Given the fact that the tool is entirely subjective, it depends only on you how accurately you “marked the pitchfork indicator on recent market movements. I think that the Andrew’s Pitchfork tool can be easily replaced with a classic equidistant channel. In practice, the levels identified by this indicator can also be very useful for identifying strategic positions in which to place stop-losses and take profits. Even though the center line can be used to identify areas where an instrument may find support or resistance, it is generally not considered as strong as the two outer lines. On the contrary, traders may look to sell an asset when it approaches the resistance of either the center line or the highest trendline. In general, traders will buy a trading instrument when the price falls near the support of either the center trendline or the lowest trendline. This will be the beginning of the support line, the lower “tooth” of the Pitchfork.Īndrews Pitchfork indicator How to use Andrew’s Pitchfork indicator?
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