No. Because of the way candlestick are formed, the time frame is arbitrary relative to price action. As such, a 2.5 hour candle might be "significant" one day and not another. In general you are looking for a granularity that will show the S/R regardless of the time frame. Anything over 15 minutes is going to cover up significant action that is relevant. I.e what you want to do is start with smaller time frames, and then build up the larger time frames in "your minds eye" to id the significant S/R. Don't chase timeframe=key indicators. That is not how candlestick are intended to be used.
"the time frame is arbitrary relative to price action" brilliant statement unfortunate few get it, probably the most significant truth for today's trading.
4 hours vs daily is not such a significant departure if you're comparing something traded just during just regular hours, but is a much more significant aberration if you're comparing it to a 23-hour-a-day future. That said, it totally depends on what you're doing and if your signals are based on respective relationships of movement over time, or some other criteria.
Full time day trader for the past 10yrs. I use 5min charts for the most part. Use TC2000 for my scanning and even trade through it with an API (Interactive Brokers) Percentage points and volume are what im watching mostly. For my system it works well. Trading is simple, but simple does not mean easy I dont use "levels". Has to be a set up for entry.
There are always % movers to be found if you are looking for them.... this is one of the scans i use intraday and what it shows from market close. When i hear crypto kiddies talk about stock traders not being able to handle volatility i laugh...
I just do futures now but spent many years trading low priced stocks like that because there was so much extreme volatility in many of them on any given day.
i generally don't trade the lower priced symbols, but if they are moving and there is a setup,..i can go for a ride
Here is a great example of what some of the "cheap" guys can do from time to time. I'm all about momentum.
FNGR is an outlier. Same as HKD Went into HKD at 50 but sold way too early. I missed FNGR. Looking for the next one .. Are you mainly shorting ? Or longing Momentum ? Found it tough to chase right from the open. Sometimes there is some follow through But 95% of the time the stock stall. Or worse … reverses. Looking for a setup on MANU lol I remember SYSX went up 800% intraday OTC stock trading 26M dollar that day. April 14th 2022 Some nice plays there and there, But some nasty ones also.
I long momentum and short the same when i see momentum failing on same symbols. On the strong momentum pops. Shorts work great on the fast run-ups like FNGR. On the days i have boxed in blue, that was a 40% drop in 2 days. Again, i scan for these guys. Volume based scans. And yes FNGR is certainly an outlier, however they happen more often than you would think.