: Like an alligator that keeps snapping if you try to pull your hand out of its mouth, markets will devour your capital if you don't cut losses immediately.
: The price breaks the previous reaction low (for a top) or high (for a bottom). Trader Vic Methods Of A Wall Street Master By Victor
"The market does not care what you think. The market only cares what you do." Trader Vic: Methods of a Wall Street Master