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Just playing devils advocate but to a trader with a 'monthly' perspective the daily S/R might 'translate into nothing' (or if not nothing, less than they are interested in).
Similarly a more hyper active trader (a 'scalper' if you will) might focus on nailing 'hourly' S/R rather than 'daily' S/R.
(I appreciate 'hourly', 'monthly' and 'daily' are artificial constructs)
There is an important lesson here though (well at least I think so) and that is knowing what your focus is. I fully agree that markets don't trade in nice discrete 5 minute, hourly, daily, weekly, chunks. However, it is convenient when you are trying to decide what size moves you are trying to capture to consider a suitable time frame to focus on. A 50 point ES move will take longer to develop than a 5 point move regardless of the bar size you use to monitor it. Put another way if you want to make roughly 5 points on a trade that will dictate the 'time frame' to focus on, this will tend to suggest suitable charts to use. In this case time frame is not the same as chart time frame it is the scope of the trade.
A wise man ( DB someone or other  ) once said the chart is just a map not the territory. Having a suitably scaled map for the journey makes navigation easier. |
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On the other hand, however many points one "wants to make" have nothing to do with the number of points that are available, which is a chief reason why so many traders cut their profits short.
As to artificiality, daily, weekly, monthly are not necessarily artificial since there is in fact a literal close (at least with regard to stocks). Intraday, however, is a different proposition since there is no close during the day (this is what is fundamentally illogical about applying
VSA to an intraday timeframe).
In any case, what is support or resistance on a weekly will also show on a daily, as well as intraday, which is a convenient means of determining what is "important" S/R and what is trivial.