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Daily vs Weekly charts

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davkell View Drop Down
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Joined: 01 Dec 2004
Location: Australia
Posts: 47
Post Options Post Options   Quote davkell Quote  Post ReplyReply Direct Link To This Post 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."
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Art Vandelay View Drop Down
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Joined: 13 Jan 2005
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Post Options Post Options   Quote Art Vandelay Quote  Post ReplyReply Direct Link To This Post 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?
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