In this article, we are drawing Pitchfork channels on USDTRY
On the weekly USDTRY chart, we can see that the pair is testing the upside reversal channel line 5.3200 level. A daily close below this level is needed for the downside breakout. The bounce off this level can lead to an upside reversal into the median line of the first channel half 6.000 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 Bushido 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 formed. By a trading perspective, since the pair is testing the key level, you can enter a good risk to reward short trade entry first with the stop loss above the 5.3900 targeting 5.13 level lower. In case of the daily close above the 5.3900 level look to reverse the trade into the long trade.
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