Pitchforks create a type of trend channel.
The trend is considered active as long as the price stays within the channel.
Reversals occur when price breaks out of the channel.
There is a center median line (trend line), as well as sets of lines above and below that median line.
The additional lines are set a specified number of standard deviations away from the median...
in this example, the additional lines are derived from the numbers 0.25, 0.382, 0.5, 0.618, 0.75, and 1.
Each individual line represents a support/resistance level.
Note the way that price action interacts with the various lines :
Lastly, here are multiple modified schiff pitchfork channels applied :
// Durbtrade
The trend is considered active as long as the price stays within the channel.
Reversals occur when price breaks out of the channel.
There is a center median line (trend line), as well as sets of lines above and below that median line.
The additional lines are set a specified number of standard deviations away from the median...
in this example, the additional lines are derived from the numbers 0.25, 0.382, 0.5, 0.618, 0.75, and 1.
Each individual line represents a support/resistance level.
Note the way that price action interacts with the various lines :
Lastly, here are multiple modified schiff pitchfork channels applied :
// Durbtrade
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