MCP Update

Speaking of head fake moves, yesterday's late day analysis of MCP pre-earnings I had this to say about MCP...

"I just can't look at a signal like that and trade against it."

Before we talk about today's action thus far, remember the premise of MCP, this isn't a quick pop trade or even a swing trade, this is a longer term trade as MCP looks very much to be in a base which means it will be volatile, but it also gives MCP a strong area to launch a move higher and gives us a lower risk entry.

As for today, here are the charts, but the gist from what I see so far is MCP is going to be fine despite the insane amount of volatility it is seeing. It's too early in the day to judge what this volatility is about-shakeout? 

 This 10 min chart is the bigger picture, the higher probability divergence.

 There are signs MCP was going to pull some sort of consolidation as the 5 min was positive and didn't make a new high today which at this point it should have been able to by 11 or so.

 The 3 min is also positive and in leading position, but also didn't make a new high today.

 A closer look at the 3 min


 The 2 min has a negative divergence around 11:10, however not large, but enough to suspect MCP isn't moving higher until it pulls some sort of consolidation.

 The 1 min chart is obviously where the divergence on the 2 min came from.

Now MCP is seeing insane volatility, I stuck with the charts yesterday saying they weren't the kind I'd go against or ignore, with that 10 min still strong, I'd give MCP some time.