Price action can be traded on smaller time frames successfully because, as I discussed in the answer above, what we are doing with price action is reading the behavior of the traders who are moving the markets, and their order flow. This is the same whether it is a daily chart or a 15 minute chart.
Of course, it can get more tricky the smaller the time frame. The reason for this is that there can often be more false breaks and many more minor support and resistance levels to contend with. We discuss how to deal with this in the Lesson Daily to Smaller Time Frame Trading.