The Basics of Pitchfork
Pitchfork technical analysis tool developed by Alan Andrews, This is a trend based tool consisting of three lines basically pitchfork give clear-cut pivot, support and resistance levels with the direction of the market trend. This is very famous and easy interpretation tool. Pitchfork look like a long-handled tool sharp widely spaced prongs for lifting and pitching hay.

 

 

 

 

 

 

 

 

Markets Works:-
All cash and Future market like – currency, commodity, equity (please note – this is not for options market)
Timeframe:-
Pitching works any time like – 5min, 15min, 30min, hourly, daily, weekly, monthly etc.

Interpretation:- 
1. Pitchfork median line interpretation is this is a very good pivot point at this trend.
2. Pitchfork upper line interpretation is this is a very good resistance point as this trend.
3. Pitchfork lower like interpretation is this is a very good support point as this trend.
Overbought:-
If market tests upper line and then give some weakness in the trend its mean this is an overbought situation at this time in the market.
Oversold:-
If the market test lower line and then give you some weakness in the trend its mean this is an overbought situation at this time in the market.


Bullish trend:-
If the market breakout pitchfork upper line with good volume its mean this is a very strong strength in an upper side and this is the very good situation for creating a long position.


Bearish trend:-
If market breakout pitchfork lower line with good volume its mean this is a very strong strength in the lower side and this is a very good situation to create a short position.


For better understanding please watch trading Chanakya YouTube video please click this link.
Free technical chart for checking This tool:-
1. Trading Chanakya free stock chart. (website )
2. Technicianapp.com (website)
3. Professional chart (android app)

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