In this article, we are drawing Pitchfork channels on USDZAR
On the monthly USDZAR chart, we can see that the pair is in the uptrend Pitchfork channel and we are seeing a rejection from the median line 14.9000 level and this rejection could lead to another swing lower into the 11 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, there is a new clear downside Pitchfork channel and you can go short at the market. You can enter a good risk to reward short trade entry with the stop loss above the 14.200 level, targeting 12.765 level lower on a daily close below the 13.700 level. Invalidation of the downside swing will come only on a daily close above the 14.200 level.
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