CADJPY downtrend continuation
In this article, we are drawing Pitchfork channels on CADJPY
On the daily CADJPY chart, we can see that the pair is breaking below the uptrend channel 85 level and is extending to the downside by forming a new downtrend channel targeting 72
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Our Funded trader program is in the full swing! Accepting traders from all over the world! No restrictions. Receive $10k for trading and withdraw 60% of the profit! The best in business!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.
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 indicated below.
On the Daily chart, the pair formed a downtrend Pitchfork channel which could lead to a test of 78. The downside support 82-82.500 zone needs to hold for the pair to extend downside into the 78 level. By a trading perspective, look for the short trade entries with the stop loss above the 82.100 level targeting 80 level first, and in a case of a daily close below this level look for the extreme extension lower into the 78 level. Downside invalidation will come on a stop loss trigger and a daily close above the 82.200 level.
