Disclaimer: anything you read below is my humble opinion, I do not claim to have been the original progenitor of any of these concepts, but just want to list the benefits of PA as I understand them (because I don't see a lot of PA specific material on this site and I do believe it is the best place to start as a trader) Why you should be trading the daily chart I once heard a trader refer to the daily chart as the Goldilocks of all charts (not too fast, not too slow - "it's just right"). But for the doubters out there, here are some of the many reasons why I agree with that statement. First of all, if you are a PA trader, you are very much involved with analyzing the candlesticks and what they are trying to tell you. The candlesticks of the smaller time frames hold less data about price movement and are more prone to whipping around with instability (noise). A signal you read on a one hour candlestick holds 1 hour worth of data and might precipitate a predictable move if you are lucky - but a signal from a daily candle holds 24 hours worth of data, and a signal from a daily candle is much more powerful and likely to "do as expected" than a one hour candle. Another thing that is easily appreciated about the daily chart is that it is easier to follow, if there is a trend present, etc. Look at a 15 minute chart, and you might just see hills and valleys, hills and valleys over and over again with no clear direction in sight, but zoom out to the daily chart and you see the perspective of price taking a short pause in a strong downward trend. This should give you a clearer idea of what should be coming next... When trading the daily chart, you really don't have to look at your trade more than once or twice a day. Which is a great time saver, trading doesn't have to consume your entire life. Some very successful traders just make their analysis, place their trade, and then leave it alone. But what I really appreciate about it is that when you aren't trading on the lower time frames, the overall number of trades you make should decrease dramatically (because daily trades move slower), and the amount of thought you put into each trade increases exponentially...this leads to decreased risk and increased success. Think about it this way, if you are making 30-50 trades a day on average, how much time are you really putting into each decision? And you are risking your (insert set amount of risk here) each trade, that's a lot of risk!