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I stopped using daily charts a while back and must say -- its been a really nice adjustment.
In a nutshell, daily charts give you a bias that you just shouldn't have.
Admittedly, I do use info from the last 2-4 days but for that I do not need a daily chart -- I can use 15, 30, 60 and 120-mins charts just fine to get the pertinent information.
I think there is some use in weekly charts -- but daily charts have been rendered meaningless by too many people using them --- just my opinion ---discussion/agreement/disagreement welcome...
Set yourself free and don't even look at a daily chart. |
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Huh? In another thread, you mentioned that you use the
Taylor Technique for your daily bias, but you don't use a daily chart? I think a daily chart and
Taylor go hand-in-hand.
Personally, I rely on the daily chart for "bigger picture" stuff - to identify balance areas and other key levels that higher timeframe traders/investors may be looking at (especially confluence areas where levels from the daily and intraday charts line up). It's when multiple timeframes come together that you get really dynamic moves. I also examine the weekly and monthly charts, but they aren't as granular as the daily chart.