MCP Follow Up

As you may recall, I opened a partial position in MCP yesterday.

This is yesterday's update fir MCP

You may recall the position entered was half size with a risk management plan that would allow be to "Phase" in to the position, the second half of MCP only added if MCP makes a head fake move which I thought to be pretty likely, mt price alerts have gone off (only the $4.70 alert ahsn't been triggered yet).

So far I have no concerns about the partial position, however I'm also not quite ready to add the rest of the position yet.

 The only low of the year not hit is the $4.70 intraday low.

This level was hit, note the stops hit as volume increased, this is one of the signs of a head fake move we are looking for, it's a big part of the reason for one.

The 10 min chart is in line and looks good, there's no trouble for the position opened yesterday as far as I'm concerned.

MCP 2 min looks great, but I'd like to see the intraday 1 min go positive to indicate the head fake/shakeout/stop run is over.

This is the 2 min chart viewed intraday

And the 1 min chart intraday in line with price.

When I see this chart go positive, I'd feel very comfortable entering the second half of MCP long as a position/trend trade.

I'll let you know if the second half is entered, this is exactly what we suspected we'd see yesterday and the reason for a partial entry with wide risk management leaving room to add on a head fake move.