We’re short a single contract from 2004.25 after covering three others on the way down. I’d suggested a wide stop-loss for this trade, since the futures broke sharply after our “camouflage” entry at 1200.00.  Labor Day trading has sent this vehicle plummeting anew, yielding a target of 1129.00 as of around 11 a.m. EDT (see chart).  Based on a so-far low of 1138.25, leaving 10.50 points of profit potential, and risk:reward held constant at 1:3 throughout the trade, we should be using a stop-loss no higher than 1141.75.  However, because the futures have bounced and are already trading above that number, let’s use a “structural” stop-loss at  1148.50 that lies a tick above a peak-let made this morning enroute to the low.  The stop should be worked one-cancels other with a closing bid at 1129.75, three ticks above the target.  If we cover at the higher stop, the theoretical profit per contract would be about $2775. _______ UPDATE (9:55 a.m. EDT): With the futures in a headless-chicken frenzy of pointless, panicky  ups and downs, we covered near 1148.50 around 3:10 a.m.  The theoretical gain would have been slightly less than $2800 per contract. At the moment, the hourly chart reflects “dueling” impulse legs, although a print down at 1132.50 would settle the skirmish in bears’ favor.  This is what I expect to happen, and I would therefore suggest that you look for opportunities to get short rather than long.  Alternatively, a rally exceeding 1162.50 would tip the short-term outlook bullish.