Wednesday, October 10, 2012

I like MCP long right here

MCP is a longer term basing long we have been interested in lately. There was a decent pullback today finishing a price pattern bottom on a very positive divergence making MCP an attractive long position or add to here.

 If you haven't sen the trade idea before, you might want to go back before considering it and look at the more comprehensive posts on MCP as a longer term long position. The area of pullback recently is in white.


 Here's an inverse H&S base pattern on a 15 min chart with the final shoulder made today and its still just off its lows so the risk is still low here.

 Here's a close up of that final shoulder today and volume rounding over with price.

 The intraday positive divergences on this last shoulder - 1min

 2 min leading positive -these are huge divergences.

And the longer term 30 min base divergences.

Bottom line, if MCP is a trade I've been building a position in or want to start one, right here looks like a nice area as it has come to you on higher probabilities and lower risk.

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