Automatically resize stop losses and get profit levels using Harmonic Pattern Plus (Harmonic Pattern Scenario Planner)
Once you understand all the concepts behind the pattern completion interval, you may find that prices can react outside the pattern completion interval. To be sure, nothing is perfect in the world. As long as you understand the pros and cons of using a large stop loss size, it’s okay to control your own stop loss size.
However, for convenience, it is recommended to represent the stop loss size within the range of the pattern completion interval. For example, if the original stop loss size is equal to the 1x pattern completion interval, you can be sure to use the 1.5x pattern completion interval or the 2x pattern completion interval.
Another consideration before using the pattern completion interval is that if you can enter the market at a competitive price, you still maintain a good reward / risk ratio, so increasing the stop loss size will make you feel guilty. Is to be reduced. On the other hand, if you enter the market at a less competitive price, you may need to be careful when increasing the size of your stop loss.
The same functionality applies to the X3 chart pattern scanner (non-repaint and non-lag harmonic pattern and Elliott wave pattern scanners).
Harmonic pattern plus
Harmonic pattern scenario planner
X3 chart pattern scanner
Automatic Resizing of Stop Loss and Acquisition of Profit Levels with Harmonic Pattern Plus (Harmonic Pattern Scenario Planner)-Trading System-January 23, 2021
https://www.mql5.com/en/blogs/post/742479?utm_campaign=RSS&utm_medium=display&utm_source=MQL5+EN+Blog Automatic Resizing of Stop Loss and Acquisition of Profit Levels with Harmonic Pattern Plus (Harmonic Pattern Scenario Planner)-Trading System-January 23, 2021