Video traffic compressed with variable bit rate coding scheme is known to possess high variations and multiple time scale characteristics. This property makes parsimonious video modeling a difficult task. A possible way of describing this traffic is via self-similar models, which also produce high variations on many time scales. However, these are general traffic models and do not represent many important characteristics of video. In this paper we show that video traffic has well-separable time scales. Based on this result, a new model is presented, which is capable of capturing the main properties of VBR video. The concept is scene-oriented, while a larger time scale - called epoch - is introduced. The main contribution of this paper is that the presence of multiple time scales seem to be the real reason for the slowly decaying autocorrelation function rather than heavy tailed level durations. Finally, the application of the model is shortly discussed for dimensioning, admission control and simulation purposes.