The X3 Chart Pattern Scanner also uses the concept of risk management with pattern completion intervals for transactions. It should be remembered that trading without a good reward / risk ratio is useless. They can blow your account off pretty quickly. Make sure you understand the role of the pattern completion interval and how it helps your trade.
In the X3 chart pattern scanner, stop loss and take profit are controlled for individual patterns. This is the main difference between Harmonic Pattern Plus and Harmonic Pattern Scenario Planner. The X3 Chart Pattern Scanner comes in different categories of patterns, such as Elliott wave patterns, harmonic patterns, and X3 patterns, so you can apply different money management schemes as needed.
To change the stop loss and make a profit, scroll down the input. Stop Loss = 1 means the size of the 1x pattern completion interval box. Take Profit = 2.5 means the size of the 2.5x pattern completion interval.
The X3 Chart Pattern Scanner provides all historical patterns to help you adjust your strategy. Therefore, test your strategy, change the stop loss and make a profit according to the observations from the chart. I’ve already covered in another article how to test your strategy with the X3 Chart Pattern Scanner.
Also, check out the screenshots to better understand this basic risk management concept.
Make Profit and Stop Losses with X3 Chart Pattern Scanner-Trading System-January 27, 2021
https://www.mql5.com/en/blogs/post/742524?utm_campaign=RSS&utm_medium=display&utm_source=MQL5+EN+Blog Make Profit and Stop Losses with X3 Chart Pattern Scanner-Trading System-January 27, 2021