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Why your reluctance to trade the higher time frames? This thread started out with only look at the daily when starting out and the smaller time frames were considered (as usual) more dangerous trades? - willsucceed
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I'm not reluctant to use higher timeframes. - Maurizio
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Sorry guys, I didn't get my point across properly. Of course I trade higher timeframes. I was talking about the higher timeframes only with regard to that particular day, and Maurizio has covered why.
Actually, I tried to make what I think is an important point a couple of posts ago. I feel it is unwise to think of different timeframes as being separate entities, or arenas in which to trade. There is one market. This market is continuous and fluid. Any one price movement, for example, will be reflected across ALL timeframes. I personally feel that it is important to watch different dimeframes for every trade, and my approach to doing this is outlined below.
-Benjimang