Channels are excellent for identifying swing high and low turning points. I've tested them on various time frames, static volume charts, range charts and tick charts. The higher the time frame, the more accurate and reliable the turning point. 345 minute time frame for crude oil.
Use your calculator again, a daily chart is 23 hours or 1380 minutes for futures contracts. The chart posted is 345 minutes, which is considerably less. Each bar is 345 minutes, and not a daily chart. I think maybe the X axis might have confused you. I don't even look at daily charts anymore, and use the chart posted for swing trading to hold positions multiple days. There is value in using price channels for higher time frames, to the discerning trader.
They do on our screens when we draw them there, and/or construct our own charts in such a way as to facilitate drawing them. In other words they’re user-defined, not market-defined (like so much else that people use, not always quite understanding clearly the difference between the two). Personally, I’ve only ever found horizontal price-channels of value.
Maybe I’m deluded or naïve, but I like to think that some things (e.g. “yesterday’s high/low”) are actually objective, factual and verifiable.
Lol, maybe. Not so much if (for example) you take CME's definition of the "day," for futures-trading purposes.