Well, if you really want to be a trading fool, weekly charts are pretty long. I use them to make sure what the primary trend is, but when I want to tighten stops or actually sell, shorter term charts are necessary. Daily charts are necessary to find the trading channel to buy at the bottom or short at the top of that channel. Do you follow the Chief's Traders Hideout thread at all. They all use 5 minute real time charts!
Regarding the kangaroo tails, have you read Dr. Elder's book Trading for a Living? Murphy may have written the definitive book on Technical Analysis, but it's tough slogging, whereas Elder's is much easier to read and includes sections on money management as well as his own insights with regard to the psychology of the markets.
Waaaay past my bedtime.
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