  Pattern matching techniques like matched filtering will be used for online
extraction of gravitational wave signals buried inside detector noise. This
involves cross correlating the detector output with hundreds of thousands of
templates spanning a multi-dimensional parameter space, which is very expensive
computationally. A faster implementation algorithm was devised by Mohanty and
Dhurandhar [1996] using a hierarchy of templates over the mass parameters,
which speeded up the procedure by about 25 to 30 times. We show that a further
reduction in computational cost is possible if we extend the hierarchy paradigm
to an extra parameter, namely, the time of arrival of the signal. In the first
stage, the chirp waveform is cut-off at a relatively low frequency allowing the
data to be coarsely sampled leading to cost saving in performing the FFTs. This
is possible because most of the signal power is at low frequencies, and
therefore the advantage due to hierarchy over masses is not compromised.
Results are obtained for spin-less templates up to the second post-Newtonian
(2PN) order for a single detector with LIGO I noise power spectral density. We
estimate that the gain in computational cost over a flat search is about 100.
