Daily vs Weekly charts

   Daily charts are usually used for trading cycles that are profitable in days to weeks, whereas Weekly charts are used to enter trades that last weeks to months. Alexander Elder explains the difference quite well, essentially there are 3 cycles: tides, waves and ripples. Tides can be seen to be the weekly trend, waves the daily trend and ripples the intraday trends.  Quote: "....traders should trade in the direction of the market tide and take advantage of the waves but ignore the ripples."
You need to determine what type of trader you are or what type of trades you wish to perform. This is determined by your risk profile, available capital, ability and time available. 
Don't trade until you know the difference between Weekly & Daily charts, and if you haven't read Alexander Elder's books then, they are worth the investment.
Cheers.

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davkell Members Profile Send Private Message Find Members Posts Add to Buddy List Regular Joined: 01 Dec 2004 Location: Australia Posts: 47	Post Options Post Reply Quote davkell Report Post Quote Reply Topic: Daily vs Weekly charts Posted: 31 Mar 2005 at 11:47pm
	Daily charts are usually used for trading cycles that are profitable in days to weeks, whereas Weekly charts are used to enter trades that last weeks to months. Alexander Elder explains the difference quite well, essentially there are 3 cycles: tides, waves and ripples. Tides can be seen to be the weekly trend, waves the daily trend and ripples the intraday trends. Quote: "....traders should trade in the direction of the market tide and take advantage of the waves but ignore the ripples." You need to determine what type of trader you are or what type of trades you wish to perform. This is determined by your risk profile, available capital, ability and time available. Don't trade until you know the difference between Weekly & Daily charts, and if you haven't read Alexander Elder's books then, they are worth the investment. Cheers.
	"Trade Your Way To Financial Freedom."

Art Vandelay Members Profile Send Private Message Find Members Posts Add to Buddy List Newbie Joined: 13 Jan 2005 Posts: 6	Post Options Post Reply Quote Art Vandelay Report Post Quote Reply Posted: 30 Mar 2005 at 8:21am
	Can someone please give me their opinion on the above. I have a chart template which I am happy with in terms of the parameters. My only difficulty is whether I should run it with daily or weekly data. They both give very different outcomes. Would daily be relevant for very short term traders and weekly for longer term?