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Re: Daily Charts Are Meaningless...
Dog,
In context of an active day-trading setup, I agree 100%. This was part of the discussion I was having with BlowFish in another thread. I agree with you completely b/c you hit the nail on the head - you could get a bearish 'feel' from the daily, pass on all long trades, and depending on how you trade, those could be very profitable trades.
Obviously as a swing trader, the daily/weekly, etc. are incredibly important. But as a day trader (one who does not hold positions overnight), I think the daily, weekly, etc. are useless. And the main reason is that throughout the day, there's plenty of opportunities to go short or long and to eliminate those b/c of a bias you have off the daily does not work for me.
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