boris shalomov 0 Posted June 14, 2018 Hey Guys I am still learning on how to trade... Why do professional day traders Look at daily charts? What are they looking at, how are they identifying what they are looking at? Can someone show some examples please thank you Share this post Link to post Share on other sites
Aiman 86 Posted June 17, 2018 On 6/14/2018 at 5:45 AM, boris shalomov said: Hey Guys I am still learning on how to trade... Why do professional day traders Look at daily charts? What are they looking at, how are they identifying what they are looking at? Can someone show some examples please thank you I'm still learning as well, I'll tell you what I believe is true, hopefully someone corrects me if I'm mistaken A daily chart is very important to find support and resistances, I believe you know what support and resistance is. If you use Andrews DAS setting you already have some levels for support and resistance which is yesterdays low and high and two days ago low and high. Then you can set to more levels which are pre market high and low. Now let's go to the daily chart, first supports and resistances you can take are the moving averages on daily charts especially if they're close to the current price action because the stock is highly reaching it and you can make that level you target for short or long. Secondly, let's say the stock is moving between 7-9$, and you need to find supports and resistances in that area or maybe above it or below it, you'll go through the daily chart searching for the period the stock was trading between that range or above it or a bit below it, find a level at which the stock bounced from, and mark it as a support or resistance to use it as your target later maybe. Traders also look at daily charts to know if the stock was a former runner, if the stock was a former runner, it means it has the possibility to run again if it gets the volume or news! It's also good to know if the stock in all times high or not, and if the stock is trending up or down for the past few days weeks or a period of time. 1 Share this post Link to post Share on other sites
Robert H 453 Posted June 17, 2018 Aiman is correct. Here is an answer I provided to another member: Quote Daily charts are useful for us since other market participants (day traders, swing traders, institutions, hedge funds, etc.) look at levels from the past. As day traders, we are interested in the support/resistance levels where the price bounces or is tested on multiple occasions. Check out Class 2 where Andrew explains this. 1 Share this post Link to post Share on other sites
bmanescu 1 Posted August 8, 2018 Hello everyone, I’m at the begging of this road too, so, sorry asking simple/stupid questions. Thinking of all 3 charts, 1 min, 5 min, 15 min and daily. On the daily chart I understand we look for support resistance levels and pick one (out of many) that is the closest to the price in action. what elements, specificaly you look on each chart when analyzing it so you can recognize a tradable pattern. What exactly I should pay attention on 1min, 5min , daily charts ? Thank you. Share this post Link to post Share on other sites
bmanescu 1 Posted August 8, 2018 I’m thinking each chart should confirm another chart .. my confusion is on which chart am I looking for a pattern ? 5 min and use 1 min as a confirmation ? thanks 1 Share this post Link to post Share on other sites
