Is trend following limited to buying new highs and selling new lows?

Upon downloading and studying the Original Turtle Trading Rules from the originalturtles.org site I realize that the system simply represents a series of solid money and risk managment rules. Nothing esoteric or novel about it, simply a codeified version of what many great traders/investors/money managers have always said.
 
Quote from -EntropyTrader:

Upon downloading and studying the Original Turtle Trading Rules from the originalturtles.org site I realize that the system simply represents a series of solid money and risk managment rules. Nothing esoteric or novel about it, simply a codeified version of what many great traders/investors/money managers have always said.
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Somewhat novel that they don't use price targets, though, isn't it? I find that very appealing myself. I never liked the idea of targets, the only rationale for them seems to be psychological as far as I can tell. Let your winners run.
 
Price targets require prediction (also a lot of wishful thinking), so doing away with them provides a level of freedom. Cutting winners short damages the account as much as not cutting losses short - over the long run.
 
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