The ultimate baccarat strategy presented in the video involves using the Martingale system and betting on a specific pattern of 'player, banker, player, player, banker, banker'. If you win, you start again from the first bet on the player. If you lose, you continue the series by doubling up your bet. In the event of a tie, you repeat the same bet without doubling. The strategy suggests playing at a trusted casino to avoid rigged games and maximize the chances of winning with this pattern.