Andrew’s Pitchfork in PFOREX Assist - Trading Signals & Fundamental Analysis

Andrew’s Pitchfork in PFOREX Assist

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Andrew’s Pitchfork in PFOREX Assist

Eighty third session - PFOREX Assist Tutorial

Welcome back to Forex professional training.

In this session we will review;

  • The Andrew’s Pitchfork patterns in PFOREX Assist
  • Trading examples of Andrew’s Pitchfork pattern

Andrew’s Pitchfork pattern types in PFOREX Assist

The strategies from Andrew’s Pitchfork that we will review are as follows;

  • Trigger Line
  • Reversal
  • Continuation
  • Median Line

One of the most reliable market analysis tools is Andrew’s Pitchfork pattern that can also be applied as a confirmation for other strategies. This pattern can deliver both continuation and reversal analysis and signals. The implemented 4 Andrew’s Pitchfork types have the highest success rate and quality based on previous performance.

Profound and complete video and text courses are available in education section, so it is strongly recommended that traders study thoroughly before trading by this pattern.

Andrew’s Pitchfork in PFOREX Assist - Trading Strategies

Trading with Andrew’s Pitchfork strategies

The strategies from Andrew’s Pitchfork can be applied on all financial symbols with different market type to deliver reliable signals. The Andrew’s Pitchfork strategies include the valid confirmations from the following trading tools: As previously mentioned in other video tutorials, PFOREX always provide high quality educational courses as well as trading signals and market analysis as information to develop the traders’ knowledge and skills. Traders, themselves, are liable to find most suitable signals and analysis that can be used for their orders based on their trading skills and techniques. PFOREX Assist can only help traders to for higher success rate by the daily information and detecting the top notch trading patterns and market conditions by wide range of powerful strategies.

Andrew’s Pitchfork in PFOREX Assist - Candlestick, RSI & Stochastic Confirmations

It will not and cannot act as an automatic trading tool that diminish the role of traders’ analysis and speculations. As traders’ knowledge develop, they can distinguish the most appropriate signals and analysis with high profit. There are some important notifications for this pattern; The number of candlesticks in each wave must be suitable plus the proper shape of waves. For instance, the number of candles in 3rd wave should be more than 9 to form a reliable wave. The slope of this pattern has tremendous effect on the performance, hence those types with extremely sharp slope would not deliver reliable signals. The 2nd and 3rd lines must have support & resistance effect on the price trend, so if there are some powerful candlestick pattern that breaks the channel then this pattern may not have reliable performance. The 50% mode pattern of Andrew’s Pitchfork delivers reliable signals considering previous performance, so it is suitable for traders to use this type of Andrew’s Pitchfork. For more information, you can watch the Andrew’s Pitchfork courses in Education section. Now let’s check the available strategies of this pattern.

Trigger Line

This strategy is developed after some price oscillation near the trigger line. Trigger line is determined by connecting the 1st and 3rd points.

Now let’s check the specifications of this strategy:

  • Market State: Trend & Range market
  • Market Symbols: Entire symbols
  • Time-frames: All timeframes
  • Entry Price
    • Buy Order: Over the powerful reversal candlestick near trigger line
    • Sell Order: Below the powerful reversal candlestick near trigger line
  • Stop Loss
    • Buy Order: Below the powerful reversal candlestick
    • Sell Order: Over the powerful reversal candlestick
    Take Profit Price
    • Buy Order: Equal to or double the length of the candlestick, over the entry price
    • Sell Order: Equal to or double the length of the candlestick, below the entry price
  • Confirmations: Hidden Divergence, Overbought/Oversold and powerful reversal candlestick pattern

And now let’s check this strategy in some examples.

Andrew’s Pitchfork in PFOREX Assist - Trigger Line - Bullish Signal

On the signal example of this strategy, Gold price moved with some oscillation to develop the Andrew’s Pitchfork pattern and then price crossed the 3rd line and reached the trigger line while the stochastic oscillator shows the oversold condition. The price then moved toward top after it has touched the trigger line. The stochastic line crossed the level 20 toward top to confirm the upward direction.

Andrew’s Pitchfork in PFOREX Assist - Trigger Line - Bearish Signal

The next example shows the bearish Andrew’s Pitchfork pattern. Due to sharp slope, the 50% mode is used instead of the default pattern to enhance the structure and performance. The new 1st point is set between the previous 1st point and 2nd point. After some fluctuations below the trigger line, price showed a reversal movement toward down by a Dark Cloud candlestick.

he overbought condition by RSI indicator confirms the bearish trend. The Entry and Take Profit prices are determined by the size of the reversal candlestick.

Reversal type

In this strategy, the reversal future trend is detected after the price reaches the 2nd line.

Now let’s check the specifications of this strategy:

  • Market State: Trend & Range market
  • Market Symbols: Entire symbols
  • Time-frames: All timeframes
  • Entry Price
    • Buy Order: Over the powerful reversal candlestick near 2nd line
    • Sell Order: Below the powerful reversal candlestick near 2nd line
  • Stop Loss
    • Buy Order: Below the powerful reversal candlestick
    • Sell Order: Over the powerful reversal candlestick
    Take Profit Price
    • Buy Order: Equal to or double the length of the candlestick, over the entry price
    • Sell Order: Equal to or double the length of the candlestick, below the entry price
  • Confirmations: Hidden Divergence, Overbought/Oversold and powerful reversal candlestick pattern

And now let’s check this strategy in some examples.

On the EURAUD symbol, in M5 time frame, an Andrew’s Pitchfork pattern is formed on bearish trend. The price passed the Median line and went near the 2nd line. The Engulfing candle pattern on the reversal spot near 2nd line shows the future bullish trend. The oversold condition by RSI indicator confirms the upward direction as well. The Entry & Exit prices are determined by the candlestick pattern.

Andrew’s Pitchfork in PFOREX Assist - Reversal - Bullish Signal

The next chart price shows upward Andrew’s Pitchfork in which reversal spot near the 2nd line is confirmed by a powerful engulfing pattern. It is speculated that price would fall near the Median line.

Andrew’s Pitchfork in PFOREX Assist - Reversal - Bearish Signal

Continuation type

The next strategy is developed when the price goes near 3rd line after fluctuations between 3rd and Median line.

Now let’s check the specifications of this strategy:

  • Market State: Trend & Range market
  • Market Symbols: Entire symbols
  • Time-frames: All timeframes
  • Entry Price
    • Buy Order: Over the powerful reversal candlestick near 3rd line
    • Sell Order: Below the powerful reversal candlestick near 3rd line
  • Stop Loss
    • Buy Order: Below the powerful reversal candlestick
    • Sell Order: Over the powerful reversal candlestick
    Take Profit Price
    • Buy Order: Equal to or double the length of the candlestick, over the entry price
    • Sell Order: Equal to or double the length of the candlestick, below the entry price
  • Confirmations: Hidden Divergence, Overbought/Oversold, MACD and powerful reversal or special candlestick patterns

And now let’s check this strategy in some examples.

The 50% mode of Andrew’s Pitchfork is developed after the system detects a sharp slope between 1st and 2nd points. The price has reached the 3rd point and tried to pass the Median Line by a bullish trend, however, it returned toward 3rd line again.

Finally an engulfing candlestick pattern near the 3rd line shows a reversal trend toward top, which is confirmed by the MACD Phase shift to the positive state.

Andrew’s Pitchfork in PFOREX Assist - Continuation - Bullish Signal

The other 50% mode of Andrew’s Pitchfork pattern is formed on GBPUSD in M15 timeframe. The price followed a bearish trend from 3rd line toward Median line, however it bounced back toward the 3rd line again.

Eventually the reversal spot near the 3rd line is confirmed by the help of RSI and Stochastic which showed the overbought conditions. The reversal candlestick pattern specified the Entry, Stop Loss and Take Profit prices.

Andrew’s Pitchfork in PFOREX Assist - Continuation - Bearish Signal

Median Line

In case that price move toward the Median Line after the 3rd point and a reversal spot is detected then this strategy will generate a reliable signal based on other confirmations.

Now let’s check the specifications of this strategy:

  • Market State: Trend & Range market
  • Market Symbols: Entire symbols
  • Time-frames: All timeframes
  • Entry Price
    • Buy Order: Over the powerful reversal candlestick near Median line
    • Sell Order: Below the powerful reversal candlestick near Median line
  • Stop Loss
    • Buy Order: Below the powerful reversal candlestick
    • Sell Order: Over the powerful reversal candlestick
    Take Profit Price
    • Buy Order: Equal to or double the length of the candlestick, over the entry price
    • Sell Order: Equal to or double the length of the candlestick, below the entry price
  • Confirmations: Hidden Divergence, Overbought/Oversold and powerful reversal candlestick patterns

And now let’s check this strategy in some examples.

On the Oil chart price, after the 3rd point of Andrew’s Pitchfork pattern is formed, price moved toward the Median line and Piercing Line candle pattern appeared on the reversal spot while oversold condition by Stochastic oscillator confirms the upward direction.

Andrew’s Pitchfork in PFOREX Assist - Median Line - Bullish Signal

The next example shows the reversal spot near the Median line where Dark Cloud candlestick pattern and Stochastic oscillator confirm the bearish trend.

Andrew’s Pitchfork in PFOREX Assist - Median Line - Bearish Signal

Notices

In this session, we checked some useful information and examples to check the provided Andrew’s Pitchfork pattern by PFOREX Assist.

Based on the quality rate of generated signal as well as the other confirmation, traders can use the strategies to gain information about probable future price movement.

You can download PFOREX Assist app for iOS and other platforms devices to receive these signals instantly, however I have to insist that all the services provided PFOREX are as information, not as suggestion nor advice.

That concludes this session, until next time and another session, take care.

Linkages & Notices

You can also view the video of this session available on the PFOREX Financial Video tutorials.

You can also find the video of this session on PFOREX YouTube Channel.

PFOREX Assist app provides BEST & FREE trading signals and market analysis. PFOREX Assist is available on App Store (iOS version) & Play Store (Android version).

The PDF file of this session is also available.


PFOREX Educational materials in text and video formats are developed by PFOREX Department of Education to enhance and improve investors’ knowledge and trading skills. Due to high risks and volatile fluctuations in financial markets, traders and investors must develop their trading skills and knowledge. It is strongly recommended to apply Risk and Capital Management when trading in financial market.

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