Pretty much. Most people use auto bracketing but you can do it that way if you wish. You need to be fast though, for instance, if clouds are moving quickly.
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Because you want as little time as possible between images so clouds etc have not moved the auto bracketing is best method. Also depth of field should stay static so aperture priority mode is best. The same applies to focus so single mode is likely better auto setting if used. In RAW I used the full 2 EV stops allowed and if only just needing HDR then 3 shots if a lot is needed then 5 shots. I may then delete those well out of range. Also should be tripod but I have found with auto bracket often you can get away without the tripod.
Write time onto the SD card can become a problem and one has to remember when taking a series as when using panorama as well to give camera time to write. I will guess not a problem with CF cards? So with my camera Jpeg is turned off.
Others may disagree of course I have only been doing it for a few weeks.