If you take it for granted that any form of the efficient market theory is true then any entry is theoretically as good as any other. That being the case, in an uptrend I favor entering on new highs a reasonable distance above my previous entry rather than waiting for pullbacks. The rationale is simple: in an uptrend new highs are guaranteed whereas, depending on the strength of the trend, pullbacks, are not actually a given. If the uptrend is strong enough you can end up sitting the whole move out waiting for a pullback that never comes. This is likely to happen some fraction of the time no matter what your method of measuring pullbacks is and it's also most likely to happen on the best and strongest trends adding insult to injury. New highs in an uptrend are by definition guaranteed so, buying at those times, you never miss the trade. Same for shorting new lows in a downtrend. To put it succinctly, the EMH suggests both buying pullbacks and buying new highs has the same expectancy (I have no reason to doubt this no matter the validity of the EMH) and since new highs are less subjective and easier to spot than pullbacks I choose buying new highs.