Friday, August 5, 2016

Andrew's Pitch Fork Target & Fibonacci

Chart AUDUSD, H1, 2016.08.05 10:36 UTC, IronFX Financial Services Ltd., MetaTrader 4, Demo

Andrews Pitch fork Projections can be verified with Fibonacci
Look the center of chart lower side

Fibonacci multiple is 0.382 & corresponding point in the next wave in opposite direction is at square to 0.382=0.618
Next Target is again square of 0.5 =0.7071
You can enlarge the chart & see it clearly

DN move also can be traded since it has Profit Loss ratio of 2+
Stop loss are also placed for both UP & DN moves

Profit loss ratio is Target profit / Possible loss if Stop loss is hit

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