Andrew’s Pitchforks technical indicator is one of useful forex indicator used in technical analysis by most traders. This indicator is quite handy and very useful if you know how to use it.
Dr. Alan Andrews developed the technique of drawing a Pitchfork based on a median line. Dr. Andrews’ rules say that the market is one of two things as they are approaching the midline:
1. The market is in reverse The median line.
2. The market will trade through the center line and head for the upper parallel line and then vice versa.
The Pitchfork is often used to the top of the 3rd wave Wave 3 is usually end either on the middle line or the Upper / Lower Parallel Line.
The Andrews Pitchfork is a trend-line study developed by Dr. Alan Andrews a few decades ago. It is also called the Median Line Study. It consists of three parallel trend lines drawn on a chart. (full article)
Andrew’s pitchforks are built on the basis of three extreme points. On the basis of three set points the program builds the image of three beams. The first beam built with the beginning of the first point and passes through a midpoint of the piece, connecting the second and third points. This line is called as “handle of pitchfork”. (full article)
The Andrews Pitchfork is yet another one of my “secondary” trading tools. My “primary” trading tools include basic trend lines and chart patterns, trader psychology and fundamental analysis. (full article)
- Negative Volume Index (NVI)
- MACD – Moving Average Convergence / Divergence
- Mesa Sine Wave
- Median Price
- McClellan Oscillator
- Mass Index (MI)
- Market Facilitation Index
- Linear Regression
- Klinger Oscillator (KO)
- Keltner Channel (KC)
- Kagi Chart
- Intraday Momentum (IMI)
- Ichimoku Kinko Hyo (IKH)
- Historical (Natenberg) Volatility
- Herrick Payoff Index
- Haurlan Index
- Full Stochastic Oscillator