stockstudent et all
Was hard on myself because I put it on ****BIPH**** alert. I take great pride in getting those calls right.
Anyway, stockstudent, looking back:
I wouldn't have fallen in love with the stock. Target price and breakout was premature. I gave the breakout at 2.50 thinking that it would quickly get to $3, consolidate, and then go. When really the breakout was at $3. I knew this, but thought with all that was going on that the chain of events on the chart would go as I figured.
I fell in love and disregarded some key technical events. The day of the deal, we put in an indecision, followed by bearish engufling candle. I sold a very nice chunk that day(I was 100% in), but if I wasn't in love, I would of gotten ALL out. I bought the panic low after that. Then, we had another topping candle on the meeting day. high volume, start looking indecision pattern. Again, should be all out on that day. Then, we had the gap and trap day, which I did take advantage of.
So, I just could of traded it much better had I not been in love and listened to all the information(deals, amex, patents, etc.) that really means nothing to me. I care about the chart, because that is the people acting with their money, and I follow them, not the fundamentals.
The big mistake was taking information and projecting it into the chart for that 2.50 break. Should or reserved the price targets for a break of 3.00, on good volume, without a bad topping candle.
Now, BIPH is on the verge of collapse, we'll see if they can save it this week.
PS:volume was low on the right side of this cup, another bad sign that should have been taken higher note of. Volume should have been double what it was.
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