Description
⋅ Pitchfork Basics I with GRI
The action reaction principle of technical analysis was described by Doctor Alan Andrews over 50 years ago
It is based on Newtonian Physics
To construct any pitchfork mark swing highs and lows
Take a high-low-high
OR
low-high-low
And use Tradingview's excellent Pitchfork tool to create the fork. The swings do not have to be consecutive, but usually are.
An Andrews Pitchfork forms the median line by bisecting the second and third pivots from the first
80% of the time price returns from the third pivot to the median line
What price does around the median (consolidate/reverse/gap) is a momentum indicator, we may cover this in a subsequent video
Greg Fisher has validated this and other statistics in his research thesis which i will link
HAPPY FORKING!!!
GRI 2022