Just to prove I don't only talk about winning trades - IPH was a loss. I bought in because I felt IPH was making a pattern where a break above $8.20 gave a target of $9.11. In hindsight I should have thought about this a bit more because price was making an rising flag pattern - and price usually falls down out of a rising flag. The other mistake was one I tell charting students is the biggest mistake most make- not standing back and looking at the big picture being the entire chart history. In IPH's case it would seem that price was probably on Elliott Wave B - also known as a sucker rise, because it does't make a new high before falling very significantly lower into Wave C and the end of the current price cycle. Anyway, had I been quick enough I could have still made a profit by getting out on the bearish engullfing weekly candle at the top of the price action. That Shooting Star candle briefly peaked (too briefly for me to catch it) before crashing down out of the pattern and taking my stop loss with it (as reversal patterns tend to do!).

IPH 27Aug2020


Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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