Q: How precisely are you trying to pick tops and bottoms?
That’s one of the unattainable “holy grails” of trading,
isn’t it? Don’t such approaches run the risk of being too
early, just as trend-following techniques are often too late?

TD: Most of the time markets are in trading ranges and
price exhaustion techniques are easily applied. The times
when markets are trending can prove to be vexing, but a
market often provides clues to trending by recording steep
moves where price bars fail to overlap.