Importance of Daily Charts

[justinstrommer9 18]

Ive been noticing more and more how important these daily charts are when day trading and looking for targets.  They are very reliable. Work like Magic like Andrew says.  Look at this example on MGM, I drew a level from 1 year ago and today it hit that level perfectly!  MAGIC my friends!

Use the daily charts to find confidence in the direction of your trade and how far it may go. 

 

 

[SpoTT Trader 35]

Hi Justin.  Want to support your post up above as I personally use daily charts to find support and resistance pockets.  Support and Resistance (pivots/consolidation areas) are one possible indicator for the trader to respect and monitor carefully.   

In addition to Support and Resistance zones I use daily trend lines everyday.  Once I short list my morning watch list, I take the time to map out the major ascending and descending support lines (connection major pivot points) to provide me additional information about where support and resistance pockets may be respected.  This can assist you in making decisions for your entries or exits on any time frame.

 

 

[Aiman 86]

That's why we've the premarket show! Those levels are really important in day trading!

[Robert H 455]

Decided to make a video on this topic. Enjoy!

 

[KurtLoeblich 101]

Daily charts make up the backbone of our trading strategies. Understanding what the daily chart provides you with proper entries and exits.  Knowing where support and resistance levels are can save you from taking a trade at the wrong time and help you maximize profits on another. Definitely take the time to understand them!

[SirPatrick 9]

18 hours ago, Robert H said:

Decided to make a video on this topic. Enjoy!

 

Awesome video, thanks for taking the time to make it.

[leilij 6]

for drawing support and resistance should we only look and draw it on the daily chart?