A dick with its shaft pulled back to the point in which the head of the penis is pointing downards a little. This is formally known as a "mon". Hence "Mon-Cock".
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Direct translation from the french phrase: "Chicken my Rooser"
However, if not totally understood by an individual, it can literally mean what it sounds like.
Boy: M'am, can you poulet mon cock?
Lady: WHAT?!
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When the shaft of the penis is pulled towards the stomach to a point in which the penis head points downwards (Formally known as a "mon"). Hence "Mon-cock"