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And there is a lesson for me to be learned here: I shouldn't depend on all the higher-level ConTeXt commands that much!
Well, it is not always a bad idea to look for a high level command first. If you use low level ones you should know what you're doing. In case you want the second and following lines indented by the width of the first word (or more) of the first line, you can use: \starthanging {Lorem} ipsum dolor sit amet, consectetuer adipiscing elit. Donec hendrerit tempor tellus. Donec pretium posuere tellus. Proin quam nisl, tincidunt et, mattis eget, convallis nec, purus. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Nulla posuere. Donec vitae dolor. Nullam tristique diam non turpis. Cras placerat accumsan nulla. Nullam rutrum. Nam vestibulum accumsan nisl. \stophanging Patrick -- You are your own rainbow!