I am somewhat hesitant to break the continuity of someone else's thread with my out-of-the box mindset, however, I believe that every trader has to determine whether they trade "in waiting" or trade "in following" in their methodology. A person that trades "in waiting" will utilize trend lines, trend walls, fibs, etc. to determine with probability where to enter and where to exit. A person who trades "in following" will utilize moving averages, heikin ashi candles, etc. and will enter when directed and will not exit until told to do so, knowing that they will lose at least the first and last candle (because of averaging) in their trade. This is a matter of preference but one must realize that each method contradicts the other - that's why you must decide which type of trader you are. It is interesting to note that renowned traders such as Livermore and the Turtle Traders, chose to "follow" trades as opposed to "waiting" (pre-determining exits) in their strategies. When you "follow" a trade, you will have more losses (because of averaging) with greater earnings per win since you're riding your winning trades to complete exhaustion. Since Graeme advocates longer time trades and longer holds, the strategy of "following" a trade might be more conducive to his method - however, that would be for him to say. With this being said, let us not miss the most important lesson as I've indicated before (Post 1910) "A price will fluctuate, oscillate, and vacillate; but it is not mandated to implicate, insinuate, or indicate anything". Knowing this is why Graeme's methods and teachings are right on target.
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