Even though frequently i have been discussing using extended time frame up to monthly time frame but what matters the most for daily traders is actually up to daily time frames only. Why so? it is simply because we want to trade within that one day period only and tomorrow will be another matter. Unless you are willing to suffer on the rollover charges for at least one week period then it is ok just to leave your open positions to float within a week period.
However i believe nobody want to have that kind of losses especially for rollover charges which we know it deliberately. Therefore our job should be trying to avoid that to happens strictly by whatever means and by doing that our concerns of time frame trading is starting from 5 minutes up to daily only. Anything more than just a guide for us to look at the big picture of the market so that we know the overall directions.
I hope this will becomes a reminder for every traders especially novice out there not too obsess with the weekly and monthly time frames. It is because practically within daily trading it is not applicable at all. This will keep your focus within the range of 5 minutes up to daily time frames in order to get a sharper perspective on the daily market movement.
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