The fact of the matter is that just like with weather, it is a lot easier to predict price action in the next five minutes than it is to predict it in the next five days (although please note that that analogy is very flawed as it is MUCH easier to predict short term weather patterns than it is to predict short term price patterns).
In either case, for good or bad, I like to stay on the short term time frame, trading intra-day price flow.
When you trade short term you have to be prepared for a lot of unexpected movements. You may be sitting pretty in a profitable position close to you target level when some mid-level functionary from some tiny East European country make some incendiary comments and the trade blows up in your face. This is very much the nature of short term trading and is ironically enough why you need a long term view.
Intra day trading is fraught with what I call “unscheduled” risk, but if you are trading a strategy with an edge the law of large numbers should overcome these obstacles and make you profitable in the end. Just like a good poker player you should simply shrug off these stop outs as “bad beats”. The more Zen you are about such bumps on the road of trading the more successful you’ll be.
The one thing you cannot absolutely, positively do under any circumstances is fight the market and add to your losing position altering the risk reward parameters of your strategy. What should be a small controllable risk, suddenly becomes a runaway loss. Review any trading blowup in history with the London Whale being only the latest such disaster and the dynamic is always the same. Some trader always thinks he is smarter than the market and as a result is inevitably carried out on a stretcher in the end. This is especially important to remember for us intra-day traders who operate on razor thin profit margins. Any deviation from plan will cost dearly. Want to trade short term? Than have a long term view.