Staying long with sell stop below 1491.50 is also not a bad idea--- --raising trailing stops along the way of course.
Now short from 1501.00 BS 1503.25 (2.25 points) PT1 1482 (19 points) PT2 1465 (36 points) Looking to add on short as the next low-risk entrypoint develops.
That buy stop may get picked off. This action has all the making of an upthrust that takes out the high by a point or so, and then sinks back down. I would move the stop up. Springs and upthrusts are most reliable when there is some backing off first. Note that this is the first time all morning when there has been some downward movement away from the new high.
Don't say "above" High print 1502.75 vs your 1502.5. Nice choice of # !! I don't see 1502.5 anywhere... All I've got is a 50% retracement at 1500.5
I will be moving my BS to breakeven shortly. If it gets picked off, no foul ... I'll just re-enter. I would rather sustain several small losses than one big loss. It's just the way my brain works. My stops get hit on 2 trades out of 3. Part of the plan. Doesn't bother me a bit. EDIT: BS lowered to breakeven at 1501.00. Still looking for a low-risk entry to add on to short. (Unfortunately I missed the chance at 11:00 ET to add on at 1501.)
Moving to BE is probably a good idea. The late-morning move down is orderly enough--no rush for the doors--that 1502.5 might well get retested. If it stays above 1492, I would say that the retest is very likely, since 1492 is the low of the breakout bar from earlier this morning. As for me, I will be buying longer-term otm puts if it gets back to the morning's high.
Added to short here at 1497.00 BS for add-on at 1498.75 (1.75 ponts) BS for initial short still breakeven at 1501.00, but will lower it if/when ES paints below 492.50.