I might not win anything in this trade but I likely won't lose anything either. It would have to gap down in order for me to lose using this strategy.
Monday, April 13, 2015
[MCP] update
In the backlink I suggested that MCP's chart was beginning to look motive as expected. Since then it peaked in the 63 cent range and then fell back to around the 50 fib. I would like to see it finish closing the gap per the red model below and then if it does I will add to my current position. If I do that, stops will be set to $.43 which is just below the 61.8% fib. If it falls lower than that on what I am modeling to be part of a motive upward 3rd or C wave then I will begin to worry that my count is wrong. In that case I will still exit the trade with a small profit given that I got in at .36 and the additional position will only be a double of my current position.
I might not win anything in this trade but I likely won't lose anything either. It would have to gap down in order for me to lose using this strategy.
I might not win anything in this trade but I likely won't lose anything either. It would have to gap down in order for me to lose using this strategy.
Very nice call on MCP, captain. I followed you with MCP and profited 4k today.
ReplyDeleteCongrats Anon. We can expect continued volatility here but I think this thing is loaded to the gills with short sellers who got caught short on the Siemens news. See recent post for latest analysis and stop loss level. Until we see 5 waves up off the bottom, this can still be some kind of 3 wave retracement. Doubtful IMO but we should not dismiss that as a possibility until we see 5 waves up.
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