The Greatest .. Chart Indicators Tool

Chart indicators tool mentioned is Pitchfork.
Pitchfork first introduced by the Andrew's Pitchfork. This tool is rarely used by beginner traders, but professional traders are familiar with this tool.
I think Pitchfork tool is very good and helped me in determining resistance, support and the trend of a movement, and until now I still use it for trading stocks.

How do I start making Pitchfork line?
First, open your chart software, and search for "Pitchfork", amibroker and metastock features of this tool.

(Source Picture by www.investopedia.com)

You need 3 points to draw it (like the example image above).
When you finish drawing a line from the 3 point, it means you will be able to determine which direction the market trends.
And in the future, this Pitchfork line can be used as a map of the price movement / candelstick.

Where Resistence and Support line


Resistence = The top line
Support = Bottom line

So, according to the image (in the big picture) that have to do is to buy positions on the line at support and selling at the resistance line.

But not as easy as you think

You should do this, if you have a buy position in the line of support (see picture) you must have a plan like this, do stop loss if the price / candelstik, through the support line. This indicates that the new trend will be formed, the bearish trend.

When the price was near the top line / resistance lines, profit taking is a good step, or hold and do a trailing stop as a precaution when the price or candelstick, through the resistant line, which will create a new bullish trend.

Example

UNTR.JK Make new Bullish Trend


BUMI.JK Make new bearish trend


Good Luck!!!!

How to buy, sell, hold position in stock and forex market using the single line

Straight line is a combination of 2 points that are not crooked. Straight line can determine a direction.

Straight line in technical analysis is also used as an indicator to determine the condition of a bullish or bearish trend in the stock market and the forex market.

How do I determine Buy, Sell and Hold the position only by using a line?

Buy Signal

Draw a line was derived from the highest point on the 2 previous candelstick.
If candelstick, not over the line that made, it indicates that the stock price / candelstick not going up. Down trend will continue in the next days.
If candelstick over the line, with accented with a closing price was above the line, we must get ready to take a buy position. (such as position on the circle in the picture above). This indicates that the down trend was broken up and turned into a up trend.
Usually candelstick that has passed down trend line will go up on the following days. In this position I used to call "Fly to the sky".

Sell Signal

Of course sell signal is the opposite of buy signals, as well as the way we draw a line.

Draw a line from the bottom two points from the previous candelstick (which we call the up trend line).
Sell signal occurs when the stock price / candelstick breaking trend lines line up, like in the picture above, shows a blue circle that has penetrated candelstick up trend line (black line).
Of course at that time we should be in a position to sell or short position.

Hold Signal
Hold position is the position where the price or do not penetrate candelstick previous trend line either up trend or down trend.


We will see uptrend line and the down trend in a shorter timeframe.

Blue Line : Uptrend Line
Black Line : Down Trend