Pitchfork Trading System is a trend-following Forex strategy that uses the Pitchfork indicator by Dr. Andrew Pitchfork to predict trend direction with high accuracy. Enter trades in the Pitchfork trend direction confirmed by fast moving averages or Stochastic oscillator signals.
Trading Parameters
- Currency pairs: any, plus indices, stocks, metals, cryptocurrencies
- Timeframe: H1 and higher
- Trading sessions: London, New York
- Risk management: After setting stop-loss, select lot size so risk is no more than 2-5% of deposit per trade
Indicators Used
For market analysis, use these indicators:
- Pitchfork (default settings)
- Fast moving averages arrow (periods 3 and 5)
- Stochastic 2 B (10, 1, 2)
- Stochastic oscillator (5, 3, 3, close)
Chart Setup
To simplify indicator installation, use the template from the attached archive. Follow these steps:
- Unpack the archive
- Copy template to the templates folder
- Copy indicators to MQL4 -> indicators folder
- Restart the terminal
- Open chart of desired currency pair
- Apply template named Pitchfork Trading System
The chart should look like this:
Buy Entry Signals
To open a Buy trade, wait for these signals:
- Pitchfork red lines point upward
- Green upward arrow appears or red-white Stochastic line crosses black line from below upward
Sell Entry Signals
For a Sell trade, conditions are:
- Pitchfork red lines point downward
- Red downward arrow appears or red-white Stochastic line crosses black line from above downward
Take-Profit and Stop-Loss Placement
Set protective orders as follows:
- Take-profit near the Pitchfork median line
- Stop-loss at 1:1.25 ratio to take-profit
Strategy Tips
- For more signals, apply the template to 20 currency pairs and timeframes; most accurate signals align across timeframes for one asset
- Avoid trades if Pitchfork lines are horizontal
Before using Pitchfork Trading System on a live account, test it on a demo account.
Download Pitchfork Trading System template and indicators
FAQ
What is the Pitchfork indicator?
The Pitchfork draws trend channels using three parallel lines from a pivot high/low, helping identify support, resistance, and trend direction.
How do Stochastic signals confirm entries?
Stochastic crossovers in overbought/oversold zones align with Pitchfork trend for buy/sell confirmation, reducing false signals.
What risk ratio does the strategy recommend?
Use 1:1.25 stop-loss to take-profit ratio, risking no more than 2-5% per trade based on deposit size.
