Determining the Trend ??

As I under one determines the Trend by looking at the daily charts??? Is this thought process correct?


Thanks

Fdisk

Here's one to remember: "The trend is relative."

Thank you Mr. Einstein, now what the hell does that mean?

If you trade the dailys regularly, you would look at the weekly and monthly charts to determine the overall trend.
If you're an hourly chart kinda guy, you could utilize the dailys to determine the trend. Going all the way out to the weeklys would have no more effect on your position entry.
You need to remain relative to the chart you are trading.
I normally observe and plot the trend on the dailys and use that for the hourly down to the 15. For a greater trend observation, I normally watch the Forex reports because I am lazy by nature and I have a few people that I admire in the charting dept. and I feel do an outstanding job.
If you were just a 5 minute trader, what would be the purpose of observing the weekly charts? Really, none. Your little ecosystem is contained within the 5 minute spectrum and doesn't need to observe the large overall globe of trends. Your main concern would be with what is going to occur within a relative time frame that may or may not affect the position I am in or thinking about entering.

Now, others may disagree with me; and that is to be expected. But trust me, Buddha knows Forex! LOL.

i have daytraded off of 5 min charts in every market you can name for many years and this is exactly correct unless you are the kind of daytrader who is looking for one or two trades a day instead of 10 to 12 like most daytraders. if you are the 10 to 12 kind of trader you really dont care, you want in and out. if you are the 1 or 2 kind you would do well to still stay with the 60 min or daily trend. but the buddha as usual is correct unless you are like me and look for quality instead of quantity when daytrading. oh, and thanks for the compliment mudd, your alright yourself. one thing about mudd is he lets it all hang out, like they say if you can do it then it aint braggin. jim

D'nada

thanks. very useful discussion.