Trend Forex Strategy Pitchfork Trading System is a system based on trend prediction with high effectiveness, built on an indicator authored by Andrew Pitchfork. Market entry is executed in the direction of the Pitchfork indicator using a fast moving average or the Stochastic oscillator. You can use any method of your choice, but experienced traders can combine their readings for more accurate entries.[1][3]
Entry Parameters
- Currency pairs: any, indices, stocks, metals, cryptocurrencies
- Timeframe: H1 and above
- Trading hours: London, New York
- Risk management: after calculating the stop-loss, choose a lot size so that the risk does not exceed 2-5% of your deposit per trade
Indicators Used
For market analysis, you will need to use data from these indicators:
- Pitchfork (default settings)
- Fast moving averages arrow (period 3 and 5)
- Stochastic 2 B (10, 1, 2)
- Stochastic oscillator (5, 3, 3, close)
Setting Up the Price Chart
To simplify the installation of indicators on the chart, use the template from the attached archive. To do this:
- Extract the archive
- Copy the template to the templates folder
- Copy the indicators to the MQL4 → indicators folder
- Restart the terminal
- Open the chart of the desired currency pair
- Apply the template named Pitchfork Trading System
The chart should ultimately look like this:
Signals for Opening Long Positions (Buy)
To open a Buy trade, wait for the following signals to appear:
- The red lines of the Pitchfork indicator are pointing upward.
- A green upward arrow appears or the red-white line of the Stochastic crosses the black line from bottom to top.
Signals for Opening Short Positions (Sell)
For a Sell trade, you need:
- The red lines of the Pitchfork indicator pointing downward.
- A red downward arrow appears or the red-white line of the Stochastic crosses the black line from top to bottom.
Setting Take-Profit and Stop-Loss Orders
Protective orders are set according to the following rules:
- The take-profit order is placed near the median line of the Pitchfork indicator.
- The stop-loss is set in a ratio to the take-profit of 1:1.25.
Strategy Author Recommendations
- To receive more trading signals, you can apply the strategy template to 20 currency pairs and timeframes. The most accurate signals will coincide across all timeframes of the same asset.
- If the Pitchfork indicator lines are pointing horizontally, it is not recommended to open trades.
Before using the Trend Forex Strategy Pitchfork Trading System on a real account, be sure to test it on a demo account.
