7 points away from all time high. I'll be holding long here as there is no obvious reason to be short.
Is it not better to look for spikes to the upside before shorting? So far, I haven't seen any. We are in a strong uptrend day, so shorting against this trend implies short scalps of less than 5 minutes. Indeed, I will be putting time stops on any short ES positions I take a well as money stops such that my RR is 1:1. In the alternative, I could simply buy and put a tight stop, say on a five minute low, instead.
There was opportunity to take TP at wave high drawdown a few days ago. Drawdown increased as TP target increases.