In a Bullish trend, if a price does not cross the Trigger line and returns toward top and touches the 3 rd pivot line, even if eventually price crosses the Trigger line towards the bottom, a Sell signal will not be valid or reliable. The 3 rd failure format is formed when a price oscillates between the 3 rd and the 1 st pivot lines, followed by a movement towards the Trigger line.
In another example on an upward trend, a pattern could not create any Buy signal after the price has crossed the 3 rd pivot line towards the bottom.
After a price has crossed the 3 rd pivot, there would not be any Sell signal on this pattern. In a Bearish format, if price goes near the 3 rd pivot line after it has met the 1 st pivot line, followed by another wave lower than the 3 rd pivot line, then crossing the 3 rd pivot line does not produce any Buy signals.Ī Bearish example on MT4 illustrates first failure format. In another failure condition, in a Bullish format, if a price touches the 3 rd pivot line after it has met the 1 st pivot line, followed by another wave over the 3 rd pivot line, then crossing the 3 rd pivot line does not produce any Sell signals.
On the other hand, if a price passes the 3 rd pivot line after it has touched the 1 st pivot line, then any Sell signal would be unreliable. In an Andrew’s Pitchfork pattern, if a price crosses the 3 rd pivot line after it has touched the 1 st pivot line, then any Buy signal would be invalid in a Bullish pattern. Supplementary information of Andrew’s Pitchfork indicator Andrew’s Pitchfork failure, respond and warning lines will be studied in this session. Welcome back to Forex professional training in financial markets. Supplementary Information of Andrew’s Pitchfork Indicator
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