MCP Long (Equity) Follow Up

Truth be told, I'm probably being very myopic about this second half of the MCP position, I just figure if it comes to you then it's pretty hard to say no, if it doesn't, there's always another bus around the corner. I suppose that's somewhat subjective as far as upside expectations go or portfolio components and diversification.

Here's what we have...

 On a daily chart the last two days (today incl.) look like a bullish Harami reversal to the upside, today's daily volume is a bit lower than I'd like for that kind of a candlestick formation. One of the confirmation candles for a Bullish  Harami would be a Bullish Engulfing candle, for that we'd NEED a gap down tomorrow morning so it can engulf today's candle, that could be the move I was hoping to see today.

 I have the Trend Channel set REALLY tight, you can see to the left where the short/buy to cover signal would be and the current long and stop just below, the stop is on a closing basis, not intraday. This channel is WAY TOO tight for a reasonable trade, but I used it just because MCP's character in this area has fit well. If MCP were to drop below this Channel it wouldn't bother me, I'm just looking at it more from an entry perspective.

The more I look at the Harami set up, the more I'm biased toward just taking action on MCP.

 The 30 min chart looks great, I think the fractal "X" bottoms may be influencing my expectations (always try to be honest with yourself), we have a big one that formed the most recent base, after the pullback a smaller or mid size fractal of the same and today I suppose I was looking for the same with a move to yesterday's lows. Note today's 30 min chart is leading positive intraday (far right white box).

Intraday the 1 min chart isn't giving me a lot of reason to expect that pullback. The yellow arrow denotes a Tweezer candlestick bottom I just thought I'd point out.

The 2 min chart doesn't give me much reason to look for a pullback, in fact it has been growing stronger all day.

Only this 3 min chart has reason to expect a pullback, but since it has pulled back from the highs this morning, it's been leading positive.

This is a toss up, it depends on how bad you want it and where, I think it's fine where it is, you might get a little better entry, but overall, this is a great stock in my view and I'd want at least some exposure to it.