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?
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
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. Mark
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.
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.