Are intraday charts essential to position traders?

Discussion in 'Strategy Development' started by elitetradesman, Apr 30, 2011.

  1. My understanding is that many investors do not look at intraday charts because they mostly look at the market close.

    What about postion traders? Do they need intraday charts?

    Also, can I assume that swing traders must have intraday charts?
  2. Useless.

    If you are a position trader you study daily and above.

    However, my definition of position trader is very different from swing trader.

    Crazy A
  3. Visaria


    Disagree, intraday charts can be of great value to those taking positions.
  4. I only know a handful of position traders and none of them use intraday charts for their trade decisions. Yet, that doesn't imply position traders I don't know aren't going to be using intraday charts to make trade decisions.

  5. i poition trade,
    its not of big importance, but i do have the 60/5 on my screen to pinpoint
  6. lindq


    Put up a candle chart of any symbol that you trade in a daily timeframe. Look inside the bar and ask yourself it your entry would have been better if done during the daily market action.

    If the answer is yes - and in most cases it will be - then you know the value of monitoring intraday.

    Daily/weekly bars are fine for defining setups. But when it comes down to a specific entry point, intraday periodicities often give you a big edge in becoming profitable.
  7. Stop looking at charts if you want to make money. Get one of those old quote monitors and study the tape. Charts are for losers.