According to U.Today, Peter Brandt, a renowned trader with a career spanning since 1975, has recently revealed some of his unique trading strategies that defy traditional methods. Brandt has disclosed a list of strategies he refrains from using in his futures and forex trading. He avoids trendlines, most indicators, day trading, and taking losses. He also disregards win rates, the actions of his trading peers, and market fundamentals.
Brandt also stated that he limits his risk to a maximum of 70 basis points per trade and does not concern himself with getting stopped out or becoming fixated on a specific market or asset class. His unique approach to trading, which prioritizes disciplined risk management and psychological resilience, has earned him a legendary status in the trading world.
In a recent analysis, Brandt suggested that Bitcoin may have completed a double top pattern, indicating a potential minimum target of $44,000. A double top pattern is a bearish technical reversal pattern that often signals a shift from a bullish to a bearish trend. However, Brandt noted that for a true double top formation, the depth of the 'top' in Bitcoin would need to be around 20% of the price, while the current depth is only around half of the required amount. This implies that while there is potential for a bearish reversal, the pattern is not yet fully confirmed.