The concept is momentum trading or trending following strategy. It was very popular in the 70s and 80s. Richard Dennis, the prince of pit, his famous turtle trading methodology is also one of them. And many market wizards, like Ed Seykota and others, during that period also employed this concept.
Trending following strategy will work, but for a while. There is a season for it.
My idea behind weeklycharts.org is not to "get rich fast". It is to know the market. And to know who is trending now?
For example, I know that "Coinbase" and "Tesla" are trending now. Or Semiconductor, software and auto market is trending now. And it up to you to do your next step. Check it up, use fundamental strategy, or Darvas' box theory, or Richard Dennis' turtle strategy or any counter-trend strategy.