Live Forex Trade Video +57 Pips on GBP/USD 8hr Chart

Have you lost a trade this year?

8hr chart winsWell I haven’t, at least not on the 8hr time frame.

I have taken eight trades on the 8hr time frame successfully so far.

I am not saying I have a 100% win rate on all time frames. However, I am eight for eight on the 8hr time frame.

To the right is a pie chart showing my 8hr chart success rate…. haha

I have only been trading 8hr charts for a few months and I have to say I agree with the Chinese; the number 8 is the key to good fortune!

Why are 8hr charts so profitable?

Smaller time frames, 1hr and below, are noisy which makes it harder to trade or to have faith in price action signals.

Larger time frames, daily and above, are great but tend to be driven by news. This makes them susceptible to swings, especially in the current tumultuous markets.

The 8hr time frame falls into the sweet spot between noisy time frames and news driven time frames.

Live Trade Video – June 26 2012

Here is a GBP/USD trade I took on the 8hr chart yesterday. Check it out.

This is a YouTube HD video so press the gear icon, set it to 720p and watch at full screen.

How YOU can lose less and make more by trading 8hr charts

If you want to learn how to use Price Action Analysis on 8hr charts, then please put your email in the form below to be notified of available spots in the Advanced Price Action course.

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38 thoughts on “Live Forex Trade Video +57 Pips on GBP/USD 8hr Chart
    1. I do not use MT4 but from what I understand there is a script included with MT4 that allows times to created.

  1. You never cease to amaze me Nick. Excellent trade. I may start practicing 8 hour chart trades next up.

    My 4 hour chart sell setup last night on gbp/usd +45 pips.

    @Martin GFT Forex offers them, they are not available in Metatrader4.

    1. Actually mt4 gives you more flexibility than many other trading platforms in terms of time frames. You can configure any TF you want in mt4. Check period_converter script supplied with mt4 (not my favorite BTW as it is not optimised well).  I don’t want to promote any scripts/indicators here, but I’m sure a google search on mt4 period converter will produce a few results.
      Cheers

    2. It depends on script or indicator used . i personnally use indicator that updates non standard tf chart in real time. But u use the option to open offline chart to view ur chart, yes. Only drawback of offline chart is that ask/bid lines can’t be displayed but who cares? All other mt4 functionalities r there
      Cheers

  2. Thanks for another good video Nick
    Always meant to ask this, but was forgetting, what r your rules for 8H TP & SL levels?
    Thnx

    1. I do not have any set-in-stone rules as I am still trying to feel them out.

      I roughly go for 50-60 on my first target with a stop of 30-40.

  3. Good work Nick there is another 8H reversal short right now on gbpusd. Did you take this one too?

    1. Yes MT4 does not have them by default but Google “MT4 Period Converter” and you will find info on how to get the 8H on MT4.

  4. Interesting video. Nick what brought you to 8 hour charts? It is not a normal time frame so it surprises me that you begun trading it all of a sudden.

    1. The credit goes to one of the students in my Price Action course. He suggested the 8hr and I have to admit I shot down the idea to start with….
      I ended up taking a look at it and I was amazed.

  5. rofl nice pie chart!

    I cannot get 8hr on my platform either.

    Brokers should have every hourly increment up from 1hr.What platform are you using Nick?

    1. guys to get an 8h chart you open the pair you want then go to scripts in the navigator and click on period converter that will bring up a template with a 3 in it change it to 8
      the open a offline chart and scoll down to the 8h on list and click open then either put your own indicators on it or apply a template,walla,eight hour chart but you must have two charts running of same pair

  6. Thanks again for the ride through a trade and your mindset, Nick. I have two questions.If the news wasn’t coming up would you have waited to take your profits?Why did you not enter again after the news came out?

    1. Yes I would have waited if news was not imminent. 

      I did not renter as that would be buying into resistance which is never a smart move.

  7. LAME!

    This is so stupid!

    You have a stop of almost 30 pips and a target of 70 pips from which you take only 60!

    Risk reward is 1:2 and that is too high it should be 1:3 or less.

    You are an idiot and a scammer

    1. Hey Casey,
      1:3??? LOL… You can’t be serious… With all my respect you are talking crap here.

      1:5 is the way to go! It should never be less than that!
      So guess who’s a scammer here?

  8. Nick, I have been trading 8hr charts and have found this time frame much smoother than either the 4hr or Daily. For you guys wanting to try this setup you need a period converter as MT4 does not provide this time frame.  

    1. Smoother is probably the best word to describe it. I am nine for nine now so the 8hr chart has given me quite a good winning streak.

  9. How do your draw those zones of support and resistance? what tool are you using they sort of match up to my Fibonacci but they look more accurate.

    1. No, I do not operate a live trade room. I am a firm believer that every trader needs to learn to be self-sufficient. If you blindly follow others into trades you will never learn to trade.