MCP Update

I suspected there might be  little game playing with MCP, there's still the possibility of a Crazy Ivan shakeout (the first shakeout is on today's move above the breakout point and back down, a second can be run to hit all stops and orders with a move below which is the move I was more concerned about) Wall Street never makes it easy, they want your money.

Charts..

 There's the initial breakout and "apparent" failed move, but is it?

 You can see by volume where the buyers stepped up and almost the exact same place where they sold which was also a hammer/support candle. The current pattern (intraday) right now is a bear flag so this could set up another failed move to the downside to shakeout any remaining longs, perhaps trigger a few short orders for a little squeeze.

 The 1 min chart today is in line on the move up and you can see where 1 min distribution steps in at the high of the day, there appears to be a little accumulation at the bear flag so that would also suggest a move down on this bear flag is more likely to be another shakeout ploy.

 The 15 min chart is still in good shape, but I found this very interesting....

 The 30 min chart, which is longer and more important, representing heavier institutional activity went from flat to a move up here, this is not a huge move, but it is a rather fast move for this timeframe and overall positive for MCP.

Everyone's instinct is to place their stop just below the triangle, that's why you don't do that, all stops will be congregated there and it makes it very easy for specialists, HFTs or anyone else to take out those stops, take the shares on the cheap and in size, so I might use the daily Trend Channel at about a move just below $9.35, that should be far enough away.  To reduce risk on a wider stop, just reduce position size, you can always add to it later.