In this article, we are drawing Pitchfork channels on GBPJPY
On the weekly GBPJPY chart, we can see that the pair has formed an uptrend Pitchfork channel with the swing points 2 and 3 on which we can rely on. The weekly uptrend support is now visible at the 143 level. This uptrend support is important in the medium or long-term for a swing higher.
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 education! Join today for the new group!
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 sideways Pitchfork channel that could lead to a test of the upper Pitchfork channel line 148 level. Use the possible pullback into 145 to enter a good risk to reward long trade entry with the stop loss below the 144 level, targeting 148 and 150 level higher. Invalidation of the upside swing will come only on a daily close below the 144 level.
