MCP Trade Set-Up

In yesterday's MCP update, MCP Update, Looks To Be Getting ready Again I had said,

"I'm looking at the near term charts that have led to some decent trades in MCP including a call trade on a head fake move which is what I'd like to see again to set up another call, as for the MCP equity long trading position, it's already at full-size from the last head fake move that broke under the psychological level of $2.50....Before each of the last two decent price moves there has been a shakeout of stops, the $2.50 level being the bigger and more important, so I may set some price alerts for a break below local support as a possible entry for a new call position....I'll be setting price alerts under local support in the areas of $2.73, $2.65, $2.63 and probably down to $2.50 and  $2.44 just in case, these are areas where I'd be interested in opening a new call position, if I weren't already fully loaded with an MCP equity long position, I'd consider using any move in those areas (as we have had a head fake before each of the last two moves, the last one not as significant as the first) to start or fill one out."

It looks like we weren't far off at all, I had some triggers earlier today and this is what we are looking at, which I think will set up a decent call position while the long equity position is still intact, but this may offer nice positioning for those who may be interested in MCP long or want to fill out a partial equity long position in addition to another call position that seems to be setting up.

Charts...

 As far as longer term MCP, here's the stage 1 base area.

This is today's 1 min chart, it did break local support as expected yesterday, this helps set up a decent call position at a discount as soon as the 1 min chart migrates to the 2 and 3 min charts so I assume we will be seeing a "Call trade" as well as equity long for those interested, within the next couple of days.

As for the 5 min chart, still incredibly strong which is one of the reasons I think MCP is close to a major move to the upside well beyond the trades of 6 and 12% on 1-day moves.

And the 15 min positive at the last head fake areas.

Just one to keep on the radar.