Embed Size (px)
Citation preview
Andrew’s Pitchfork in PFOREX AssistFinancial Education
Session Number 83
Level strategy
Instructor PForex Department of Education
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 AssistTrading 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 asfollows;
Trigger LineReversalContinuationMedian Line
One of the most reliable market analysis tools is Andrew’s Pitchforkpattern that can also be applied as a confirmation for other strategies.This pattern can deliver both continuation and reversal analysis andsignals. The implemented 4 Andrew’s Pitchfork types have the highestsuccess rate and quality based on previous performance.
Profound and complete video and text courses are available ineducation section, so it is strongly recommended that traders studythoroughly before trading by this pattern.
1 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
Trading with Andrew’s Pitchfork strategies
The strategies from Andrew’s Pitchfork can be applied on all financialsymbols with different market type to deliver reliable signals. TheAndrew’s Pitchfork strategies include the valid confirmations from thefollowing trading tools:
Powerful candlestick patternRSI indicatorStochastic oscillator
As previously mentioned in other video tutorials, PFOREX alwaysprovide high quality educational courses as well as trading signals andmarket analysis as information to develop the traders’ knowledge andskills. Traders, themselves, are liable to find most suitable signals andanalysis that can be used for their orders based on their trading skillsand techniques. PFOREX Assist can only help traders to for highersuccess rate by the daily information and detecting the top notchtrading patterns and market conditions by wide range of powerfulstrategies.
2 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
It will not and cannot act as an automatic trading tool that diminish therole of traders’ analysis and speculations. As traders’ knowledgedevelop, they can distinguish the most appropriate signals and analysiswith high profit. There are some important notifications for this pattern;The number of candlesticks in each wave must be suitable plus theproper shape of waves. For instance, the number of candles in 3rd waveshould be more than 9 to form a reliable wave. The slope of this patternhas tremendous effect on the performance, hence those types withextremely sharp slope would not deliver reliable signals. The 2nd and3rd lines must have support & resistance effect on the price trend, so ifthere are some powerful candlestick pattern that breaks the channelthen this pattern may not have reliable performance. The 50% modepattern of Andrew’s Pitchfork delivers reliable signals consideringprevious performance, so it is suitable for traders to use this type ofAndrew’s Pitchfork. For more information, you can watch the Andrew’sPitchfork courses in Education section. Now let’s check the availablestrategies of this pattern.
Trigger Line
This strategy is developed after some price oscillation near the triggerline. Trigger line is determined by connecting the 1st and 3rd points.
3 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
Now let’s check the specifications of this strategy:
Market State: Trend & Range marketMarket Symbols: Entire symbolsTime-frames: All timeframesEntry Price
Buy Order: Over the powerful reversal candlestick neartrigger lineSell Order: Below the powerful reversal candlestick neartrigger line
Stop LossBuy Order: Below the powerful reversal candlestickSell Order: Over the powerful reversal candlestickTake Profit PriceBuy Order: Equal to or double the length of thecandlestick, over the entry priceSell Order: Equal to or double the length of thecandlestick, below the entry price
Confirmations: Hidden Divergence, Overbought/Oversold andpowerful reversal candlestick pattern
And now let’s check this strategy in some examples.
4 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
On the signal example of this strategy, Gold price moved with someoscillation to develop the Andrew’s Pitchfork pattern and then pricecrossed the 3rd line and reached the trigger line while the stochasticoscillator shows the oversold condition. The price then moved towardtop after it has touched the trigger line. The stochastic line crossed thelevel 20 toward top to confirm the upward direction.
The next example shows the bearish Andrew’s Pitchfork pattern. Due tosharp slope, the 50% mode is used instead of the default pattern toenhance the structure and performance. The new 1st point is setbetween the previous 1st point and 2nd point. After some fluctuationsbelow the trigger line, price showed a reversal movement toward downby 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 thereversal candlestick.
Reversal type
In this strategy, the reversal future trend is detected after the pricereaches the 2nd line.
5 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
Now let’s check the specifications of this strategy:
Market State: Trend & Range marketMarket Symbols: Entire symbolsTime-frames: All timeframesEntry Price
Buy Order: Over the powerful reversal candlestick near2nd lineSell Order: Below the powerful reversal candlestick near2nd line
Stop LossBuy Order: Below the powerful reversal candlestickSell Order: Over the powerful reversal candlestickTake Profit PriceBuy Order: Equal to or double the length of thecandlestick, over the entry priceSell Order: Equal to or double the length of thecandlestick, below the entry price
Confirmations: Hidden Divergence, Overbought/Oversold andpowerful reversal candlestick pattern
And now let’s check this strategy in some examples.
On the EURAUD symbol, in M5 time frame, an Andrew’s Pitchforkpattern is formed on bearish trend. The price passed the Median lineand went near the 2nd line. The Engulfing candle pattern on thereversal spot near 2nd line shows the future bullish trend. The oversoldcondition by RSI indicator confirms the upward direction as well. TheEntry & Exit prices are determined by the candlestick pattern.
6 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
The next chart price shows upward Andrew’s Pitchfork in which reversalspot near the 2nd line is confirmed by a powerful engulfing pattern. It isspeculated that price would fall near the Median line.
7 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
Continuation type
The next strategy is developed when the price goes near 3rd line afterfluctuations between 3rd and Median line.
Now let’s check the specifications of this strategy:
Market State: Trend & Range marketMarket Symbols: Entire symbolsTime-frames: All timeframesEntry Price
Buy Order: Over the powerful reversal candlestick near3rd lineSell Order: Below the powerful reversal candlestick near3rd line
Stop LossBuy Order: Below the powerful reversal candlestickSell Order: Over the powerful reversal candlestickTake Profit PriceBuy Order: Equal to or double the length of thecandlestick, over the entry priceSell Order: Equal to or double the length of thecandlestick, below the entry price
Confirmations: Hidden Divergence, Overbought/Oversold, MACDand 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 systemdetects a sharp slope between 1st and 2nd points. The price hasreached the 3rd point and tried to pass the Median Line by a bullishtrend, however, it returned toward 3rd line again.
Finally an engulfing candlestick pattern near the 3rd line shows areversal trend toward top, which is confirmed by the MACD Phase shiftto the positive state.
8 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
The other 50% mode of Andrew’s Pitchfork pattern is formed onGBPUSD in M15 timeframe. The price followed a bearish trend from 3rdline toward Median line, however it bounced back toward the 3rd lineagain.
Eventually the reversal spot near the 3rd line is confirmed by the helpof RSI and Stochastic which showed the overbought conditions. Thereversal candlestick pattern specified the Entry, Stop Loss and TakeProfit prices.
9 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
Median Line
In case that price move toward the Median Line after the 3rd point anda reversal spot is detected then this strategy will generate a reliablesignal based on other confirmations.
Now let’s check the specifications of this strategy:
Market State: Trend & Range marketMarket Symbols: Entire symbolsTime-frames: All timeframesEntry Price
Buy Order: Over the powerful reversal candlestick nearMedian lineSell Order: Below the powerful reversal candlestick nearMedian line
Stop LossBuy Order: Below the powerful reversal candlestickSell Order: Over the powerful reversal candlestickTake Profit PriceBuy Order: Equal to or double the length of thecandlestick, over the entry priceSell Order: Equal to or double the length of the
10 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
candlestick, below the entry priceConfirmations: Hidden Divergence, Overbought/Oversold andpowerful 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 patternis formed, price moved toward the Median line and Piercing Line candlepattern appeared on the reversal spot while oversold condition byStochastic oscillator confirms the upward direction.
The next example shows the reversal spot near the Median line whereDark Cloud candlestick pattern and Stochastic oscillator confirm thebearish trend.
11 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
Notices
In this session, we checked some useful information and examples tocheck the provided Andrew’s Pitchfork pattern by PFOREX Assist.
Based on the quality rate of generated signal as well as the otherconfirmation, traders can use the strategies to gain information aboutprobable future price movement.
You can download PFOREX Assist app on App Store and Play Store toreceive these signals instantly, however I have to insist that all theservices provided PFOREX are as information, not as suggestion noradvice.
That concludes this session, until next time and another session, takecare.
12 / 13
Andrew’s Pitchfork in PFOREX AssistFinancial Education
PFOREX DEPARTMENT OF EDUCATION Skype PFOREXCOM
Email [email protected] Phone Number +442081447800
WebSite https://pforex.com
YouTube
Google+
See Original Lesson here
Powered by TCPDF (www.tcpdf.org)
13 / 13
