MCP Follow Up

I know it sounds strange to be considering a long position while the market just got real ugly, but there will be bouts of ugly then a test of your patience and belief and then something else. This is why I try to follow objective evidence such a signals and use the concepts we have to put together the trade.

MCP has seen additional strengthening today, the 1 and 2 min charts are still not on board and I consider those important as timing indicators because when they really fly and jump off the chart, there's a good chance what you are seeing are middle men like specialists taking on their own trading positions as they know when an order has been filled and is ready to go as they either filled it or because they're experts in watching the tape, knowing who has been doing what.

My "guess" is that MCP will likely make a pullback on an intraday basis, maybe a head fake move, but it shouldn't be too big or too long considering the preceding trend (pullback). I've considered entering a partial trading position, but right now I think it's critical that resources are both deployed and protected in the right places and at the right times.

 We've definitely broken out of the channel and have that lateral movement that is associated with a reversal process so that's good. I'm not sure the ascending triangle means anything here, it may just be a coincidental pattern, it's really not in the right place any way.

The 15 min

30 min

and growth today all the way out to the 60 min intraday, today alone, so good things happening with that lateral turn out of the downtrend/pullback.

This 2 min chart is similar to the 1 min except has an actual signal that looks like a "W" will be formed which also opens up the higher probability of a head fake move that is just a run of stops below support, although the probabilities aren't especially high, the support has to be noticeable enough for traders to not only be bullish on the asset, but to place stops below the support level and/or shorts with limits below.

I'm going to hold out as there's still an active core position, this is consideration for a trading position and if we get a head fake move, an add-to or new options call position.