$NIFTY Andrews Pitchfork
If crossed and stay above Median Line
Nifty may see level of 10550 - 10600
in near term.
Updated on June 21 2020, 9:30pm,
Disclaimer: Only for learning purpose
The median line on andrew's pitchfork has a high chance of being hit once a fork is formed and moves significantly toward the median.
The last time it swept the range of the triangle and made a pitchfork it hit the median line at the same time it hit the bottom of the triangle.
With the most recent triangle range sweep the median line is below the bottom of the...
Although the Action/Reaction method as taught by Andrews is a very good trading setup but is less known by Indian traders so am explaining it step by step.
First we draw a Multi Pivot Line : A line drawn across 3 or more pivots without touching prices in between.
The next step is to locate a previous low or high pivot point to use for drawing an action...
Prices are caught nicely by the Pitchfork having multiple touches on handler. We can expect the price to touch the Median Line so one can go long now by providing a initial stop loss of 113 on closing basis. One can continue the trade with trailing stop loss for ML touch.
Action Reaction is beautifully aligned with the down sloping Trend line. RSI is in overbought showing divergence. Set up seems to be ready for a short and let's hope for a good trade.
