Wolf,
I use different timeframes , depending on what Im trading. Having said that though I only use 2 screens as I find that another one confuses the issue. For me 30/5/ 1 or 2 min is too much noise, unless your scalping which I dont. You can watch the action of the 1/2 min chart on the 5min , by its price action, if you are monitoring the market.
I found Elders book helpful because by using his rule of 5 (ie one timeframe 5 times longer than another, approx,) you are able to get a clear direction of the market for the trade you may or may not make.
So if your 30 min chart is heavily trending with an advancing macd, and a clearly rising ma , but on your shorter timeframe the market is going through a rest or small retrace, showing signs of being oversold, then if everything else in your "system" is ticking the boxes, you could go long.
As others have said , I would use it more as a base for coming up with your own system , but at least it gives you something you start with. For me I like to keep it simple, without all the indicators Elder recs. Having said that when I try them out , most just repeat what others may already show, which at the end of the day is the price action anyhow.
Again all IMHO, but thats my take anyhow