MCP Getting There (Long Trade)

We've been paying a lot of attention to MCP today not just because it has changed character and the pullback seems to be ending and a basing/reversal process is being put in and not just because I like this one long term, MCP has enormous potential as a long and there aren't many of those left, I like to theoretically have a portfolio that is leaning short with 75% shorts and 10-25% longs, maybe some cash, but I prefer not having all my eggs in one basket.

Earlier I showed a lot of very strong signals from 15-60 minutes that were added to today alone. I also showed an ascending triangle that I thought was coincidental and a 2 min negative suggesting that the base/reversal area become stronger, it appears that's exactly what is happening so I suspect MCP will be a long position within the next day so you may want to consider that if you like it and maybe need some room.

 This is MCP pulling out of the pullback channel, that ascending triangle that is out of place and transitory or coincidental as it looks like a move to the white trendline is probable, a head fake move at the yellow area is possible, but the bigger picture should be the next leg higher for MCP as it competes this pullback in a very healthy way (I won't repost the strong charts, I have posted them several times today).

 The 2 min negative which isn't a big deal as far as distribution, especially when the 60 min chart gained on the upside in half a day today, but does suggest the wider foot print on this reversal process, really a nice looking set up.

The fastest chart, 1 min shows that in to the intraday pullback that the 2 min chart called, there's accumulation of the pullback which means that it is building that stronger foot step as suspected and hoped for.

I'm likely going to take an oversized trading position on this one once its ready, maybe even additional calls if there's a head fake move that reduces call premiums.

I'd set price alerts for a move to the recent intraday lows, that's where we'll be looking at a possible entry or an eventual entry.