Take Profit and Stop Loss in Profitable Pattern Scanner
Pattern Scanner is also using the risk management concept with Pattern Completion Interval for your trading. Must remember that trading
without having good reward/Risk ratio is useless. They can blow your account pretty quickly. Please make sure that you understand the role
of Pattern Completion Interval and how it can help for your trading.
Profitable Pattern Scanner, your stop loss and take profit is controlled for individual patterns. This is the main difference from
Harmonic Pattern Plus and Harmonic Pattern Scenario Planner. Since Profitable Pattern Scanner have different categories of patterns
like Elliott Wave patterns, Harmonic patterns and X3 patterns, you can apply different money management scheme if you wish.
change your stop loss and take profit, scroll down in your input. Stop Loss = 1 means that it is size of 1 x Pattern Completion Interval Box. Take
Profit = 2.5 means that it is size of 2.5 x Pattern Completion Interval.
Pattern Scanner provide all the historical patterns, helping you to tune your strategy. Hence, please test your strategy and change your
stop loss and take profit according to your observation from your chart. We have already shown you how to test your strategy with Profitable
Pattern Scanner in another article here.
check the screenshot for better understanding of this basic risk management concept.
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