In this article, we are drawing Pitchfork channels on EURJPY
On the weekly EURJPY chart, we can see that the pair has broken above the downtrend Pitchfork channel signaling strongly that the downside swing could be over with the two weekly candles closes above the 130 level. With this ongoing break as long as the 130, now upside support holds, we can see a new test of the 137.650 level which is the point 3 swing in our channel.
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 uptrend Pitchfork channel that could lead to a test of the upper Pitchfork channel line 136 level. Use this pullback into 131.100 to enter a good risk to reward long trade entry with the stop loss above the 131 level, targeting 133.300 and 136 level higher. Invalidation of the upside swing will come only on a daily close above the 130.600 level.
Happy trading! (click on the chart to enlarge it)
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