Live Forex Trade Video +40 Pips on USD/CAD 8hr Chart

Hey Guys,

Have you ever traded the 8hr chart? Well I have been playing around with 8hr charts for the past two weeks and I am very impressed with them. In the video below I take a long trade on the USD/CAD 8hr chart. The trade did not go perfectly to plan but it was profitable. Check out the video below.

[vid link=”https://www.forex4noobs.com/wp-content/incs/videos/live-trades/uc-19apr12.mp4″ width=”700px” height=”394px”]

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25 thoughts on “Live Forex Trade Video +40 Pips on USD/CAD 8hr Chart
    1. I did not see a proper reversal on the 4hr. That being said my entry requirements are pretty strict so I skip what I see as weak reversal signs. It was clear that the Bulls wanted to push up but I did not see a proper set-up.

  1. Thanks for these live trade videos you are posting, Nick!  They really help me see in action and understand all your teachings about recognizing price action and candlestick analysis.  They are priceless!  Please keep on posting!

  2. Clear,sound logical and easy to understand trading using price action.

    Thanks Nick for your live postings ,I agree Priceless!

  3. On the one hand, there’s absolutely nothing new here… on the other hand, that’s the whole point- the exact same principles, guidelines, strategy and tactics apply no matter what the time frame used.

    Like the other commenters, I agree on the value of watching you talk through your handling of an actual trade in progress.

    I’m finally coming to accept that I don’t have any choice but to trade the larger time frames; the combination of my time zone location and my work schedule really make it unavoidable.  Waiting for the close of a daily chart was often nerve wracking- I’d keep checking shorter and shorter time frames to see whether the market was about to sucker-punch me.  Yet the four hour chart was simply too short to manage in my situation.  I will definitely make the 8-hr charts the focus of my attention in the week ahead.

    Thanks!

    1. Checking daily trades constantly is a quick way to lose pips. A tip for the 8hr is to use it on multiple pairs as traders are not very common. Also back test a little on any pair you use the 8hr on. I have only really tested it on USD/CAD so a tiny bit of back testing is advised so you have a general idea of how set-ups form.

  4. An excellent video – and yes, I did pick up some useful tips. Particularly how and why you decided to exit using the same principles as you used for entering.

    I use 1D, 8H and 4H charts – but mainly the 1D and 4H. The 8 hour chart is very useful for clearing out some of the “noise” that a 4H chart sometimes – moving up to the 8H in those circumstances gives me a clearer perspective. 

    Thank you.

  5. Very good analysis and talk through of your reasoning and method, once again so easy to follow with your commentary.

    Thank You

  6. Hi Nick. Great video! I’m currently in a situation, where I don’t trade much because of work. You inspire me to keep on trying and look for suitable timeframes. I was “flirting” with the 8hr chart before, but using your method with it never occured to me. Thanks! ;)

    Regarding the analysis – how would you say you determine your targets? In that setup, I would draw a trendline using the previous highs and aim for that… However, I would set the first target around that resistance line you identified. I would be worried about that as well.
    Do you use ADR or something like that to determine the number of pips for your targets?
    Thanks again

    1. 8hour is good for people who work and don’t have much chart time.

      I determine targets based on ADR initially but I also use Support and Resistance as a rough guide. The general rule is 364 day ADR/4 for the 4hr and ADR/1 for the daily charts. So for the 8hr I roughly do ADR/2….. It is not an exact science and it servers to give me a very general target. I refine targets based on Support and Resistance. Since trend lines are a form of Support and Resistance I see no issue with your trend line idea.

  7. hi Nick, there is a plug in floating around the net to get different time frames on MT4 , I dont have it  , if you or anybody here knows of it or has it could you please post a link , thanks 

  8. Follow up question regarding the 8-hr timeframe…

    If I remember correctly (always an iffy proposition) you once said somewhere that we should not carry over price actions from Friday into the new week (except for daily charts). Given that the 8-hr is a rather large t/f, does that mean I really need to wait until Tuesday before trading so that I have enough price action pattern to base a trading decision on?

    Thanks!

    1. This is a bit of a tough one AKTrader. I have not given this much thought and to answer properly i would need to do some back testing. Giving an answer without back testing would be unfair and misleading.

      Give me a few days to test it out and if I don’t respond soon leave another message either here or in the private forum.

  9. Hey Buddy, Great work once again, pls keep them coming :) I’ve been reviewing all your trade vids to break down your thought process on price action, candles, S&R. Excellent.

    Gunna review your course and the first blitz stuff when I’m done the blog vids.

    Which program do you use to record your trade vids?

    Thank you

  10. Nick,
    Finally got to reviewing your video tonight.  I especially liked the logic of your exit on the second half of your position.  Makes perfect sense.Thanks for giving us the “teaching by example” support that the Live Trade Video format provides!Bruce