I'm huge on using multiple time frames for justifying positions in trades and also in how I manage them.
There are so many things that can be seen on the weekly but not on the daily, and items on the monthly charts that can't be seen on the weekly charts and vice versa.
As a result when trading, it is important to take into consideration AT LEAST the daily and weekly and monthly charts, so that you are aware of whether there are obstacles that could get in the way of you and your success on a given trade.
Take a look at Amaerican International Group (AIG). I actaully like what I see on this chart, - maybe not so much the week, but the monthly shows that if it can clear the $48 hurtle the stock will likey be breaking into a major expansionary mode.
Here's the setups on multiple time frames for AIG: