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Definition of 'Andrew's Pitchfork'
A technical indicator that uses three parallel trendlines to identify possible levels of support and resistance. The trendlines are created by placing three points at the end of identified trends. This is usually achieved by placing the points in three consecutive peaks or troughs. Once the points have been placed, a straight line is drawn from the first point that intersects the midpoint of the other two.
Also known as "median line studies".
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Investopedia explains 'Andrew's Pitchfork'
The chart shown here makes it clear why this indicator is called a pitchfork. The first point drawn on the chart forms the handle, while the lines extending from the other two points will make up the prongs.
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This technical indicator is underused in the currency markets, but it can help you isolate profitable opportunities.
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Adopt a sound exit strategy based on support and resistance levels while understanding the market psychology behind them.
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Understanding this key concept can drastically improve your short-term investing strategy.
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