Yeah I generally agree with that. I'm just viewing this as a specific market environment in a specific moment in time, trying to analyze it on it's own terms. My view is the S&P at 1115 has less big % upside potential than it did at 700 or 800, so a wide trailing stop isn't as attractive now. A system approach will just trade it like any other market opportunity. There's no real way to reconcile discretionary vs systematic approches, but hey that's what makes a market