I use the longer time frame charts (daily and sometimes weekly/monthly) to find key S/R levels based on the pivots for that time frame as well as visual levels and I note these down. Sometimes I find that most of them don't come into play but it's still handy to know.
I like to take trades around key price levels only as thats where I find most momentum is built through volume so these levels become important. The smaller time frame charts (55t, 89t, 2min) help me to time an entry as a pull back based on the action of a longer time frame chart (233t or 5 min). Drilling down as you call it is a great way of helping to time an entry. Trading should be kept as simple as posible I reckon
