In this article, we are drawing Pitchfork channels on Cooper
On the monthly Cooper chart, we can see that the pair is bouncing off the 250 level of the newly formed Andrews Pitchfork uptrend channel. This bounce, if we have a break above the 295 level will lead to a 330 level again.
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 downside sideways Pitchfork channel and you can wait for a daily close above the median line 280 level for the long trade entries. You can enter a good risk to reward long trade entry with the stop loss below the 275 level, targeting 300 level higher on a daily close above the 280 level. Invalidation of the upside swing will come only on a daily close below the 270 level.
