In this article, we are drawing Pitchfork channels on EURGBP
On the monthly EURGBP chart, we can see that the pair is testing the median line 0.9100 level. A daily close above this level is needed for the upside reversal. Rejection can lead to a downside continuation into the 0.8500 level.
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 weekly chart, the downtrend Pitchfork channel has been formed and an upside channel line is now a resistance 0.9100 level. By a trading perspective, since the pair is testing the key level, you can enter a good risk to reward short trade entry first with the stop loss above the 0.9100 targeting 0.8620 level lower. In case of the daily close above the 0.9100 level look to reverse the trade into the long trade.
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