USDCAD Daily Cypher Pattern
Potential Cypher pattern for a continuation of the long trend.
Keep in mind though, that the shorter trend is still bearish. Seeing as the structure is still pretty far away, I would put a pretty tight stop on this one.
Still a good RR ratio of about 2:1 for the first target, and if we get a continuation there is still a lot of pips to be made if you feel like trailing your stop further after the second target is reached.
Good luck!
Keep in mind though, that the shorter trend is still bearish. Seeing as the structure is still pretty far away, I would put a pretty tight stop on this one.
Still a good RR ratio of about 2:1 for the first target, and if we get a continuation there is still a lot of pips to be made if you feel like trailing your stop further after the second target is reached.
Good luck!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.