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| Discuss Nifty with Andrews' Pitchfork. at the Technical Analysis within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi all, Here is a chart of Nifty with Andrews' Pitchfork, a different way of ... |
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#1
19th November 2006, 11:34 PM
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Nifty with Andrews' Pitchfork.
Hi all,
Here is a chart of Nifty with Andrews' Pitchfork, a different way of looking at the current events unfolding. Will the lower trendline give support in the coming sessions? Looks difficult as we have a negative A/D ratio for about three weeks now. Regards, Fibo. 
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#2
20th November 2006, 09:18 AM
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Re: Nifty with Andrews' Pitchfork.
hi sunil,
i think you have wrongly drawn Pitch fork. The counter move or reaction move should be less then the main move, you have drawn opposite! Well, i have redrawn the pitch fork and shown strong andrew support line, close below this line is indicative of sharp down to volatile move for short term. However, this wont be a downtrend. plz check the chart. thanks. Last edited by winstonn; 15th January 2008 at 08:27 PM.
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#3
20th November 2006, 11:29 AM
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Re: Nifty with Andrews' Pitchfork.
Quote:
Yes, in one of my earlier post on my blog ( sometime in Sept, www.fobonacci1321.blogspot.com ) I had drawn the pitchfork as you have shown, taking the June low as the point C, but since we have moved up a lot since then, I took the reaction low to 3300 since from this point, on the right hand side, we have a peak and a trough, thus qualifying for the pattern. But I think you do have valid point and I will make changes according to you. But do please comment on why we can't take 3300 as a reaction low. Thanks a lot. Regards, Sunil aka Fibo. Last edited by Linus; 20th November 2006 at 12:11 PM.
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#4
20th November 2006, 12:32 PM
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Re: Nifty with Andrews' Pitchfork.
Hi Sunil
 The Start Of Pitch Fork Requires 1-2-3 Pattern Set Up. The 3300 Reaction Completely Retraces The Point C From You Started The Fork. 3300 Is A Minor Reaction. Reaction In July Is Broad And Important And Also 1-2-3 Pattern. Regards, Winston 
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#5
20th November 2006, 12:59 PM
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Re: Nifty with Andrews' Pitchfork.
Quote:
Thanks a lot. Will modify it. Do I have your permission to use your chart on my blog? Will certainly give you the credit. Regards, Sunil.
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#7
20th November 2006, 02:26 PM
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Re: Nifty with Andrews' Pitchfork.
Quote:
On the web I found a good number of examples where the earlier reaction low is almost retraced by the next trough. Here is one example. BTW I have published your chart on my blog.Thanks.
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#8
20th November 2006, 03:47 PM
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Re: Nifty with Andrews' Pitchfork.
hi sunil,
i do agree with you, but when the counter trend retraces not more than 61.8% level and we see 1-2-3 pattern, there are high chances that Andrews pitch will give very good entry and exit points. regards, winston.
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