Daily vs. Weekly Chart Reading

[Dasein]

Hasn't been a question on the TA board for a while.

Anyone want to talk me (and other learners) through how you read weekly and daily charts interesting? How/when to use each? Things to watch for (or watch out for)?

This is motivated by one of doc's posts on another site regarding SAPX and not selling too early based on the daily chart.

Thanks in advance.

[kourtvizion]

Awesome idea, I would also like to know.  Someone please educate us.

[Dr PennyStock]

It's very easy, I read the daily and weekly charts the same way, but, the difference is that the weekly chart gives me the whole picture, on the SAPX case, the daily chart points to a short run on the short term, possibly to .67, but, the weekly chart points to a much bigger run, to 1.00 - 1.50, on a spike or on a run to .67, then a pullback to .48, to give chance to the RSI on the daily chart pull back to 50, and, then a run to 1.00 - 1.50.

So the weekly chart shows that a run to 1.00 - 1.50 is possible, when the daily shows me that only .67 is possible, I will play the weekly chart, it means I will wait for a spike(1 - 3 days), or a run(1 - 2 weeks), and, sell above 1.00.

[Dasein]

Thanks doc, I assume that sapx is a great example of the use of weekly and daily charts currently. On another site (ihub of course) people are saying the sky is falling based on the daily, the weekly tells a bigger story.

[Dr PennyStock]

Exactly, but even on the daily chart, all is ok, what the stock is doing, is pulling back to test the MA50 as support, and, gaining room to run further on the RSI.

[cyburfer]

    Ok.. I'm feeling a little "thicker than normal" on the RSI thing.. When I change the charts to view daily or weekly or even say just daily on different time frames I (of course) am getting different RSI values, which I understand that the time frames will project differently with the different variables due to the math, but... Is there any one time frame that I should be concentrating on to correctly project the RSI or should this be relative to the price action in any certain period of time, say focused on news, volume, or any share structure changes, etc. etc...
    Wow, I hope I asked this coherently     TIA  Cy...

[Dr PennyStock]

    Ok.. I'm feeling a little "thicker than normal" on the RSI thing.. When I change the charts to view daily or weekly or even say just daily on different time frames I (of course) am getting different RSI values, which I understand that the time frames will project differently with the different variables due to the math, but... Is there any one time frame that I should be concentrating on to correctly project the RSI or should this be relative to the price action in any certain period of time, say focused on news, volume, or any share structure changes, etc. etc...
    Wow, I hope I asked this coherently     TIA  Cy...

Just concentrate on the daily and weekly charts, using the "Fill the Chart" Range on the stockcharts.com web site, these two are the important.