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I might have to read the book. I’m trying to wrap my head around how a weekly bar that updates on a daily basis provides an advantage over using the daily timeframe? The advantage of using a weekly chart is that it adds a time delay which reduces noise. You might get a breakout of price on Tuesday which is an entry signal, but on a weekly system that bar has to close as a breakout on Friday to be valid. If you are trading on a rolling 5-day window, won’t you just get your buy signal on the Tuesday, same as a daily system? Maybe it just doesn’t make sense because I’m using something simple like a breakout in price.

It would allow you to use indicators designed for a weekly timeframe, but trigger entries on a daily timeframe. But with a chart where the bars change from day to day I imagine you’d have a problem with certain indicators repainting (unless you rewrote them to somehow account for it). Again, would it be better to use a daily timeframe with indicators set with a larger lookback to mimic their weekly equivalent?

Come to think of it, using a weekly timeframe is just a pretty lazy way of adding delay to daily data isn’t it? If you really wanted a time delay to reduce noise, you’d run a daily system and program in a delay (price must still be above the breakout level x days after the initial breakout). Weekly systems are inconsistent in that if the breakout happens on Monday, you need to wait until Friday for confirmation. But if the breakout happens on Friday, you have no delay on your signal at all.