So far I have learned that I don't make money on 5-minute charts. I just seem to lose more often than win and the risk to reward ratios are not high enough to cover that. At this point, I think I can safely eliminate the 5-minute and 15-minute charts from my trading, at least, while I am only trading part-time. One reason I think that the short-term charts don't work for me right now is that my position sizes are so small that I need to get 15-20 pip moves to generate anything more than a few pennies. With a larger account, I could generate decent returns off 5-7 pips moves so I wouldn't be holding trades as long. A lot of my short-term trades moved 5-7 pips into profit before turning around and stopping me out for losses.
On the longer term trades, I tend to take fewer trades, but of those trades, I tend to make a lot more money. All my trades that made $5.00 (3-5% of account value) or more were on the 4-hour charts. I think these trades work better for me because the moves are bigger and I have more time to analyze the markets and find my highest probability setups.
Right now, the Euro is range bound between 2068 and 1559 on the daily chart. The price is about 30 pips away and on the 4-hour chart, we see 4 tests of the upper bound of the range and 2 tests of the lower bound. I threw a limit sell at 2062 with an initial stop at 2129 and a 40 pip trailing stop loss in case I am away from the markets when the price hits the median of the range. I put a target at 1737 because there is a bit of a resistance level blocking price from the bottom of the daily range on the four-hour chart. If targets are hit, the trade makes me $32.00 (biggest profit to date if hit) and if I am stopped out for a loss then I lose $3.00 (account balance is $110 so less than my 3% max).
While I am waiting for this trade to trigger and play out I will be playing with the 5 and 15-minute charts in demo trying to see how position sizing affects my profitability. Perhaps I am wrong and bigger positions on those charts would just mean bigger losses rather than profits.