Couple of pitchforks are displayed in the chart. Both of them seem in sync with price, the magenta one being more appropriate. Am looking to buy this one for short term spike to recent highs. AS always do your homework, assess the risk and position-size accordingly.
Sir, what happens now on deltacorp? This has broken down from the pitchfork lines
techtrail
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@abhishekd, check this screenshot. hope the annotations answer your question.
abhishekd
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@techtrail, Thanks a lot for your reply sir. Still bullish for sure ( higher lows). For the sake of learning, whenever price breaks down from a pitchfork, does one sell or wait n watch if it makes a 'shift in frequency' ( Im reading it as more time taken to achieve the target ).
Btw, Im not invested in this, following your trades only for learning. Thanks :)
techtrail
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@abhishekd, Like any other tool, pitchfork is just another one to put things in perspective and assist the trader in identifying a consistent way for trade entry and targets. The key as always is the price action and the trend. The trend remains bullish as long as the sequence of higher highs and higher lows is intact.
In many cases, you will notice this shift in frequency occur. In other cases, you may have to draw a fresh set of fork.