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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Gary E who wrote (4663)	1/25/1999
From: HairBall	Read Replies (1) \| Respond to of 99985

HG Eichorst: The Andrews' Pitchfork study displays three trendlines that form a pitchfork. The outer two lines form a channel that encloses a middle or median trendline. This technique was developed by Dr. Alan Andrews. Trendlines of the pitchfork will often mark lines of support or resistance. The pitchfork is constructed by first selecting a significant extreme point (top or bottom). The second and third points in the future that are selected as extreme points (top or bottom). An imaginary line is drawn from the second and third points. From the first point selected a median trend line is drawn that bisects the imaginary line and is projected into the future. Trendlines are then drawn from the second and third selected points parallel to the median line, thus creating a channel that resembles a pitchfork with the handle appearing at the first selected point. If the first point is a bottom, try making the second point a top to its right, and the third point a bottom to the right of the second point. The lines are referred to as the tines of the pitchfork. Hope this helps... Regards, LG