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Given the price action in the market lately, there's been much discussion here on what constitutes a pullback and what constitutes a change in direction or trend. The suggestions have ranged from three weekly or monthly lower closes, a close below a certain moving average, various moving average crosses and more but in all honesty I don't think there's *one* holy grail. One indicator that satisfies all investors across all asset classes and we all have different loss tolerances and for that matter, different viewpoints or perspectives on the world economy and it's ongoing recovery.

This discussion however, brought to mind the following [somewhat lengthy] excerpt from the novel on Jesse Livermore, Reminiscences of a Stock Operator, written in 1923 by Edwin Lefevre [available in PDF format in our Books Forum] This excerpt helps reinforce in my mind the importance trading in the direction of the primary move, and to avoid the noise of short-term fluctuations which quite honestly,

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