This cannot be reiterated enough. Remember, if you are shooting at a fast moving target, you must lead it and shoot at where it WILL be in a few minutes.
I really like that stickied "Annotated chart of a short squeeze" up at the top of the page. What you should be following is the volume data vs. the short data day by day to see where we are. When the MMs decide to start covering, you should see the daily short sales almost vanish, where they recently have been shorting 50+% of the daily volume. I'm not selling until I know they are covering, and then it will be only small amounts above the ask. At this point, I wouldn't want to let anything big go at below $2.00.