The Andrews Pitchfork indicator provides a quick way for any Forex trader to identify profitable levels of resistance and support on the MT4 chart.
It’s drawing support and resistance lines with the help of the previous trends identified on the currency chart.
How to trade with support & resistance?
- In an uptrending currency market, look to enter a long trade near support.
- In a downtrending currency market, look to enter a short trade near resistance.
It’s important to combine the Andrews Pitchfork MT4 indicator with a trend-following indicator such as the 100 period moving average, 75 exponential moving average, and so on…
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Andrews Pitchfork Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Andrews Pitchfork Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open buy trade when the overall currency trend is upward and price touches the Andrews Pitchfork Metatrader 4 support line.
Place a stop loss below immediate support, or use your own stop loss strategy.
Aim for reward/risk 1.5:1 ratio or better, or close the trade for a fixed profit target, for example 15 pips on the 1-minute scalping chart.
Sell Trigger: Open sell trade when the overall currency trend is downward and price touches the Andrews Pitchfork Metatrader 4 resistance line.
Place a stop loss above immediate resistance, or use your own stop loss strategy.
Aim for reward/risk 1.5:1 ratio or better, or close the trade for a fixed profit target, for example 35 pips on the 5-minute day trading chart.
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Pitchfork 1, pitchfork 2, V line, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: support/resistance
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.