I have written a lot about eight hour charts recently as they are now my favorite time frame. Unfortunately, most people cannot access 8 hour charts. There is an MT4 indicator that can create the charts, but it is buggy. MetaTrader 5 comes with 8 hour charts by default, but many brokers do not support it.
Most advanced course users are now using MT5 to trade or for charting. The image below shows the trades I took. Daily charts are good, but their main drawback is the lack of trades. Four hour charts are great too, but you need to check them more often than daily charts.
Eight hour charts provide a lot of trades, but you do not need to check them often. This is why I love trading eight hour charts. If I am busy I only need to take a glance at the charts every eight hours. It is rare that I miss a trade on the eight hour charts.
Eight hour charts are also smoother than four hour charts. So when it comes to trading price action, eight hour charts are easier. If you want to learn about eight hour charts please leave a comment below. If enough people show interest I will start sharing some eight hour chart tips. Click here to cancel reply. Email will not be published required. I mentioned the indicator in the post. Unfortunately, it is buggy an it does not work for a lot of people.
You can download MT5 here http: Nick, I trade the 8 hr charts for precisely the reasons you gave-smoothness and the time involved because of a lack of time to trade in lower time frames. Whatever tips you can give will be greatly appreciated. Looks good — love to know more. I guess you could watch the MT5 and trade off your normal Mt4 chart when you saw a trade.
It is my broker too. It should not be a big deal. Price action is price action. Sometimes candles can appear so different you may miss a trade. Sometimes you will catch trades that I miss. Most times trade will appear on both our charts.
Went back and readjusted to fit my charts and everything looks a lot better. Would be nice to hear about it. Was it enough that a support or resistance level hold that the 8 hour bar couldnt close beyond it? I just ask this as I can just trade part time so sporadically I can check charts during day but I am not able to go lower TF to enter or follow the trad. You can reade my strategy here https: I am able to view the 8 hour chart with FXCM but they are not looking the same as your charts so will be extremely appreciative for any insight you could give.
I use 8 hours charts to confirm my 4 hours entry. Any tips from you would be appreciated. Nick, I find your tips very useful and interesting, so having your tips also on eight hour charts would be great. BIG Bank trading floors do not trade very short time frames so why should retail traders put themselves at such a huge disadvantage other than the huge stop losses needed.
Let us have your insight by all means and thanks. Hi there I am new to trading and just trying to find my feet so any tips advice on any time frame would be great and as larger time frames are less noisy it would be a great place for a newbie to learn to make good trades.
I did wonder though if the time frame is bigger do the stops not have to be larger? Or can this be remedied by determining a good entry point and thus decreasing the need for such a large stop? Any way in short YES! Yes, perfecting entries limits the size of stops. However, stops should be dictated first by your money management plan and second by price action. Many times I place a stop tighter than I would like to fit within my money management rules.
I like the way you trade. Very simple and your rules are very straight forward and easy to understand. Cheers Nick, I use an app called Trade interceptor on the phone where I can view 8 hr charts. Be good to get some more tips, thanks John. Keep up the good job Nick. FXCM offer 8Hr charts. I like your professional comment on the benefits of trading eight hour charts. I write to commend your efforts on this issue and to express my interest in eight hour chart trading. I just want to say I love the blog and the website!
Yes more 8 hour setups would be awesomeThanks Nick! Your comments on 8 hour charts make a lot of sense and therefore are of great interest.
More info will be appreciated. Yes, I am very interested if you share your experiences with this strategy, Thank you Nick, Regards Laszlo. Nick, Thank you for insight on a new time frame. During the workday it is not always possible to review my charts on a hourly basis.
One question I have with this time frame, is that a much wider stop loss risk would have to be used. Can you tell us any advice on creating a trade plan for the eight hour chart.
What time do your 8hr candles close? Obviously you have the experience in this type of trading so l would like to hear more please. Can I ask as your recommending MT5, does that mean you are not using the dealbook platform these days as your charting package?
Many thanks again for all your help. I do not use GFT because of how they mistreated long standing customers late last year. They canceled all accounts with little notice. I would be interested in tips on the eight hour chart. Sounds like that would work well with my schedule THanks.
Bring it on Nick! More happening than Daily charts and decent price action, definitely bring it on. But I have no trouble getting them on Tradestation. Tradestation is 5 p. Is this what your charts are showing? I believe the 8 hr time frame would be good in regard to less noise etc.
Eight hour charts are interesting to me. However, I keep wondering if they are more risky since a lot can happen in 8 hours. I would like more clarification on how to trade them. I have installed the 8 hour chart on my mt4 as suggested. Even H4 is not easy out and about during the day, but perhaps feasible. I never trade 8 hour chart before because I have been trading using daily charts. I would love to get some insights on trading 8H charts.
I have been back dating your trade for this week using the MT5 platform. Did you get stopped out? If not, what stop loss range do you have when trading the 8 hour time frame? You need to be more specific. Link me to an image please, I cannot see the trades you are talking about.
Here is the screen shot. It seems your stop loss of 25 pips is very low considering the length of time 8 hrs that you are trading. What percentage of your trades get stopped out? It is hard to make out on your chart since the candles are so squashed. However, I think that the trade in question only triggered after price came back up. Either way, this trade want not tradable setup on the 8 hour. Some people traded this on the 4 hour chart successfully.More...