MCP - ANOTHER SCBO

Yesterday we closed Tuesday afternoon's MCP Nov. calls for +38% and +58% for an average gain of +42% for a day.

As of yesterday we were looking for a pullback close to the 60 min 10-bar chart and signs of accumulation and thus far this morning, MCP is not disappointing.

 Above you can see where we entered around 3:15 on Tuesday and where we sold the first batch of 40 calls  ad the second batch of the remaining 10 calls. We were then looking for the pullback move to re-enter for a new trade.

This is the 60 min X-Over Screen and I suggested the $7.20 area would be where the 10-bar moving average would be found when price and the average met, so far so good except this "reversal" needs more time so I'll be watching it.

The 15 min chart shows accumulation in to a bearish continuation triangle that would have fooled any shorts in to a loss, the point is it still leads positive so we just need an entry point with lower risk and a better entry.

The 3 min chart shows the 3C signal suggesting a pullback, I think when this chart is more positive looking, we'll be close to that entry.