Interesting...i am of the opposite idea. i like multiple touches...it tells me that i am not imagining things....and it goes to my background in quantitative science....because trendlines are linear regression analysis...and the more data points you have(the more touches in this case) the greater the validity of your projection. Basically, i am using previous contact points to project future price actions...e.g. using data points to determine the velocity or acceleration of an object in classical physics in the next 4 hours or 10 days, etc. except...
I agree and I like trading in the direction of TL angle.But in oher way I see these places (touches of trendlines) where evil speculators with trillions in theyr hands looking for liquidity. Often these micro trendlines appear inside consolidation ranges of bigger TF's so no good for biger profit targets.. But for scalping or confirmation for exits - its godd enough.
This is what I mean when price disrespecting TL for the third touch:
69
but i got some at 41
