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Using the Andrew's Pitchfork Tool
In this video, we want to cover how to place the Andrew's Pitchfork Tool within Track 'n Trade.
I also want to make a note here, that these features are exactly the same whether we're using Track 'n Trade Stocks, Futures, or Forex. You'll notice that I'm using the Futures version for this demonstration.
Selecting the Andrew's Pitchfork tool, here, if we have the Preferences Tab selected, it will give us all of the preferences available for the Andrew's Pitchfork. To place the Andrew's Pitchfork, it works on a triangle formation. We need to look for and identify a triangle or a 1, 2, 3 formation in the market. Very simply, we find the lowest point of the trend, we left click, we draw up to the next point of the trend, we left click, and we draw down to the next point of the trend; which is the completion of our triangle formation. We left click, and this gives us the Andrew's Pitchfork triangle formation. We extend by just sliding the mouse, I'm not holding my mouse button down, at this point. I'm just extending the tines, by moving the mouse out as far as I would like them. Once the mouse, or once we have reached the point at which we would like to have the tines stop, we just simply click the left mouse button one more time, and that terminates the drawing of the tines. We now have the Andrew's Pitchfork drawn on the chart. You'll notice that the Andrew's Pitchfork goes off of the triangle formation and the concept is, obviously that it goes up and uses these areas of support and resistance.
Now, as a market breaks down below the lower tine, begins to make a new trend down, we have the ability to place a what is known as a, Schiff fork. We can right click, see these two little handles, here? If the trend breaks above the upper tine, we would use the lower marker. If the trend breaks below the lower tine, then we use the upper marker. We right click on this marker, hit Add Schiff Median. You'll notice that it draws this in there for us, automatically based off the same triangle move, but it's a 50% region between the triangle of the initial setting of the initial formation. Now as we drag that out, you'll notice that as the market drops down below the lower tine of the first Andrew's Pitchfork that the Shift Median Triangle and tines end up being areas of levels of support and resistance that the market will use to create it's downward potential. This is how we set the Andrew's Pitchfork.
You'll also notice in the Pitchfork Tools Settings that we have the ability to increase or decrease the number of extensions. Since the purple tines are the ones that are selected, if we start adding on additional areas of support or resistance, across the bottom these would be support across the bottom: 1, 3, 5, and 7. If we reduce those back off, we could to areas of resistance across the top, if the upper side was the side that we working with, we could increase the resistance lines at the top. Again, if we select the other Andrew's Pitchfork we can then do the same thing on the downside and we can use it for increased areas of support and resistance. So, this is a way of increasing our extensions looking for the next area for the market to move to, the cross overs of the Schiff and normal Andrew's Pitchfork of the initial Andrew's Pitchfork are places of support and resistance. We also have the ability of having sliding extensions. For example: I'm going to turn off these individual extensions, and I'm going to select the purple Schiff Pitchfork, and I'm going to turn on extension 1, and extension 2. You'll notice that it draws additional lines here in the center. Those are centered so you can then move them to the points that you want. In case we need to bring them out to an area of support or resistance that does not match the upper region or lower region of the outer or inner tine. You have the ability to manually adjust your extensions 1 or 2.
We also have distance markers, these are the Fibonacci distance markers. Andrew's Pitchfork based on the Fibonacci triangle or ABCD projection ABCD pattern. We can use distance markers to help us identify the different Fibonacci distances of the time level. By doing this we have that ability as well, and you'll notice that those are in there. We can come in here and we can increase the font size. We can change the font color to a color that we can see and show the text, and make it bold. There we have the extensions of the Fibonacci numbers as the market moves through price and time up the Schiff Pitchfork.
You of course have the ability to come in here and change these distance markers to be custom or user definable if you would like, and go out to the further out marker lines. This would be an additional feature that you can add into the tool.
To remove the tool from the screen, very simply we can come in here as long as the tool is selected, we can just hit the delete key on the keyboard. Or we can right click on the tool, and use the right click menu to hit delete, as well.