I have never used the pitchfork, so I don't really know how to use it, but if your strategy is saying buy, then buy, mine is saying sell lol
Anyway, what's the rationale behind my long position? Here:
1) the market has found (a switchback) support at the parallel line of a fork (see the chart),
2) for the recent couple of days this market has been the strongest pair among the majors - such markets don't give in just dumped without any substanstial correction,
3) the British pound itself is clearly extremely oversold and it can't stay like that for too long. On the other hand, the Canadian dollar is overbought and though it may remain strongish for some time, soon it is bound to weaken (and according to my measurements, this pair is still in top 5 strongest trends among the major 28 pairs).
I understand that there is no clear pivot here, no swing low to hide the stop behind, so it's kind of hanging in air (a cash stop, the jury is still out, whether this low will hold), which I don't like, but I've got it in place as well as the target (see the chart). I nonetheless entered it bearing in mind the reasons listed above.
I see why you have positioned here, but price hasn't really reacted to your level, giving me the signal that it will move further down, also the massive bearish engulfing on the daily and H4 and H8 is also telling me not to go long yet.
I think you need to wait until price comes down to the yellow line on ur chart before looking to go long.
There might be a retracment upward tonight, I am not sure, but if you are in profit, that maybe a good place to exit a long position, just my opinion mate.