Regarding short-term and medium- and long-term, I actually think that we should look at them separately. First, we should treat technical analysis as a craft.

For short-term, especially intraday and high-frequency, the daily goal is a constant 100%, and the purpose is to achieve continuous cash flow.

Medium- and long-term will sacrifice a certain amount of liquidity. Short-term is a supplementary means of cash flow for the holding period of medium- and long-term, and it is also a path with two different purpose orientations.

One is like doing business, which is to seek excess returns (medium- and long-term)

The other is like doing day labor, which is to seek continuous cash flow.