I was asked how can the Pitchfork be drawn if it is not on the platform. My response is below:
Not sure what software or broker you use. I don't think Oanda has it. It can be drawn with the trendline tool only. Here are the steps:
1. Select the three pivots, and number them 1,2 and 3. Make sure 2 is further in time from 1 etc. and that the pivots are alternating: a high-low-high combination or low-high-low.
2. Connect Pivot 2 and Pivot 3 with a trendline. This represents the line of force.
3. Find the middle of that line.
4. Draw a trendline from Pivot 1 through that mid-point an extend past it (the mid-point) to the right. This would give the ML.
5. From Pivots 2 and 3, draw lines parallel to the ML and voila!
You may also try using a free technical analysis software like Ninja Trader in conjunction with your trading platform: one for trading and one for analysis.
If you have any other questions please feel free to ask.
Take care,
Not sure what software or broker you use. I don't think Oanda has it. It can be drawn with the trendline tool only. Here are the steps:
1. Select the three pivots, and number them 1,2 and 3. Make sure 2 is further in time from 1 etc. and that the pivots are alternating: a high-low-high combination or low-high-low.
2. Connect Pivot 2 and Pivot 3 with a trendline. This represents the line of force.
3. Find the middle of that line.
4. Draw a trendline from Pivot 1 through that mid-point an extend past it (the mid-point) to the right. This would give the ML.
5. From Pivots 2 and 3, draw lines parallel to the ML and voila!
You may also try using a free technical analysis software like Ninja Trader in conjunction with your trading platform: one for trading and one for analysis.
If you have any other questions please feel free to ask.
Take care,