Should you trade the 8 hour chart?

Beginner Questions
1

I am relatively new to Forex and i think I’ve just found that the 8hr chart is comfortable for me as a swing trader but not so many traders trade this. So should i stick with the crowds opinion to let the 4hr chart be my main time frame?

2

Never heard of an 8 hr chart. My platform won’t display this option.

Which doesn’t mean its a bad idea - what are the arguments FOR using the 8 hr period?

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3

Btw i use MT4 as the platform ty for quick answer

4

yes, best timeframe there is bar none!!!

5

daily feels like watching paint dry, 4 hr or less just too much noise

6

The art of trading is what makes you comfortable , if it works dont worry about it

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7

Ooh. :open_mouth: I don’t think I’ve ever tried trading this 8 hr chart. :open_mouth: But I guess if you’re just demo trading for now, there’s nothing wrong with trying out this timeframe to see if it works for you and if it fits your personality. :slight_smile:

8

When I started trading FX, it was on the daily chart and with a 20 ema cross + close to enter/exit positions. TBH it worked rather well for passive FX trading and 20x leverage.

There’s an expectation or built-in mentality with FX that it’s super volatile and dangerous; trading occurs on the 1 or 5 min chart ideally…etc. Which is somewhat true if you left your account leverage at 500x. Dial back the leverage and trade the monthly if you wish, heck it might be the most profitable way to trade forex.

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9

Trade as it suits you. If something suits one trader, doesn’t mean it has to be good for all. If 8h is what you feel convenient in, trade using that. Yes there’s no harm in trying the other options, but you don’t have to simply use them just because others are. Follow where your profitable strategy leads you.

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10

Allow me to give an insight. I am using ctrader currently offers the 8Hr chart. mt4 supposed to have it but you need to find a coverter.

I use the 8hr chart the reason is
1- less clutter
2- perfect for swing trading
3- you can use your strategies from the 4hr to the 8hr. but need to adjust the settings of your indicators
4- you can use your most vacant time doing something else while waiting
5. you are more relaxed without thinking much just check the charts every 16 hrs that’s why I do.
6- you need less indicators.

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11

On my trading platform, I don’t find ay 8hr chart but you can trade if you find a better market forecast.