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.
PitchFork Analysis.
Resistance of Maiden Line.
After Break Down of Maiden Line It Acting As Resistance.
RSI OverBought/Resistance.
Will Review Later For Further Move.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
Ashok Leyland has formed double bottom and showing signs of reversal. It has a reasonable PF catching the price frequencies and is available on the LML offering a good entry. It has formed a double bottom with divergence on MACD which is quite reliable setup. Heiken Ashi has turned to Green also. One can buy the stock with the following details
Entry current Price...
Price actions are captured by an up sloping PF with multiple touches on LML so one can try a trade on this setup. It is a strong demand Zone also and now coming out of RSI oversold confirming a good possibility of reaching the target.
Entry current Price
SL 340
Target 352.50
Risk/Reward Ratio above 3
Disclaimer : All ideas are my personnel view. Please take...
Nifty Daily chart is telling price range 10950 - 10650 since last 2 months. It has touched the lowest boundary but closed above the 78.6 Fib level. It seems that buyers have emerged from that level and found it cheap. Price have bounced from the ML of the PF( I would not give much weight-age to it as it has not shown much harmony with it). Hourly chart Heiken Ashi...
Nifty seems to have reached the level and could give a good short trade. There are multiple resistence in different Time Frames at 10840 level so it could be a good idea to sell Nifty at this level by providing the SL of 10920. One can look for a target of 10600 which offers a potential of good 240 points and a reasonable risk to reward ratio.
Disclaimer : All...
Candle Pattern: Harami Cross Bullish.
Volume: More than 3X 20d avgerage.
Observed Divergence in some of the technical indicators & oscillators. ( RSI , MFI, OBV, W%R etc.)
Potentially Strong Above @ 418 - @ 420Treat as Swing Trade Hurdle level.
Once closed above @ 420 with Volume Strong UP move.
Witnessing Strong Volume in Last trading session.
Regular Dividend...
Positional View.
Other Details Mentioned In Chart.
Risk Reward Favourable.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
We can draw beautiful Action/Reaction setup which is suggesting a price reaction at current level therefore one can book the profit of their long position and be ready for shorting the stock. Those who want to learn and practice it I am giving guidelines as given in his course material
First we draw a Multi Pivot Line : A line drawn across 3 or more pivots...
One can sell BankNifty Future at current level with the following details
Entry 27080
SL 27290
Target 26450/ 26260
RR ratio 3
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
The Stock has broken the Double bottom neckline and traded above it so we can conclude that it has changed its bearish behaviour. Price us retesting the previous bottom and bounced from there. RSI is healthy. We can frame a long trade with the following details
Entry 398
SL 379
Target 424/440
PF setup may guide the price movement and target.
Disclaimer : All...
I've observed the Pitchfork is catching the price movement nicely so we can frame a trade. It has bounced from the lower median line given good opportunity to go long with small sl. One can buy it now for a target of 288.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
the stock had not performed yet , and is one of the most badly beaten stocks in the IT sector thus , now to maintain the index the stock need to perform and current structure as far as its above 650 looks very well!
Pitchfork is catching the price movement nicely. It has broken the LML* but immediately came back into it thus showing the demand at current level. One one can take small risk of low of today as SL and buy the stock. We can expect the target of 46.80 which offers a very good risk to reward, so it looks OK to go for contra trend trade. I am not expecting a trend...
The stock has formed Inverse Head & Shoulder Pattern but its neckline is steep up sloping so seems little tricky to trade it. I would buy it at current level by providing a SL of recent low and look for a target of Median Line touch as Pitchfork seems to be OK. RSI is also above 50 confirming the decision.
Disclaimer : All ideas and comments are my personnel...
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