I think Daily Charts should be traded by all. Whether you are a 9 to 5 worker or not. As stated above…simply waiting on the Daily Candle at the end of the US Session takes a lot of stress out of trading… mainly for 2 reasons…
Not necessary to spend hours analyzing the Market…which is necessary when trading the lower charts.
MOST Daily Chart Signals are Correct - Fewer False Signals compared to the Lower Charts that have more whiplashes.
As long as you know the overall direction of the market when using the Daily Candle formed…you have a much higher chance of success…
You can also capture a wider range of Pip moves from as low as 50 to 200 Pips depending on your preference because of how accurate these signals are.
Here is an example of a recent trade made on my Live Account that gave 65 Pips in just 16 Hours…I identified that the pair was likely to head back inside of its range setup and that a Bearish Signal was needed.
Once this signal was given as required, I simply entered with Stop Loss at the 4 H Downtrend Line and the Target set for Support.
CAD JPY TRADE SUMMARY
4 HOUR CHART
DAILY CHART RESULT
CAD JPY TRADE ANALYSIS
Much easier to spot market direction more accurately
Much more likely to use Strong Stop Loss Areas with Daily or 4 H to protect against temporary reversals.
NEVER watch your trade to avoid the temptation of interfering with your trades - a bad habit created by Day Trading which is hard to get rid off but necessary to avoid interfering with profitable trades.
Once your trade has a high probability of success…it will hit its target without iur help. This frees up your time to return to your 9 to 5 or other daily routine.
Just enter the trade and wait for the email from your platform indicating your successful result…