Here is a list of 3 types of charts and their uses:
1. Monthly chart: signals big trend and help us maximize gains and keep most of our profits. The weakness of the monthly chart is in spotting a brutal pull-back or a new high in low volume. Nevertheless, we can use the monthly chart to track an industry leader on its long-term trajectory.
2. Weekly chart: signals important reversals in price. We can use the weekly chart to help us understand the status of supply vs. demand. Further, we can use the weekly chart to count bases.
3. Daily chart: signals a breakout’s price-and-volume action in great detail. However, the danger in reacting to the daily chart is taking profit too soon.