Where do I place my target when a stock's price breaks out of a chart pattern?

ChaosNantuko answered 2 years ago …

Different patterns have different rules for determining the price target. Usually, i take 75% of the generally recommended move, and set my exit there, just in case.
Some examples...
Double bottom(Tops) - reversal patten. It should move the difference between the intermediate high(lows), and the trend line drawn between the two low(highs). You then add that to the current value of the trendline, and you've got the generally accepted distance it should move. I expect it to move at least 75% of that, so i set my target there.
Example: Down trending stock, forms double bottom, two bottoms are at 20, the intermediate high is 30, so generally, people say it will go to 40. Its a 10 move, so 75% of that is 7.50. I'd place my sell at 37.50.
The rules on a head and shoulders pattern are similar, and I use the same 75% method there.
The short explanation is when i see a chart pattern, i look up the generally expected move it should make given the pattern, then i put my target price at 75% of that move, just in case it doesn't quite make it.