You simply have a position trading view (multiday) of intraday trading (partial day trending)
There, in fact, are seven levels of possible viewpoints.
An important thing to consider when making a trading level choice is to also use the level above and the level below for guidance on the middle level you trade.
The trading level chosen will have traverses within the trend of the level above and it will have counter trends as traverses within the level above. The level above defines your entries and exits on the level you trade.
What about the level below where you trade. That is a vernier which gives you second chances to make money since, often the extreme prices of the level above are reached two or three times. You see this as chop now, but it would appear as S or R limits if you were annotating all three levels.
If you decide to became a day trader rather than a position trader, you will find that trading is entirely different. Most ET traders are intraday traders.
All trading no matter what level requires that three levels be attended to: and upper level which is a trend envelope; the middle level where traverses are traded; and a lower vernier level where multichances to be rewarded occur in case the first opportunity is missed.
Annotating all of these sooner or later leads to the recognition that every exit is the entry for the next traverse and every entry immediately follows (simultaneous, ultimately) the just prior exit. All of this can be converted to a wholly different monitoring schema. All a person does is observe and analyze the mode of the market. The continue phase of both trends and counter trends is about 90% percent of the time passing. The end effects which you now see as long periods of consolidation are really otherwise and are just brief periods of the trend and countertrend "overlapping". Don't worry about understanding overlap at first; Pring, when I ask him about it, had never given it consideration, not even once.
What is it like to trade symmetrically just monitoring continue most of the day and have brief periods of change during which trend or countertrend profits are taken. Find out by the crayola test. Draw the 20 to 40 zigzags on the better level and see that there is no consolidation but just peaks and valleys.
The potential profits of the day are just measured by the sum of the zigs and zags. they turn out to be more than 1 point and they also can be quantified as a multiple of the ATR.
You will have a neutral bias once this trading style sets in.
Good luck if you ever consider it. This is how I saw it 50 years ago when I was starting out. It will never catch on as a possibility for most; I see that now. Its very relaxing since there is no anxiety, fear or anger you sometimes hear about. Comfort, support and confidence are the typical emotions once you are seeing that an exit is also an entrance. None of your ABC type considerations caused by using a position multiday fractal on intraday apply.