Trade Idea: MCP Long Update

I just followed up on the MCP post of the 4th with another on the 7th that you can see here....

What we were looking for in MCP was a lateral reversal process and the positive divegrence to confirm that, it looks like we are in pretty darn good shape if you like MCP as a long position. MCP does have some market drift (follows the market directionally as most stocks do), but it is a strong contender for a long term log position and this pullback is a gift for anyone who wants to add to it or maybe start a new position.

The bottom line is as of the 4th it looked like MCP was going to start a lateral process, as of the 7th we were correct and it had, now it looks pretty darn mature, the only thing that's missing is a good head fake move as we do have a very defined area of support.

In any case I'm going to bring MCP back up to a full size long equity position, here are the charts and it should be clear as to why. If you are interested in what we saw as early as the 4th before price gave any hint or why this was a trade that "Came to us" on our terms, check out the two updates above.

 Remember the updates were the 4th in which we expected a lateral process or reversal process to begin, 3C gave signals before price ever started that process. By the 7th's update we were moving sideways and building the divergence needed as you can see above on the  3 min chart.

However I wouldn't have a full size long based on a 3 min chart alone as we have been talking about all week with the market and it's lack of strong timeframe positives.

Here's a 5 min chart which is kind of the minimum that must be positive for me to consider a long and it is leading big time.

Beyond that, as the process unfolded...

The 15 min chart has a clear leading positive 3C divegrence, you also see the flat support level that is ripe for a head fake move, but with these positives it should be a head fake and I don't mind if it comes, I would rather be back in this position that is a long term base and a long term favorite.

This is the 60 min, we have stronger timeframes than even this so I do like MCP a lot regardless of what the market does. I'll be filling out the long EQUITY position, no leverage.