Tuesday, January 14, 2014

MCP Still looking for < $5.25

As you already know, I went ahead and opened a partial MCP long (core long position has stayed open as well as calls). As you also know I'm either looking for the more probable head fake/stop run move to add the second half so long as it is verified as a head fake which I'd say 90% it would be or I'm looking for the 1, 2, 3 min charts (and more if possible) to just sky-rocket, you know what the charts look like when I say, "I can't ignore a divergence like this".

So far, I think MCP is likely to make that head fake move.

You can set a price alert for a move below $5.25, usually the more extreme looking they are, the more useful they are as a failed move creates a fast move to the opposite side.

Being it looks like a "W" base, this is also a very high probability for that and larger double bottoms, in direct contradiction to everything technical analysis has taught about the price pattern for nearly a century, that's because it's predictable, I know what traders will do so the guy sitting there with the entire book in front of him with all of the stop orders, limits, etc. knows even better.

I think the intermediate/long term charts make MCP a winner no matter what, this is a question of deploying dry powder at the right time and getting the best entry we can.

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