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.
This week I took two straight forward trades on the EUR/JPY eight hour charts. The image below shows the trades I took.
Why are eight hour charts good?
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.
Do you want some eight hour chart tips?
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.