To begin with, the R/R to establishing new short position in the miners, especially if you don’t already have some positions that you are adding to with healthy embedded gains from the recent sharp drop, begins to erode at this point & continues to diminish with each tick lower. The other take-away is that one must define & stick with their trading plan. If you shorted any of the metals and/or miners, were you only looking for a quick trade, planning to cover on as the first targets that were covered in the recent Previous Metals & Miners video were hit or were you planning to position or scale in for what could be a much deeper, multi-week or multi-month correction?

Assuming that your plan is the latter, are you an active trader that plans to micro-manage those positions by covering or reducing short exposure when a snap-back rally appears likely with the intent of re-positioning short on the bounce or do you plan to ride out any snap-back rallies in order to avoid booking profits too early without an objective re-shorting opp, should the miners continue to drop sharply?