consists of three parallel lines trending in one direction based
on three points you select. It is used much like standard support
and resistance principles are used - inother words having selected
your 3 points and drawn your 3 lines to make the pitchfork, the
top line will tend to provide resistance, the bottom line will tend
to provide support, and the middle line is for show. As a day trading
system, the pitchfork may be some use, as it is based on support
& resistance, the most important weapons in a trader's repertoire.
To draw a pitchfork, select a major peak or trough, and 2 other
peaks or troughs further along the chart. The middle ine is drawn
from the major peak/trough to the midpoint of the other two peaks/troughs,,
the two other lines are drawn parallel to it at the same angle.