Trade: When the trend is intact, prices gravitate towards the median line. Hence, when prices reach the top trend line, take profits or short the market. Also, when prices reach the bottom trend line, enter a long position, or close a short position.
Target: The targets for "Pitchfork" are usually at the median line. If the price does not stop at the median line, it will tend to move to the lower trend line (for shorts) or move to the upper trend line in case of a "long" trade.
Stop loss: For "short" trades, place a "stop" order above the upper 'pitchfork" line, Similarly, for "long" trades, place a "stop" order below the lower pitchfork line
IF THIS PITCHFORK IS CORRECT, WHY PRICES REVERSED INBETWEEN THE MEDIAN LINE AND LOWER PARALLEL ON 26TH JUNE 2020 ? I THINK YOU NEED TO DRAW ONE MORE PITCHFORK TO FIND OUT.
Jay_25
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@sandeepkumarmeena, you have to take entry when price touch above or lower band with price action, the middle band is little risky and mostly traders book profit at the middle band