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We look at weekly charts for clues

Some people have not looked at weekly charts ever in there life. Yet the importance of it is second only to group charts.

Weekly charts help you to get in at the better time, not to soon... many times the stock goes up and falls back quite a few times before it takes off or breaks out of the trend, so we want a little more assurance thats why we are patient !and the weekly chart is for longer term trading and thats what we want, we want the long trending stocks, so once the stock crosses the weekly trend line, we want in on that stock.

This is a usg weekly chart... Look at the trend line 2-8-06. This was at $120.00 then dropped to $45.00 now its ready ! did you look at the group first ?



I like to add one indicator on the weekly charts for further confirmation, lets see it now! look at the pink line as it crosses the blue line... about one week before the stock moves up.



We look at weekly charts once we find a good group, and then we found a stock or two in that group, we want to make sure its not just moving up on the daily charts, whip-sawing back and forth, we want a real trend change so sometimes we have to wait until the weekly chart looks good. Once the weekly looks good we then go to the daily chart for entry points.

All looks good right ? wrong ! this is a laggard in the group some of the other stocks was going up a lot sooner and moved much more than this one, we also need to do some fundamentals before we trade to make sure earnings were increasing because earnings is one of the most important factors for stock movements. Also we want the sales to be increasing as well each quarter, thats called ramping up.