My strategy is to close short position when it gets back near the current base, maybe around $41.00. Then I'll watch for a breakdown or turn back up. I'll set a conditional order (OCA) with a sell short stop order for $38.50 and the other as a buy stop order for $$44.00. Then we'll see what happens. I'm leaning towards some sideways channel action for a while longer, so I'm thinking the buy stop will get executed($$ = Larger position). But if it breaks down, I want to catch some of that action. GLTA.
I finally got my short position today...did a couple between $51.25 and $51.50. Sold most of my GPL long and kept EXK short at $11.48. I feel like the lowest risk of those three is the short EXK. We'll see. GLTA.