There are also 2 POTENTIAL patterns here that may mark the end of the wave (c) and wave 2. One is a and the other a bat. Both complete inside the "G-Zone" which is a high probability reversal area.
My stops will go above where I marked wave 1 ending because if prices were to move past that point, then obviously my wave count will be proven incorrect and I would need to re-assess my counts. This point would also invalidate the 2 patterns so there would then be no reason for this trade. The risk reward on this trade is outstanding as I will only be risking about 17 pips with a potential of gaining +100 pips.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
2018 Guide TO Forex Markets Coming Soon! Want it? Sign up to mailing list: http://bit.ly/2iNieEY