ALERT! - USDCHF: Cypher pattern just completed
There is a small cypher pattern just completed in this pair. Normally, I personally don't take positions on such low TF patterns as I'm more of a swing trader than a scalper. And the R;R for target 1 is less than 1:1 ratio. But still, cypher is a cypher is a cypher, right?
So then why post this? Couple of reason:
1. Currently, we are in an uptrend. (Could be just the beginning of a much larger uptrend.) So this cypher is a trend-following pattern.
2. There is a larger cypher pattern waiting to be completed and prices are near to completion on that cypher. This small bullish cypher would give a good entry point to get long or add longs to this larger cypher CD leg completion.
3. There is also a large BAT pattern on the Daily TF. Prices are currently working on the CD leg of this large BAT pattern that could potentially be forming.
So then why post this? Couple of reason:
1. Currently, we are in an uptrend. (Could be just the beginning of a much larger uptrend.) So this cypher is a trend-following pattern.
2. There is a larger cypher pattern waiting to be completed and prices are near to completion on that cypher. This small bullish cypher would give a good entry point to get long or add longs to this larger cypher CD leg completion.
3. There is also a large BAT pattern on the Daily TF. Prices are currently working on the CD leg of this large BAT pattern that could potentially be forming.
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