrymcivor henrymcivor PRO URU, 120,
URU: URU Metals support and resistance taken from pitchfork.
72 1 2
URU, 120
URU Metals support and resistance taken from pitchfork.

I've taken the support and resistance lines from the pitchfork angels. See if the price continues on an uptrend within the blue price band.

jeffadb jeffadb GBPUSD, D,
GBPUSD: Remember BREXIT
70 0 3
GBPUSD, D
Remember BREXIT

The intersection of the median line (ML) of the upsloping pitchfork (PF) and the warning line (WL) of the downsloping pitchfork, creates an area of confluence (highlighted in turquoise) where there are alot of sellers in position. Confluence areas gives the trader an edge into the future in spotting massive accumulation of buyers and sellers. As price approaches ...

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