Timing the market is not that critical, giving you more wiggle room for error. Larger profit potential. And, of course, benefiting from combining the benefits of intraday TF with larger time frames. This is a time-critical forex trading consideration. And, that can make the difference between winning and losing. How to Use the 4 Hour Chart to Confirm Your Trades Since time in the forex market is broken in several trading sessions and forex brokers run on different time zones, the 4h candle will close at a different time of the day.
The main disadvantage of the different FX broker server times is that you will get different 4h candle closing. Every new candle on the 4h time frame is formed every 4 hours. This in turn will lead to different price actions on your 4h chart. See below the difference between a 4h chart with a New York close and a chart with a different closing time. To resolve this issue, and have a more accurate representation of each trading session we use the New York close time to define when a new 4h candle is printed.
In forex trading, the New York close is considered the standard closing time for the day. Learn how to master forex trading with our complete guide. Let me explain… The daily closing price in any market, be it forex, stocks, commodities or cryptocurrencies displays who won the battle between buyers and sellers for that session. Traders who are planning to use the h4 forex trading strategy need to have the correct New York closing charts.
If you want the identical price action on your charts as we have them, you should use the New York close charts. Taking care of this type of detail while it might seem unimportant it can make the difference between winning and losing. Traders can use these 4-h candles to find potential new trading opportunities. Best H4 Forex Strategy The H4 trading strategy revolves around a very common chart pattern known to the technicians as the Doji candlestick.
Now… The Doji chart pattern can take many different shapes and forms. The figure below shows the standard Doji setups. The main characteristic of the Doji is the small body where the open and the close are very close together. However, the hanging man, shooting star, bullish and bearish Harami, inverted hammer and dark cloud are considered to be variations of the standard Doji pattern.
The Doji candle pattern is only one part of the overall Doji Sandwich trade setup. Followed by the Doji candle. Another large candle is of the same magnitude as the first candle. And, this is what makes the H4 forex trading strategy very effective. This will produce a high probability reversal setup. When you combine the Doji candle with the nearby candles we have a recipe for success. This simple trade setup on the 4h chart, will almost double your success rate.
Now, here is the thing: The truth about trading is that no matter what trading setup you use, there will always be false signals. See below: Filter Your Trading Setups with Stochastic Indicator The overbought and oversold conditions are based upon the stochastic indicator. See the chart: The Doji Sandwich pattern meets all of our requirements: The first candle and the third candle are more or less of the same length and point in the same direction bullish flag chart pattern.
Second, the middle candle is a Doji candle. This strategy does not rely on the moving average cross over but rather enters the trend after it is established and exits on a quick profit. Indicators used and their purpose EMA applied to closing prices on the H4 charts: This forms the main basis of our bias.
Because the H4 chart interval closely follows the daily charts, trends are well reflected in this time frame. The chart below shows the set up for this strategy. Once the chart is set up, we look for the following criteria: Sell Bias: 50 EMA must have recently crossed over below the EMA Buy Bias: 50 EMA must have recently crossed over above the EMA If either of the conditions is met, we then wait for the following set up to appear: Sell Criteria Price must be trading at or below the 50 EMA Price must make a low and then retrace back to make a high, contained within the and 50 EMA Using the horizontal line tool, mark the low point before retracement Once price breaks this low, wait until a new low is made and price starts to retrace again Place a sell order at the previous low with stops above the low at the most visible intermediary high Measure the distance of the high to the low and project the distance 1.
Price makes a new low at 0. So BE target would be Low or entry — distance 0. We now calculate the final target which is 0.
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And, that can make the difference between winning and losing. How to Use the 4 Hour Chart to Confirm Your Trades Since time in the forex market is broken in several trading sessions and forex brokers run on different time zones, the 4h candle will close at a different time of the day. The main disadvantage of the different FX broker server times is that you will get different 4h candle closing. Every new candle on the 4h time frame is formed every 4 hours. This in turn will lead to different price actions on your 4h chart.
See below the difference between a 4h chart with a New York close and a chart with a different closing time. To resolve this issue, and have a more accurate representation of each trading session we use the New York close time to define when a new 4h candle is printed.
In forex trading, the New York close is considered the standard closing time for the day. Learn how to master forex trading with our complete guide. Let me explain… The daily closing price in any market, be it forex, stocks, commodities or cryptocurrencies displays who won the battle between buyers and sellers for that session. Traders who are planning to use the h4 forex trading strategy need to have the correct New York closing charts.
If you want the identical price action on your charts as we have them, you should use the New York close charts. Taking care of this type of detail while it might seem unimportant it can make the difference between winning and losing. Traders can use these 4-h candles to find potential new trading opportunities. Best H4 Forex Strategy The H4 trading strategy revolves around a very common chart pattern known to the technicians as the Doji candlestick. Now… The Doji chart pattern can take many different shapes and forms.
The figure below shows the standard Doji setups. The main characteristic of the Doji is the small body where the open and the close are very close together. However, the hanging man, shooting star, bullish and bearish Harami, inverted hammer and dark cloud are considered to be variations of the standard Doji pattern.
The Doji candle pattern is only one part of the overall Doji Sandwich trade setup. Followed by the Doji candle. Another large candle is of the same magnitude as the first candle. And, this is what makes the H4 forex trading strategy very effective. This will produce a high probability reversal setup. When you combine the Doji candle with the nearby candles we have a recipe for success. This simple trade setup on the 4h chart, will almost double your success rate.
Now, here is the thing: The truth about trading is that no matter what trading setup you use, there will always be false signals. See below: Filter Your Trading Setups with Stochastic Indicator The overbought and oversold conditions are based upon the stochastic indicator. See the chart: The Doji Sandwich pattern meets all of our requirements: The first candle and the third candle are more or less of the same length and point in the same direction bullish flag chart pattern. Second, the middle candle is a Doji candle.
Moving on… Spotting a chart pattern is only half of the equation; we also need an entry technique for our H4 trading strategy. See below: There are two ways to enter this trade: You can buy sell as soon as the 4th candle opens.
Wait until the high low of the third candle is broken. We have used both types of entry techniques to take advantage of high probability trades. This significantly helps to filter out noise moves in the market and reduce whipsaw signals that will result in bad trades.
Thus, the overall performance of the strategy and the final results are improved by a marked level just by using this specific combination of the indicators. It is recommended to lock in some profits from time to time. Since this is a trend trading strategy, the exit signal generated by the RSI and moving averages will tend to eat into the profits to some degree.
Using some leading indicators like Fibonacci retracements or support and resistance zones from higher like the daily or weekly charts can help you to lock in partial profits at key technical levels just in case if the market suddenly reverses.
In this way, the trader still gets to keep some of the profits in such cases.
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Forex Trading: 4 Hour Time Frame Winning Strategy - Yusef Scott
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