Now that we have surpassed the equal wave measurement for the purple degree, we can look to add to the position in anticipation of 1.53. The size of this position needs to be no greater than 40% the size of the original position (see link at the bottom). The risk to reward ratio is still good, but the 'easy' part of the move has surpassed and trading could get choppy.
However, there is still a good risk to reward ratio opportunity.
Stop losses on all positions are moved to the purple 'i' high of 1.4350
*Remember, this is not a trading recommendation, but to illustrate how one can trade using Elliott Wave Theory.
Just looked at this one...has a tight risk:reward ratio on it now using 1.4350 as risk. Might have been a big 4th wave flat. Counts are still valid until 1.4350 is broken.
JWagnerFXTrader
⋅
This pattern held above 1.4350 stop loss through the correction. We are likely still in the green trend labels so the potential still exists to the upside with 1.4350 as the key level of support.