Long term observations. Most are in the charts and comments below.
I'm not experienced using the Pitchfork, but when I saw the 1D chart I immediately thought 'pitchfork'. If you trade this, you would want to wait till trend continuation is confirmed before entering. Target would be to assume price will return to the mean.
1W (2006 till present):
1W (zoomed):
Trending up since 5/2015 low. TL support break in 10/2015 resulted in a HL. Failed HH. TL support break (Brexit). EURUSD price decline following the TL support break was minor compared to last TL support break. Not yet determined if new TL support will be formed.
1M:
Long term downward trend, currently consolidating. Most recent price action bearish.
I'm not experienced using the Pitchfork, but when I saw the 1D chart I immediately thought 'pitchfork'. If you trade this, you would want to wait till trend continuation is confirmed before entering. Target would be to assume price will return to the mean.
1W (2006 till present):
1M:
