From a
VSA perspective, Tom Williams would recommend nothing lower than a 3 min chart.
Remember,
VSA does not use volume based candles or bars. For
VSA to be used one needs to be able to COMPARE volume relatively as well as actually. So one must look at the volume histogram for bar x and make comparisons to the volume histogram of bar x-2 for example.
Todd Krueger recommends using multiple time frames.
More generally, many people have already said it: chart interval is in some ways methodology dependant.
You would not use a 250 tick chart to day trade. Nor would you scalp off a weekly chart.
Yes, the above last two statements are pretty obvious, but they do hint at a the larger truth.
Currently, I am learning to trade via a certain strategy that "requires" looking a multiple time charts and multiple instruments. I use a 5,10,15 min Euro AND a 30 min Euro AND a 5 and 10 min Swiss Franc. I am transitioning, however, to the YM. Once there I will use a 3,5,10,15 min YM AND a 3 min ES AND a 3 min DIA. These last two are for "sister trade set-ups".
This is because I am looking for certain specific patterns that while not showing up on one time frame may be present in the ones higher or lower.
Now If you were just looking to take signals off of a Pivot line , then there would really be no need to look at 4 or 5 chart intervals. If you are simply going long on a 21 bar breakout, the issue of "noise" comes in to play. Larger charts would tend to not give as many false signals.
How many trades do you want to take a day? One does not want to over trade, but at the same time picking a larger timeframe may mean long periods of non-trading. Is this what YOU want?
Simply, the optimal timeframe is method dependant, personality dependant, and market dependant.