The first group focuses solely on the individual price chart because it believes that all market influences lie hidden in the candlesticks of that single view. The second group doesn't have quite so much faith in simple price patterns. It contends that market prediction ties together many unrelated forces, and that their ultimate success or failure depends on how these primary influences dominate the overall trend during the specific times that their trades are held. All in all, this second group has a much firmer grip on trading reality. Most times, market direction is only as strong as the leadership that guides it.
Individual stocks tend to follow the leader even if their chart patterns carry a contrary bias.
We tend to migrate toward the single chart theory because it makes our trade preparation a lot easier. We also recognize that trying to interpret cross-markets isn't child's play. It takes a lot of skill to sort out all of the different forces, how they interact, and which ones will take control at any given point in time. After All Traders must digest a vast amount of cross-market information to reach simple conclusions about opportunity and risk. The first thing you need to do is determine whether local or world conditions will more likely guide the short-term price action.