Andrew’s Pitchfork Trading System represents a price-level analysis strategy. It allows you to anticipate trend-following buy-sell opportunities on multi-timeframe MT4 charts.
From scalpers/day traders to intraday speculators, anyone can use this system to assess solid trading opportunities because of its simple and easy chart demonstrations.
This guide will explain how to identify highly probable trade setups using Andrew’s Pitchfork Trading System indicator in MetaTrader4.
Andrew’s Pitchfork Trading System comprises multiple price action indicators such as JJN-AutoPitchForx and Yzyz. These indicators point to key trend reversal levels and outline potential price swing zones.
Furthermore, it includes Stoc-2B and Stochastic oscillators to plot crossovers. You can comfortably examine current momentum conditions using its simple crossover signals.
Andrew’s Pitchfork Trading System works as a combination of price-level and momentum indicators. The Yzyz plots crossovers between 3 and 5-day moving averages to indicate the short-term trend condition.
The JJN-AutoPitchForx indicator outlines potential support-resistance levels using the automatic trendline. The ideal approach would be to combine the Yzyz signals with the auto S/R levels. For instance, a yellow arrow at the support line will indicate the price is bullish and may initiate an upside move from the current level.
Finally, you’ll track the momentum conditions using the crossovers between the Stoc-2B and the Stochastic levels. For example, the Stochastic line exceeding the Stoc-2B level indicates bullish momentum.
- The Yzyz shows a yellow arrow below the price candle.
- The price rebounds from the JJN-AutoPitchForx support line.
- The stochastic line exceeds the Stoc-2B level.
- SL below the PitchForx support.
- Exit long whenever the Yzyz plots a red arrow.
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- The Yzyz prints a red arrow above the price bar.
- The price starts declining from the JJN-AutoPitchForx resistance line.
- The stochastic level drops below the Stoc-2B line.
- SL above the PitchForx resistance.
- Exit short when the Yzyz plots a yellow arrow.