FB is once again making a run above the top of the resistance zone where I had suggested a stop (28.15 level). As I often mention, my own preference on stops is to use a candlestick close above the stop level for shorts (or below for longs) on the time frame that the trade was based on. e.g.- Trades off the 4 hour period chart, stops based on a 4 hour candlestick close above/below the stop level.
I also often speak about being flexible when trading and making adjustments as needed. This can work both ways, for or against you especially when being flexible on your stop criteria. Therefore, trade according to your own style, risk tolerance and trading discipline. Personally, I am going to give FB a little more room today, even if we do get a close above the 28.15 area as the broad markets continue to struggle against key resistance and my belief remains that we are most likely at the end of the first counter-trend bounce of a much larger move lower. However, on FB, along with most other of my short positions, I will tighten up stops if those key index resistance levels are clearly taken out.