Yeah, daily+ low is just for the current day.
Daily+ extremes: Daily high/low, weekly high/low, Monthly high/low, Yearly high/low.
Following is a post from Mighty One. Kind of related to daily+ extremes (except entry/exit stuff):
It is so easy that I am tempted to drink twice as much beer...
Risk 1% of high water mark ( if you have less than $1,000 then $1,000 is your high water mark).
20 pips = 1%
Wait for a daily or greater new high/low
When price retraces 5 or more pips click the button with a 20 pip SL.
If it is just single day new highs N' lows then I'd target 3-5%
If it is multi day new highs N' lows then I'd target 5%+
Weekly new highs N' lows I'd target 12-20%
Monthly new highs N' lows I'd target ~30-40%
Yearly new highs N' lows I'd target ~75-130%
There is only 1 highest and 1 lowest price with a bunch of gyrations in between no matter which time frame candle you are looking at.
As TRO says, price eventually exhausts its self and moves in your direction.
The duration that you hold for is based on the time period you feel like trading.
Eventually you will more than make up your losses if you TRY to hold for 80 pips or more.
"...how do you know when price has hit a new daily high/low? It is easy to see in historical data but not easy to determine real time. If price starts going down starting a midnight and keeps going, technically every new candle is a new daily low."
If you missed the yearly highest then you would favor monthly highs over monthly lows.
If you missed the monthly highest then you would favor daily highs over daily lows.
If you missed the daily highest then you would favor 4hr highs over 4hr lows.
If you believe that the lows have reached a technically significant level then you could reverse this bias.
I pretty much just look at the Daily, Weekly, Monthly, & Yearly chart and say to myself:
1. This is my plan for accomplishing my short term goals
2. This is my plan for accomplishing any longer term goals
3. These are areas that I want to watch and see how price reacts because I may be interested in taking this chart back in the opposite direction.
It is just a lot of guessing mixed with a lot of doing...