DislikedThe common wisdom seems to be that there is no discernible difference between time frames, but the data tells a different story. Back in January I did a research project, part of which investigated this question. The link to the entire set of research notes is here:
http://market-geeks.com/research/archive2008_01_17.doc
However, the information pertinent to this discussion is just on pages 5, 11, and 13, so I'll just paste it here.
If you divide the total range of any sequence of bars by the minumum cumulative distance that price...Ignored
Measure twice, cut once