<i>"technical analysis is a poor man's excuse for an "edge" lol"</i> self-descriptive new handle of yours
I would agree with the OP but syswizard makes a great point.....these "dips" present excellent opportunities.
TA works intraday and interday. But perhaps the reason it is easier to design something for interday is because we all know markets that possess large trends (or chop). That internally biases our design process. Ie its easy to design an interday system on goog, aapl, etc -- just buy with a tight enough stop ...and catch one trend to pay for the rest. Of course, if everyone agrees on a price for AAPL going forward and AAPL never trends from here on out, a trend system will be a big loser. Same for the short side... Intraday is hard additionally because intraday price action doesn't necessarily coincide with an overall trend or market type. (ie choppy interday markets may be very smoothly trending intraday, or vice versa)
What is your definition of "trading on price" gnome? Market Profile, chart patterns, tape reading, trend lines, etc?
My two cents: Technical Analysis works on multiple timeframes - short term, long term whatever.... but when you use technical indicators such as MACD, RSI, EMA's etc. you will get more signals on the shorter time frame and these signals will be less reliable - on a longer term time frame you will get fewer signals, but they will be more reliable...
I think technical analysis works well if you use it over longer time periods. For example, if you use moving averages I'd know where they are on daily and weekly charts as well as 120 min charts. I find that regardless of what underlying you trade, these longer term averages are more reliable for pivots or reversals than shorter term. Of course nothing is golden and keep your stops where you are comfortable, but I find the longer term data more reliable. You won't make tons of daily trades in a few products, but will cut down commissions and in my opinion place a higher conviction bet. Some traders do great getting in and out all day. I prefer to pick bigger spots in handful of instruments.
BTW, there's nothing fundamental about price. It's purely technical. Technical analysis, effective technical analysis, is much more than just indicators.