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Andrews Pitchfork 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. |
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