What is Andrews Pitchfork?
It is a not well known technical indicator that can be very effective. It consists of three points and three lines, that together make three parallel trend lines that indicate possible levels of support and resistance.
A pitchfork is created by; placing points at following High, Low and High points or Low, High and Low points. Then drawing a line from point one through the midpoint between point two and three.
The drawn lines on the chart could indicate resistance and support levels.
History of Andrews Pitchfork
The Andrews Pitchfork was developed in the 1960s by Dr. Alan H. Andrews. He created a series of technical analysis techniques called the Action/Reaction techniques of which the pitchfork was one.
The pitchfork was developed by Alan H. Andrews under the guidance of the famous Roger W Babson (1875-1967)
The pitchfork is part of collection of techniques, called the Action/Reaction techniques. The technique was originally called Median Line Study, but soon got the nickname pitchfork due to it's visual appearance on a chart.
Read more about the history and see more examples of pitchforks on pitchforkworld.com or get to know the andrews pitchfork better by reading an article from an analyst that has been using the pitchfork for years, right here: http://coghlancapital.com/andrews-pitchfork