MCP Position Update

Our MCP March $5 Calls are up about +20% right now, usually with an impending market pull-back likely, I'd be taking the position off the table and looking for a new entry, but I think March is enough time and MCP has the ability to move on its own and away from the market's normal pull.

As far as a new entry in MCP long or new call positions, I'd prefer to wait, even though I don't want to see it pullback with the March calls, I also wouldn't want to chase it and buy here without some pullback.

 The long term looks fantastic for MCP, this is a 60 min leading positive divegrence of some size, the larger the base, the more of a move it can support.

Here at the 10 min is where I have some difficulty deciding whether to keep the March calls or close them, MCP equity longs will remain open for me, I have no reason to close positions that are meant for a long term trend over a possible pullback.

 The 5 min chart showing the last bit of accumulation before MCP launches and today we see some slight negative signals, but nothing leading negative like the SPY 5 min so I'm inclined to hold on to the March calls.

This is the 1 min chart which is slightly negative, but nothing that's concerning me too much.

Although I'd prefer using my X-Over System on daily charts only, sometimes with a new move you have to go to a 60 min chart.

Here you can see the confirmed short/sell signals to the left and the recent buy signals to the right. On a daily chart the first pullback after a new signal is to the yellow 10-day moving average, however on a 60 min chart it's not uncommon for a pullback to the 22-bar blue mooving average, if I were to add or open a new MCP long position, I'd want the concession of at least a slight pullback to the 60 min 22 bar moving average.

I'll be setting price alerts for the area in case it does so I'll know immediately and be able to make a decision based on how the charts look then. For now I'm leaving all MCP longs open (options and equity longs).