Bitcoin - Third Time Lucky Has The Answer!Being a full time trader, time is a luxury I can afford. Aside from reading books and materials related to my sole occupation, I like to observe the market and come up with patterns or techniques of my own. I have learned to always take a step back every time I get too engrossed with a particular market analysis technique. Never be too dependent on a single technique - be it Gann, Elliott Wave, Wyckoff etc. By drafting different techniques into a chart in various time frames from scratch (absent bias), we get to see a bigger picture of the puzzle. If all those techniques agree on a singular outlook of the trend and target range, then we know that we have a high probability "lock-on".
One of the common things I have noticed from my market observation is that it takes three attempts to breakout from a trend line in any direction most of the time. I called this beginner technique "Third Time Lucky" and is best applied to longer term charts. New traders will find it very easy to use. The rules are simple:
1. Every third breakout attempt from a trend line has the best odds to succeed.
2. A valid attempt is one that touches the trend line or must be in close proximity with it.
As an example, I have applied this technique to the Bitcoin chart above.
Please LIKE and FOLLOW if you enjoy my post. Thank you.
