In this article, we are drawing Pitchfork channels on GBPUSD
On the monthly GBPUSD chart, we can see that the pair is in the sideways downtrend Pitchfork channel and we are seeing a reaction from the upper half of the first channel 1.2500 level. This is now a strong long-term downside resistance and the upside reversal support.
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, there is a new clear downside Pitchfork channel and the pair is bouncing from its median line. You can enter here a good risk to reward counter-trend long trade entry only in the case of a daily close above the 1.2665 level. Your target, in that case, would be 1.2919 level and your stop loss should be below the 1.2600 level. In the case of a break below the 1.2400, this strategy will revert to a short trade entry with the stop loss above 1.2470 level targeting 1.1920 level.
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