Hey. I am also a PA trader off of the 4H, Daily and sometimes 1H charts (4H is my favorite though). I saw you had some 12h charts up in here. Is there any way I can get those on mt4 or is that only the brokers choice?
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Yes you can I do on MT4. I will look for the indicator and also post it in here for you tomoz as its 0130am my time and am going to bed.
It is pretty easy though.
Talk tomorrow,
Johnathon
Price Action Trading
Thanks a million!
Hello Teb,
babypips would not let me download the file into a post so what I have done is found it an another source for you.
Go to the following page: Improved multi-timeframe/offset/chart period converter, P4L PeriodCon.mq4 @ Forex Factory and at the bottom of post 1 you will see: P4L PeriodCon.mq4 This is the indicator you need to download. You need to save it to your mt4 expert indicators file.
If you do not know how to add custom indicators to you MT4 charts just go to YouTube and search it, its easy.
So once you have it in your custom indicators list, select the chart you are looking at and the time frame that want to blend the candles for. Go to your custom indicator list and select P4L PeriodCon, then the box will come up and go to the inputs tab, then in the period multiplier option write the amount of candles you are blending, if you are on a 4 hour chart write 2 this will make 8 hour candles or if you want 12 hour candles change the period multiplier to 3, If you want 6 hour candles just open up a 1 hour chart then put 6 in the period multiplier option and bingo.
Once you hit ok an alert box will come up saying “looking for 1 or more charts etc” hit ok the go to File and option “open offline chart” and a box will come up with a slider just scroll down and find the pair and time frame you made so if you blended 4 hour into 8 hour it will say EURUSD,H8-- meaning 8 hour charts, the just highlight it and open it, you will probably then have to go to your template to open your style chart and it now will look like it should.
It will now be on a tab at the end of you profiles, when you are done with it just right click on the tab and close it, and it will disappear like any profile tab.
Let me know if you need anything else. The above sounds comploicated but it is not. It just as simple as saving to the right spot and then opening up as an indicator in your MT4.
Regards,
Johnathon
3 Likes
I have it working! Thank you very much I really appreciate it!
No worries!
Hey all,
here’s a really solid Bearish Enulfing Bar that formed at recent resistance level on the USDJPY 4hr chart.
The first chart shows a zoomed out chart highlighting the level and the second a zoomed in chart showing the setup.
Safe trading,
Johnathon
Hi Jonathan,
that was not breakout pullback continuation pattern. right?
Which setup are you referring to?
the USDJPY above.
regards
Nadeem
The USDJPY was a simple false break of a key level. In other words there was a proven resistance that priced moved up to and then produced a false break of the level and forming a very obvious Bearish Engulfing Bar.
thanks.
regards
nadeem
Gold has produced a Bearish Engulfing Bar at a previous resistance area on the daily chart.
If price is to break lower from here we could see previous support come into play in the next week.
Regards,
Johnathon
I’ll keep my eyes peeled on this come Monday. The signal is nice and big and leaves price some space to drop with really clear defined profit targets.
Now of course we don’t know what the outcome of this trade will be but this is why I love price Action trading. Nice clean charts free of indicators and trading raw price.
Nice spot.
Hi,
I have been looking at your discussions and videos, thanks for the great info and discussions. I have a couple newbie questions:
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When I compare your charts to mine, I notice there are differences in the details. Bars are slightly different, sometimes a rising bar on yours is a falling bar on mine, wicks are somewhat different, etc. I am using OANDA charts, but I know many use MT4. Is this variation normal?
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When you are reviewing your charts, are you looking for the pattern and then confirm with support/resistance, or vice versa, or both?
Thanks.
Hello Galileo,
all questions are welcome. We were all new once and we are all new compared to someone else (Buffett) Haha.
Yes my charts are MT4 with a 5day candle and New York close. I use NY close candles as NY is seen as the unofficial close for forex markets around the world for the 24 hr period.
I do a lot of daily time frame trading so it is important to get the best info which the 5 dasy close NY candles give.
The difference you are seeing is the candle close time on all time frames such as 1hr, 4hr and daily. Price is still doing the same thing, however it is being represented differently in the shape of the candles. In other words if price is going up on your charts it is on mine however if your 4hr candle closes now and mine in 3hours time we are going to see very different things.
As for the second question. I plot my levels where I think price will react in a certain way. I then wait for price to reach this level and give me a Price Action signal to confirm my thoughts. So for example I may plot a support area and when price gets there I look for a long signals of this support to get long. Make sense?
Hope this helps. Safe trading,
Johnathon
Thanks for the super-quick reply. I thought timing of the chart data must be related to the variation. But I didn’t realize there is not a “standard” time reference, e.g. New York close. I guess the indicators (patterns) are relative, and I may see patterns that lead to a move that don’t show up on your charts due to timing of the data.
But it would be nice to see the same patterns. For example, the USD/JPY BEEB pattern you discussed wasn’t as obvious on my chart (lacked the tall upper wick) I tried changing my timezone to New York (GMT-5), but I still have offsets in the start of the candlesticks (actually the patterns are unchanged, just the timestamps changed). For example, the daily bars are labeled as 21:00. For the 4-hr chart, the bars are set to the 0100, 0500, 0900, etc. time stamps. Should I be looking at other chart systems that allow me to shift this to be consistent?
Sorry, I know this is somewhat off topic.
Thanks.
Hey that’s cool. I can guarantee someone else is reading this and thinking the same thing.
You can not set the timing of your charts. You can change the time you see however the broker decides on candle make up and closing times.
The other option is if you want to see the NY close signals I see, is setup a MT4 demo account which costs $0 and then you can monitor setups on demo and keep placing trades on your other broker.
Let me know if you wan’t to do this and I’ll put you onto the correct demo as once again not all MT4 companies use the same candle close time!
Johnathon
Looking like the EURNZD may give us an opportunity to short soon if Price Action presents…
Safe trading,
Johnathon
Price Action Trading
Johnathon,
I noticed you often watch crosses like EUR/NZD. Is there a reason? pair behavior?
Do you always try to go with the trend, or do you watch for reversals as well?
Thanks