Nasdaq also looking lower. I hate downward grinding as much as I hate upward grinding. Need lots of volatility.
%% Sure is; if short + dont know how to cut a loss in an uprending bull market. NOT a prediction+ not insured by any federal agency.
Man, that would be a Good Question. If a guy was trading on intuition, guess that would be his guide to an uncle point. If i was in that position, (shame on me if i was, lol) the first order of business be to determine the Timeframe that determined any short entry decision that was made? What Setup and Trigger produced the entry decision? What logical stop zone accompanies the tested Setup and Trigger? eg, if a trader entered on that 4:30 AM Engulfing near Resistance (Not an espicially good time of day to initiate a reversal, imho) on the ym, then a logical "Uncle" point would be any price move beyond the Stop Zone, imho. Maybe something like this i would bail out of that dumb ass short at ~34890... ymmv If I had a severe itch to trade (bad idea) I'd downshift to a 5 or 1m chart and shoot for a quick scalp as result of that engulfing at resistance, and plot any targets accordingly. No swinging for the fences on that one, just see if a chunk out of the middle was available. again ymmv.