On this weekly chart, we are drawing Pitchfork channels on EURJPY.
On the weekly EURJPY chart, we can see that the pair has broken below the uptrend Andrews Pitchfork channel 131.500 level with a strong weekly close even below the 200 SMA (black line) 129.131 level. Based on this strong weekly break, a strong downside continuation is not excluded. The key downside support on a weekly basis is 129.131 level.
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 a daily chart, there is a new downtrend pitchfork channel formed and the pair is testing the median line 127 level. A break below this level is needed for the downside continuation into the channel downside target 123 level. Traders have to search for short trade entries only with the SL above the 128 for the start.
Happy trading! (click on the chart to enlarge it)
The broker of our choice! Open the account and get the discount for our services!
How do our trade alerts work?
Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position Risk Free. We are publishing 5-10 trade alerts per week via real-time Private twitter feed!