According to me this strategy should be applied on the coins which are newly launched in the market and which are pretty mid age. The reason is simple for choosing type of coins, they tend to fluctuate a lot because many of the investors try to catch the profits at first hit when the coin is new as they have gotten their coins free and they try to dump immediately. But later on it could happen that the same coin may rise very high and give more than 5% profits in single trade. Apart from this, these coins are also come under category where people are investing as well as selling it and thus creating the wavy patterns and making the thing easy to use in day trades.

For ethereum we may not see such patterns all the times and it may not be available for day trades the way you want it.