Risk management is the most important success factor for your transaction. No trading strategy can increase capital without risk management. This is no exception when trading with chart patterns such as harmonic patterns, Elliott wave patterns and X3 price patterns.
The X3 Chart Pattern Scanner uses the concept of risk management with pattern completion intervals for transactions. 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. It is controlled for each pattern. 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 Price 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 past observations from the chart. I’ve already covered in another article how to test your strategy with the X3 Chart Pattern Scanner.
The links for the X3 Chart Pattern Scanner are:
Risk Management with Chart Patterns-Trading System-January 24, 2021
https://www.mql5.com/en/blogs/post/742492?utm_campaign=RSS&utm_medium=display&utm_source=MQL5+EN+Blog Risk Management with Chart Patterns-Trading System-January 24, 2021