In this article, we are drawing Pitchfork channels on EURUSD
On the weekly EURUSD chart, we can see that the pair is bouncing from the long-term uptrend line 1.12400 level inside the big downtrend Pitchfork channel. This bounce could lead to reversal higher into the channel top line 1.18000 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.
Andrews Pitchfork trading technical analysis is included in Complete trading transformation program 2019!
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, the downtrend Pitchfork channel has been broken to the upside above the 1.13360 level and we could see an extension higher to the channel top 1.17020. By a trading perspective, you can enter a good risk to reward long trade entry with the stop loss below the 1.13500 targeting 1.17000 higher.
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