In this article, we are drawing Pitchfork channels on GBPJPY
On the weekly GBPJPY chart, we can see that the pair is on the uptrend Pitchfork channel. It is strongly supported by the rising trendline 140 level and is in the swing higher into the 160-166 zone of the 50% first channel half line.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
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We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. On the daily chart, there is a new clear Schiff Pitchfork channel and a daily close above it, 149 level would lead to an upside extension into the 153 level. The pair is testing the upper channel half line. You can enter a good risk to reward long trade entry with the stop loss below the 145.450 level, targeting 149 and 153 level higher. Invalidation of the upside swing will come only on a daily close below the 145.500 level.
