Anyone here trade using the Daily Chart. I don't mean using it for Analysis, but actually using the Daily Chart for Trading decisions. Other than Stocks, or other things in a bullish market, you're risking being too late aren't you, thus the 4 or 1 hour is more appropriate?
For position trader with time horizon from weeks to months, daily chart is fine. It's not possible to hit to top or bottom even with intraday chart.
yes, for large position good name trading, i use daily chart and macd, golden corss etc, as simple as that.
Ummm…. I used to daytrade using 360 minutes. Also - use a Weekly for trend. Longer timeframes are an advantage IMO. I wish everyone good fortune!
The beauty of the Daily chart is the information it gives, particularly Volume analysis. 4 hour OK. 1 hour getting a bit too pure PA but still useful. Under 1 hour and pure PA which seems to be fraught with dangers as a lot of the ES Traders here show.
It depends on whether you are a HFT, day, swing, or position trader. The following is just an approximation. HFT trading use ??? chart (or none) hold a position for a few secs/minutes about ??? good signals every day day trading use 5 mins chart hold a position for a few minutes/hours about 3 good signals every week swing trading use 1 or 4 hours chart hold a position for a few days / weeks about 1 good signal every month position trading use daily chart hold a position for a few years / decades about 1 good signal every year/decade Whatever it is, it doesn't mean position trader is meant for lazy people. It doesn't mean those who cannot concentrate for many hours should become a position trader. ________________________
Those last two don't seem quite right... I've used daily charts for swing trades lasting from a couple of days to a week or so for many years. I would have suggested: swing trading use 4 hours or daily chart hold a position for a few days / weeks... position trading use daily or weekly chart hold a position for a few years / decades.
I mentioned it was an approximation as it depends on which products (stocks, commodities, index futures, bonds, currencies, food, energy, ....) you are trading.