Trading the Daily Chart

[Darc]

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?

 

[Peter8519]

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.

 

[mervyn]

yes, for large position good name trading, i use daily chart and macd, golden corss etc, as simple as that.

 

[bone]

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!

 

[formikatrading]

Depends on how long you're looking to hold

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?

 

[Darc]

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.

 

[getthatintoya]

Why not eliminate time altogether and look at range charts.

 

[maxinger]

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?

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.




________________________

 

[Slope Trader]

It depends on whether you are a
HFT, day, swing, or position trader...

swing trading
use 1 or 4 hours chart
hold a position for a few days / weeks...

position trading
use daily chart
hold a position for a few years / decades...

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.

 

[maxinger]

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.