Re: S&P on the tines of the fork?

[adcall <adcall@xxxxxxxxxxx>]

Hi Ned,

You wrote:
>There is a good explanation of the Andrews Pitchfork at
>http://www.equis.com/free/taz/andrewspitch.html
>
>Hope this helps

Thanks for this but I don't find it explicit because it says that 
"Andrews' Pitchfork is a line study consisting of three parallel 
trendlines based on three points you select" and goes on to say "The 
first trendline begins at the left-most point selected (either a major 
peak or trough)".

This suggests that the starting point for the handle is arbitrarily drawn 
from either a previous high or a previous low. The example provided is of 
a crossbar running from a high down to a low with the handle drawn from 
the previous low which suggests that the handle on your example could 
just as well have been drawn from the April 8 low which would have given 
a completely different result.

In his book Technical Analysis of the Futures Markets (1986 edition), 
John Murphy gives scant information on Andrews' Pitchfork but both his 
examples on page 475 show a crossbar running from a high down to a low 
with the handle drawn from the previous low.

As I can't find definitive rules, I don't know whether your method is 
right or wrong although it seems contrary to all the other examples I 
have seen so far.

I wonder if anyone else knows Dr Andrews' prescribed method?

Michael Soliatis