Is it better to read a daily or weekly chart for short term?

For short-term trading, it is generally better to read a daily chart rather than a weekly chart. Here are the reasons why:

1. Higher Time Resolution: A daily chart provides a higher time resolution, allowing you to see smaller price movements and short-term trends more clearly. This is essential for short-term trading, where you want to capture small price changes and market movements as they happen.
2. Faster Response to Market Changes: A daily chart offers a faster response to market changes. It allows you to quickly identify new trends, price patterns, and trading opportunities that may arise throughout the day. This is particularly important for day traders and short-term traders who want to be proactive in their trading decisions.
3. Multiple Time Frame Analysis: Using a combination of daily and shorter-term charts (e.g., 4-hour or 2-hour charts) can provide a more comprehensive view of the market, helping you confirm price trends and signals before entering a trade. This multi-time frame analysis is particularly useful for identifying short-term trends and patterns that may be obscured on a weekly or longer-term chart.
4. Intraday Trading: If you engage in intraday trading, a daily chart is a must-have. It allows you to monitor the market throughout the day and adapt your trading strategy accordingly. Without a daily chart, you risk missing important price movements and signals that can impact your trading decisions.

In conclusion, for short-term trading, a daily chart is preferable to a weekly chart due to its higher time resolution, faster response to market changes, and ability to support multi-time frame analysis.