Inside PitchforK Explained, Graphic Guide Part 16
Inside Pitchfork is a drawing instrument used in technical study. It is derived from the standard fork. There are 3 basic elements of a standard fork: a central midline (trend line) and 2 sets of lines above and below the midline. Extra lines are set to a specific number of standard deviations from each side of the median. The Inside Pitchfork difference is that its origin location is modified from a standard pitchfork. The principles of the inner fork are half the vertical distance and half the horizontal distance between the high and low aspects (first 2 aspects set).
An inner hairpin (like a standard hairpin) is created by first drawing a trend line between 2 extreme aspects. Then, a third point is established above or below the second point, depending on the desired location of Inside Pitchfork by the analyst. Note that the default Inside Pitchfork setting requires 2 sets of extra lines to be drawn.
The elementary initiative behind the use of an inner fork and a standard fork is that such drawings in essence invent a type of trend channel. A trend is estimated to be constantly active that the cost remains within the Inside Pitchfork channel. Reversals occur once the cost exits an Inside Pitchfork channel.
In short, it applies as long as you stay within the channel. Pitchfork.
Example of Strong Trend Change:
In the image we can see that we are using Modified Pitchfork, to try to get an idea of how the downward trend will continue, but in the RSI indicator where we place the text, we see a strong change in trend, it could generate a channel, so it's time to apply Inside Pitchfork.
Inside Pitchfork Bearish:
Inside Pitchfork Bullish:
Thanks for the support. I will try to finish all the tools to advance the guide little by little, I hope that everything provided will serve you.
An inner hairpin (like a standard hairpin) is created by first drawing a trend line between 2 extreme aspects. Then, a third point is established above or below the second point, depending on the desired location of Inside Pitchfork by the analyst. Note that the default Inside Pitchfork setting requires 2 sets of extra lines to be drawn.
The elementary initiative behind the use of an inner fork and a standard fork is that such drawings in essence invent a type of trend channel. A trend is estimated to be constantly active that the cost remains within the Inside Pitchfork channel. Reversals occur once the cost exits an Inside Pitchfork channel.
In short, it applies as long as you stay within the channel. Pitchfork.
Example of Strong Trend Change:
In the image we can see that we are using Modified Pitchfork, to try to get an idea of how the downward trend will continue, but in the RSI indicator where we place the text, we see a strong change in trend, it could generate a channel, so it's time to apply Inside Pitchfork.
Inside Pitchfork Bearish:
Inside Pitchfork Bullish:
Thanks for the support. I will try to finish all the tools to advance the guide little by little, I hope that everything provided will serve you.
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