Blog Post: Day 7 of $QQQ short term up-trend; $ELF, a great example of a successful GLB, see weekly and monthly charts and how the daily chart might scare one out of an advancing stock


On a weekly chart one can see how nicely ELF has behaved since its GLB last August. It only closed below its 10 week average (blue dotted line) twice. The monthly chart shows why I drew the green line where I did. How many of us would wait 7 months for our stock to double? Most of us would become impatient, especially if we focused on the daily chart shown below.

The daily chart shows how one might have been shaken out of ELF multiple times, especially in January. I try to always check out the weekly chart before selling.