MCP Charts

Here are the updated charts for MCP, which is not a "trading position", but a longer term long position as it is still in a base. This isn't quite as long term as UNG which is a primary trend and I think may be one of the leaders of the next bull market (whatever that looks like), but it's not as short as say ZNGA and definitely not as short term as the leveraged long ETFs opened last week.

 MCP 1 min chart with stops hit, the stops are obviously slowing down in the area, there isn't too much utility in chasing after them much lower. I did forget to mention earlier, $10, a nice round, even number is an absolute magnate for stops as the human mind gravitates toward whole numbers especially like $10 or century markets like $100, why do you think retailers long ago figured this out and discounted everything by 1 cent to $9.99?

 I don't usually use the X-Over Screen intraday like this, but it just happened to be where my RSI was set up, RSI is in a positive divergence intraday and the X-over Screen is moving toward a long signal.

 I have a lot of different metrics I look at, like this custom indicator in blue below, "Close within the range", you can see how it gave a head's up on both long and sell or short positions, for those who might want a tight stop (not really for me), the 5 min Trend Channel has a stop on a 5 min bar's closing basis on below $9.87, this is only for initial set ups and not to be used if MCP moves higher as this is WAY TOO tight. A more reasonable stop would be below the intraday low, but not a penny where everyone else will put there stops and I certainly wouldn't put it on the books for all to see.


 2 min 3C chart improving at a leading positive divergence. I wonder about weekly options expiration and a pin in the market today, it doesn't make a lot of sense with the cycle having so little time before the election, but perhaps there's more to this than we know right now. In any case, on that front it is still very early in the day to be considering moves that may or may not happen, there's plenty of time for this and the market to move.

 3 min leading positive

 5 min never moved even close to downside confirmation, it's had more than enough time, in fact it is in leading positive position, confirmation would be 3C down around the orange arrow.

15 min chart, one of the favorites for swing moves in a nice leading positive position.