Closed GLD Hedge -39%

I've sold the GLD options, December 118 strike, that I had used to hedge about a third of my bear call spread, for a 39% loss on the hedge itself. In terms of the entire position (bear call spread plus long call spread), the loss amounts to 13%, since the hedge covered about a third of the position.

I made the sell decision when the price paused in its upward movement from the open on a 1600-tick chart, which produces a candlestick every 1,600 price changes.