La volta buona literally means “the good time.” But volta means several things, as does buono. “Time” also has several connotations. So let's take a closer look.

Here are some examples of how volta is commonly used:

Sarà la volta buona (this time you’ll make it)!

Ancora una volta (one more time, or “once again”).

Un'altra volta ("some other time").

After many failures, la volta buona is the successful attempt at something.

Nel senso, magari è la volta buona che ti fai una bicicletta pure tu.

I mean, maybe this will be the time that even you get yourself a bike.

Captions 4-5, La Tempesta film - Part 2

 Play Caption

When we want to or have to postpone something we talk about un'altra volta (another time). Not this time, but another time.

Va bene, delle disavventure tropicali di mio fratello ne parliamo un'altra volta.

All right, about the tropical misadventures of my brother we'll talk about them another time.

Captions 31-32, La Tempesta - film - Part 2

 Play Caption

But the same thing can mean "again."

E' sparito un'altra volta! -Ma stai scherzando,

He disappeared again! -But you're kidding,

Caption 24, Il Commissario Manara S1EP4 - Le Lettere Di Leopardi - Part 9

 Play Caption

With the preposition a (at) in front of the plural of volta—volte, we get a volte meaning "sometimes" or "at times."

A volte tengono la loro "a". OK?

Sometimes they retain their "a," OK?

Caption 46, Corso di italiano con Daniela - Il futuro - Part 4

 Play Caption

A volte is another way of saying qualche volta. They both mean “sometimes.”  A volte can be also translated as “at times.”

BANNER PLACEHOLDER

We can use una volta in thinking about the future:

Una volta mi piacerebbe andare a Londra. 
Sometime I’d like to go to London.

But it can also mean “one time."

Io ci sono stata una volta.
I went there once.

And we can use it to refer to the past:

C'era una volta il West (Once Upon a Time in the West) is a famous film from 1968 by Sergio Leone.

We can translate it as "once" or "at one time."

Una volta servivamo il papa e il re, ∫ eravamo anche colti e magnanimi

Once, we served the pope and the king. At one time, we were even cultured and magnanimous,

Captions 44-45, Volare - La grande storia di Domenico Modugno Ep. 1 - Part 23

 Play Caption

In the new film on Yabla, La Tempesta, a conversation takes place down on the street. Paolo has had his car towed and doesn’t quite know how to get to work. His neighbor comments:

Nel senso, magari è la volta buona

I mean, maybe this will be the time

che ti fai una bicicletta pure tu.

that even you get yourself a bike.

Captions 4-5, La Tempesta - film

 Play Caption

BANNER PLACEHOLDER

Nel senso literally means “in the sense,” but Italians use it these days much as we use “I mean” in English. Lots of times they don’t even finish the sentence. Nel senso just stands alone, and you have to guess the rest. Nel senso can be likened to cioè (that is, meaning...), but technically, nel senso in this context should be followed by che (that) as in the following example.

Conoscendolo in che senso...?

Knowing him in what way...?

Nel senso che in paese le voci girano.

In the way that in town word gets around.

Captions 48-49, Il Commissario Manara - S1EP3 - Rapsodia in Blu

 Play Caption

Without che (or any other conjunction) following it, it's decidedly less grammatically correct.

Il senso is a noun that covers a lot of bases, but here, it is equivalent to "the way," "the manner."