MCP Follow Up / ADD TO TRADE

The partial trading position entered in MCP this week is still up over +5%, but we are getting a pullback which is what I HOPED to see, this is why I set price alerts because I can't possibly watch every opportunity I'm looking for in a timely manner, so if you have them, use them, they are a great tool.

Here's what we have and what we'll be looking for .

 The 30 min chart os strong so this means any pullback is likely corrective and healthy making it an ideal new position or add to at lower prices and lower risk, but what I wanted to show you was the "Fractal Nature of the market". Note the larger "W" base and then look at the smaller white box, the same thing, a small "W" base, this is the one I bought, actually I bought both, just closed the first trade before it turned down.

This is that second, smaller bottom. I closed the first MCP trading long (left the calls and core MCP long position in place) at the distribution of the red arrow and took nice profits and waited for the next set up.

I was hoping MCP would come back a bit, thus far it has, what we need to see is this move down start to turn sideways and put in a "U" or "W" pattern, pretty small, it could be accomplished in less than a day. We want to verify accumulation in to that pattern and then MCP becomes an add to for me as I only opened a half size position, but you can open a full size or whatever you are comfortable with. I think MCP will be fine and this is likely the opportunity I was hoping we'd see.

Set those alerts!