I did that, but even then it takes weeks if not months to get a good idea from my experience. Basically, my weight would vary by 2 pounds, but i was aiming at losing 1 pound per week, so it took at least 2 weeks before my progress wouldn't get lost in the noise.

I've also heard the argument it's worse for women because weight changes with the menstrual cycles, so then you really have to look at the very least one month of data.