DislikedHi Phil,
it is amazing how well all the rules of this system apply to the daily graph.
Why don't we take in consideration the trend on that graph? For instance, the huge doji inside the channel on the 30th of october could have been considered a strong signal for going short the next day or am I wrong?
I understand that trading daily gives unacceptable risks in terms of stoplosses, but it can give a hint... What do you think?Ignored
Regardless of what timeframe you (we) trade it's always a good idea to check the next higher timeframe to get a handle on the longer term trend. You'll find over time that the daily and weekly support/resistance/channels etc. provide longer term profit targets or areas to cosider for price projections when the 4hr rhythm is strong. There's no harm in plotting those lines on the daily then changing your chart time back to the 4hr so those 'area' are visually there for you on the charts...