U.Today – Popular trader Peter Brandt, who has been in the business since 1975, recently shared some of his trading secrets that defy conventional methods. In a recent post on X, Brandt published a list of strategies that he does not use in his futures and forex trading.
Therefore, the trader stressed that he avoids trend lines, most indicators, day trading and taking losses. He also ignores win rates, what his peers are doing and market fundamentals.
Additionally, Brandt shared that he limits his risk to no more than 70 basis points per trade and is not worried about being out of line or stuck in a particular market or asset class.
This unconventional approach to trading, which focuses more on disciplined risk management and psychological resilience, has earned Brandt legendary status in the trading world.
Double top or not?
Against this backdrop, Brandt’s recent analysis becomes even more interesting. The day before, he suggested that the cryptocurrency may have completed a double top pattern, indicating a potential minimum target of $44,000. A double top pattern is a bearish reversal technical pattern that often signals a change from an uptrend to a bearish one.
However, the trader noted that for a true double top formation to occur, 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 suggests that while there is a chance of a bearish reversal, the pattern is not yet fully confirmed.
This article was originally published on U.Today
