Here is just one example of why i would prefer Weekly S/R levels as stop loss rather than daily bars. In the first half of the chart i would use weekly resistance levels to place my stop/loss. On second half of the chart i would use weekly support levels to put my stop loss. I am sure you would save on stop losses. Afterall Feb likes discounted prices
I also prefer to use weekly PP and S/R as profit targets.
The moment price broke down thru one support level it went to the next. And in most cases it would rebound after hitting S3 due to oversold levels.
Also true for upside break. Moment it went up thru one resistance level it went to the next. And once it hits R3 it tends to rebound due to overbought levels.
It only failed 1 out of 9 attemps not to reach its next destination and that was due to bad news coming out of UK that saw gbp/usd fall.
I also prefer to use weekly PP and S/R as profit targets.
The moment price broke down thru one support level it went to the next. And in most cases it would rebound after hitting S3 due to oversold levels.
Also true for upside break. Moment it went up thru one resistance level it went to the next. And once it hits R3 it tends to rebound due to overbought levels.
It only failed 1 out of 9 attemps not to reach its next destination and that was due to bad news coming out of UK that saw gbp/usd fall.