The old chestnut. Mon Mar 15

After 5 days in a very tight range today has seen some mild opening strength evaporate to leave the Xjo index 34 points lower at 3.30 pm. It's interesting because it's actually the sort of pattern that I've been shorting on an intraday scale with a little success. There were a couple of set ups which I shorted earlier today on 5 minute signals but I'm reluctant to short something like this on a daily scale since it still looks like there'll be another high after a minor correction.
Click to enlarge

I haven't got much on in terms of overnight positions but I do still have my Fortescue long which has dropped 14 cents to 480 at this point. I sold a few on Thursday at 492 and more this morning at 496 but still have two thirds of my original position. It's challenging me here though on the classic fear v greed equation.
I really like the chart, I like the fact that the strong support at 440 held very well when the overall market fell in January. I suppose you could say it fell a characteristic 20% while the market fell 10% but most of that gain came from a sudden spike in early January which you would have expected to retrace at the best of times. However, I'm long at 488 and bullish but do I really want to have a stop all the way down at 440? Actually, my initial stop was at 455 but even that is a fair way from here.
This quandary has arisen because the acceleration I was hoping for hasn't eventuated and now I'm wondering whether we're going to have a leisurely c wave retracement towards support.
Now that I'm looking closer at this, it's pretty obvious that my stop should be moved to just below the last swing low at 473. If it fails to hold that then there should be further weakness.

I do have the luxury of playing it by ear with stops because I sit in front of the screen all day. If I was doing something else as well I would have left a stop, either automatically or with a broker once I was in the position.

The advantage of this is that I don't get caught out in thin whippy moves where some of the automated stops get set off, often deliberately, the disadvantage is that when it's not a thin move and I get close to stopping out my tendency is "to give it a little more room" - which rarely works.