The big problem with the method is that there is no single standard candle which can be used to measure distances to all objects in the Universe. Different standard candles are used to find distances in different regimes. Each successively brighter standard candle is used to calibrate the next one. A typical distance chain. The idea of successive calibrations is referred to as bootstrapping.
A problem with bootstrapping methods is that since each successive step is built on the previous step, the error in the method grows with each step and the method may become unreliable. For most extra-galactic things, people use Cepheid variable stars (light curve) to start the bootstrapping, i.e., Cepheid variables are considered to be primary distance indicators. Note that this assumes that we know the intrinsic luminosities of Cepheid variables. The pulsation periods of Cepheid variables are strongly correlated with their average luminosities in the sense that the longer their pulsation periods, the brighter they are on average. The Cepheid luminosities are calibrated in the first few steps of the above chain, i.e., distance to Sun (Astronomical Unit) ===> distances to nearby low mass stars via parallax ===> observations of star clusters which contain low mass stars yield distances to the clusters (===> can infer the distances and hence luminosities of the bright stars in the cluster and thankfully many clusters contain Cepheid variables).
Typical extra-galactic distance ladders are
Milky Way -----> 12 M l.y. ------> 80 M l.y. ---------> 300 M l.y. ---------> 5 B l.y.
Cepheids large HII regions, Galaxy methods (types, SN
brightest stars n-th brightest galaxy in
a cluster, ... )
------------------------------------------------->
Tully-Fisher method
Interestingly, results based on the two chains yield different answers for
H(now) ===> different ages for the Universe. The range of answers is
H(now) ~ 15 - 30 km per second / Million light years !! or age ranges from
8 - 16 billion years. The discrepancy needs to be removed. The
Hubble Space Telescope
offered the possibility for a definitive answer as
one would be able to see Cepheid variables to greater distances in the
Universe.
-----------------> 50 M l.y.
Virgo cluster of galaxies
Cepheids