Daily charts are usually used for trading cycles that are profitable in days to weeks, whereas Weekly charts are used to enter trades that last weeks to months. Alexander Elder explains the difference quite well, essentially there are 3 cycles: tides, waves and ripples. Tides can be seen to be the weekly trend, waves the daily trend and ripples the intraday trends.  Quote: "....traders should trade in the direction of the market tide and take advantage of the waves but ignore the ripples."

You need to determine what type of trader you are or what type of trades you wish to perform. This is determined by your risk profile, available capital, ability and time available.

Don't trade until you know the difference between Weekly & Daily charts, and if you haven't read Alexander Elder's books then, they are worth the investment.

Cheers.