Does anyone look at the daily chart for day trading?

#1
Does anyone here look at the daily chart for day trading purposes to find the overall daily or weekly trend? How can I use the daily chart effectively for day trading? How can I use the daily chart to decide whether next day's trade has to be long or short? Is it advisable?
 

sanju005ind

Investor, Option Writer
#2
Does anyone here look at the daily chart for day trading purposes to find the overall daily or weekly trend? How can I use the daily chart effectively for day trading? How can I use the daily chart to decide whether next day's trade has to be long or short? Is it advisable?
Please post your questions in existing active threads instead of creating new threads for each question.
 

sanju005ind

Investor, Option Writer
#3
Yes. Daily charts are essential in planning your intraday trades. You have to use the support /resistance from daily. Higher TF sup/res are more stronger. If you are not Aware of the higher tf sup/res then intraday you might be hitting the wall and then you may not understand why the price has stalled. There are multiple ways of looking for daily charts one example would be the range expansion like NR4 and NR7.
 

doss186

Well-Known Member
#4
I prefer to get daily info on tick chart. The first candle of 1 min chart gives great clarity of daily movement. Just plot first candle high and low. If a stock trading above first candle high after 10am bullish move is confirmed vice Versa if a stock is trading below low of first candle bearish move is confirmed.