Am I YouTube Brenda Rayburn? She was Top Dog trading today talking about one of the best trading indicators emojis on any platform, any software that really I like this. I love this.
It’S actually a drawing tool and it’s an old one.
Definitely nothing new, but sometimes you will stuff is good and I’ll.
Tell you what I don’t find a lot of will still using this, and so sometimes people are always looking for an edge with new stuff and that’s cool. But you know what sometimes you can find an edge by bringing back something cold, that people aren’t using anymore and that’s definitely the case here.
I use this all the time and I absolutely love it. So it’s the Good Ol fashioned Andrew’s pitchfork and I’m going to show you a couple of ways of tactically how to use this. So, first of all you want to see that you have a change of Direction.
Let me take that out there, so we have had a move up all right and now we’re looking for move down, and I find that this is especially good for exit, so we’ll focus on exits today rather than entries, and that’s one of the big problems that I see people having they raped me in a sea Berry. I don’t know where to get out of the market.
Where do I exit, and I will tell you that I agree entries.
I have no problem with them.
I am the master of wind to get into the market. I’Ve really got that down, but exits are much more challenging than entries.
In fact, even as I talked to other Traders and Traders Jason to afford to have been treating for decade, interview them and they have told me rather consistently yep, even though I’ve made all this money and trading I’ll, tell you the one thing I do: felting never Mastered was went to get out of the market and I don’t honestly think that anyone knows the perfect time to get out, but we’re looking for.
Is it good time to get out when we can have a high probability Exit 3? We’Ve made him so good money and say okay, so this is a good time to get out, not that we’re going to ever catch the entire move of every single impulse. Very single trend would be unrealistic, so certainly not expecting that.
But what we do want is a good risk-reward ratio. I want a reasonable, logical and high probability time to exit.
So first of all the mystery. How to draw this you’ll see that I just did it right there Point drawing tool, so we’re going to take a hi, we’re looking for a reversal here, so go too high to a low too another high.
So that’s the basic thing is that against the people and drawing tools, so you start there and then to there and then a lower high, so we’re looking for that shift in a trend. Okay, the drawers times these are called times times because well, that’s just a term for the little things that come off of a fork.
Hansen’S is gold Andrew’s Pitchfork that’s what they call this. So we’ve got our Middletown. I’M here mrs.
Just the central line.
If you want to consider that, then we’ve got this Mina section here, Michael going to do it both ways just so, we can kind of see that and you’ll see that I have these two are colored very differently, so the middle one and make black and then The two outside that I make thicker and darker blue and then the ones out of outside of that a little later, blue and that a lot later blue and that’s just for visual identification. Okay, you know what I should do to is actually show you my settings here.
I’Ll get questions on that which I don’t blame you. I would expect that.
Okay, so here’s my settings and now your settings may be a little different different trading platforms. They seem to use a little different things for the parameters and so forth, but anyway, here you can see the handle all right.
So the ham. Is that part where the fork you would have to pick up the fork? So they say too, and so there you’ll see those are the darker blue lines that I’ve got and I made them aware for that’s just for customization, but the percentage is the colors of the with all that that’s just. However, you want to based on your personal preference, but what is important here are the percentages so time one is a hundred percent 0 %.
I have found that different trading platforms will prescribe different percentages, their butt. This is for ninjatrader 7, so these are going to be equidistant from the handle from the online and then from there. I use 50 % different says all right, so hundred percent better 150.
We have 0 % 50 minutes to 150 Red 2 and after a negative 100. So those are the settings that I use here.
Do you know how to set it up? Let’S talk about the tactics on how to trade this for exits, so the primary thing that I’m watching he is I’m actually saying already so the times that are the most important in order to stay within a what’s a a strong downtrend.
Is these two here so that’ll be your zero and 100? What were going to look at here is basically we’re looking at an energy of this first move from down to up and then back down and we’re saying all right.
So this first Lord high and Niello between established a pattern almost a geometric, even if you will, and as long as price action stays between these two times are these two lines.
We are continuing that seem type of energy. So one of the things that we will look at is, for example, when it gets down to here.
Okay, it’s still with Medzone when it gets out of here now we’re breaking out side of that same energy. Another word the it is not going down with as much enthusiasm as it’s started with, so it’s starting that that that Trend down is starting to dissipate. If you will now doesn’t mean it’s going to go up right away, sometimes it does, but this little more typical of what happens still comes back down.
Hits that time comes back up comes back down. Hits that time it was backed up rides this one down alrighty. Then, let’s see what happens from here now when it breaks out the final won, the final line or tying or whatever you want to call it.
Then I consider okay, this down completely done this Pitchfork / not going to look at Pitchfork anymore. I could just take it off of the chart.
If I wanted to that would be one place to exit another place to exit is a little more aggressive.
You get a little more reward on.
It is when you wait for it to break out a tired of this major time here and then look for it to come back. Look for it to come back and see how low can go.
So it may not come out Bank under here. You could look for things like a double bottom things like that, but just look for it to come back down here. Take a profit down here, so those are two options for you.
There’S never one thing: that’s always the best and forth, but this is your primary signal is right there. The signal that the energy is changed, no longer his dramatic to the downside when they show you how we can then measure this thing to the upside.
So now that we’ve broken out where okay – let’s say we went long, so I got the wrong thing here when it actually move up here. So now we bring Pitchfork again and now we’ve got that low and that hi and this here alright.
So now we’ve got that we’ve got the same kind of thing going on again and I’ll. Actually, now that you see why we do that. So we do it.
Why? Because we look for it after we put in another high and then another after we’ve broken out of that time, there write the two major ones.
So now, let’s take this one off before you, okay, so now what we have here is another way to exit and again Technics cuz Market doesn’t always do the same thing every time so it comes in here holds that one gets low blow.
It comes back up to the Midwest this one, by the way, also provides diagonal support resistance, if you will all right now here is at the point of the second type of exit once it gets above the upper major town. I call these my two primary X by two major times, so this is then a very aggressive move to the upside 4 to break above the last time.
We’Re looking forward to break below the time to get out right now we’re saying: okay, it’s going in the direction of the trend and broke out above the major went to the top.
So I consider that to be up and exhaustion movie Summers like when you see a reversal, Candlestick pattern. That coincides with a high-volume value, and you said all this will be the same type of concept where statistically it’s above the the norm. And so, when I see this, I say: okay, you know what that might be a good place to get out.
Will it go and break both the high that I don’t know if possible, but statistically, even with the market action, an energy that is a very, very, very bullish move and therefore I consider it an exhaustion, move and whatever Market in the future. That’S probably going to at least dinosaur retraced down quite a while, and I don’t want to sit through that. Why not just I mean we made some good money here.
Let’S say you got it, you got in there I’ll see you got in here or even if he got in here, you made some good money, honey. You got some, you got piano there, so you know this is one way you could do it for his entries. Go you could say: okay, let’s set up our Andrew’s Pitchfork and then wait for it to hold the lower-level and by there.
That would be one thing to do best very small. It’S basically that little rectangle there and my reward is that pretty awesome pretty awesome. So that is just give you a preview of how you can also enter on it.
Let’S just see what it did to her Beyer High after that, but look what it also did in the meantime, which is very cool. So this is where I would get out, and it’s not sure move it comes back down. Goes to the this time.
Go to that time goes to that support. Resistant comes down here, rights that one up comes, I’m here crazy.
Almost you know uncanny did it make a little higher high after where I got out yep? So what so? What I don’t want to hang in there through you know this replay and if it goes up higher a great again we’re not going to catch every single penny and every single move Justin possible. That is a good high probability and that’s what I’m looking for and then well what happens then, when it finally does break down below this final time, then that’s enough! The trend – reverse, isn’t it goes down now that is one of my favorite trading indicators, strategies, drawing tools whatever you want to call. It yourself see how you like it now, if you like this video, if you found it interesting and that it’s not free, wait a minute, it’s not free.
I just watched it yeah. It is free okay, but from a spiritual point of view, if you got, then you have an obligation to pay it forward, shirt with other people. That’S what we’re supposed to do is get people right and that’s really the very very best thing you is: the click.
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Best Trading Indicators for Day Trading and Swing Trading
One of the best trading indicators for stocks, futures and Forex is actually an old, but rarely used drawing tool on your charts.
Not many people use this any more for day trading and swing trading E-minis, Forex and the stock market. Traders are always looking for a new shiny object to gain an edge in the markets, but sometimes the old “tried and true” methods work the best.
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