4 Hour charts

This is a discussion on 4 Hour charts within the General Trading Chat forums, part of the Reception category; Hi, I just wanted to ask people's opinion on which 4 hour charts are the best ones to use (or ...

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Old Dec 4, 2009, 1:53pm   #1
Joined Dec 2007
4 Hour charts

Hi,

I just wanted to ask people's opinion on which 4 hour charts are the best ones to use (or that you are using and why).

I currently use IG index and their 4 hr charts close at midnight, 4am, 8am, midday, 4pm, 8pm.

However i've noted that other providers (ETX & finspreads) have 4 hour charts that close at 1am, 5am, 9am, 1pm, 5pm, 9pm.

Just after some advice on the best ones. Ideally i want to watch the 4 hour charts that most people / professional traders watch so i'm watching the same timeframe data that they are.

Thanks in advance,

Glen

Last edited by Glenborrell; Dec 4, 2009 at 11:28pm.
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Old Dec 4, 2009, 2:40pm   #2
 
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Re: 4 Hour charts

The market is not moved by candlestick formations, hence it makes no difference.
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Old Dec 4, 2009, 2:50pm   #3
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Re: 4 Hour charts

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Originally Posted by virtuos0 View Post
The market is not moved by candlestick formations, hence it makes no difference.
Obviously - the market is moved by people buying and selling stuff.

But if your methods involves using candles for entry triggers, for example, then presumably it makes a difference to you.

My (admittedly quite limited) experience of candles / formations has led me to believe that they can be quite useful as an entry trigger and for stop placement, as long as they occur at certain areas and are used with caution and discretion.

For example, a candle such as a hammer at a pivot zone on a big round number. The level is significant as there may be significant order flow there. Previous resistance becomes support over and over again as it's an area where buying pressure overwhelmed selling pressure. The candle demonstrates that price tested the area and rapidly and strongly rejected it.

Just my opinion, as I say I have limited experience so I may well be wrong.
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Old Dec 4, 2009, 3:02pm   #4
Joined Dec 2007
Re: 4 Hour charts

Glenborrell started this thread
Quote:
Originally Posted by maiden22 View Post
Obviously - the market is moved by people buying and selling stuff.

But if your methods involves using candles for entry triggers, for example, then presumably it makes a difference to you.

My (admittedly quite limited) experience of candles / formations has led me to believe that they can be quite useful as an entry trigger and for stop placement, as long as they occur at certain areas and are used with caution and discretion.

For example, a candle such as a hammer at a pivot zone on a big round number. The level is significant as there may be significant order flow there. Previous resistance becomes support over and over again as it's an area where buying pressure overwhelmed selling pressure. The candle demonstrates that price tested the area and rapidly and strongly rejected it.

Just my opinion, as I say I have limited experience so I may well be wrong.
Maiden,

Thanks for the above. I'm well aware of what you have said. i trade off PA setups but want to be watching the same 4hr periods as most people. Hence my question.

Thanks,

Glen
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Old Dec 4, 2009, 3:08pm   #5
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Re: 4 Hour charts

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Quote:
Originally Posted by virtuos0 View Post
The market is not moved by candlestick formations, hence it makes no difference.
It does if i trade off a 4hr candle (or any time frame for that matter).

I want to be watching the same 4hr timeframe as most people.
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Old Dec 4, 2009, 3:10pm   #6
Joined Nov 2008
Re: 4 Hour charts

Quote:
Originally Posted by Glenborrell View Post
Hi,

I just wanted to ask people's opinion on which 4 hour charts are the best ones to use (or that you are using and why).

I currently use IG index and their 4 hr charts close at midnight, 4am, 8am, midday, 4pm, 8pm.

However i've noted that other providers (ETX & finspreads) have 4 hour charts that close at 1am, 5am, 9am, 1pm, 5pm, 9pm.

Just after some advice on the best ones. Ideally i want to watch the 4 hour charts that most/professional traders watch so i'm watching the same timeframe data that they are.

Thanks in advance,

Glen
why not use 3hr, or 2hr, or 1 hr...or a combo of all three, that negates your dilemma...
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Old Dec 4, 2009, 3:15pm   #7
Joined Jan 2009
Re: 4 Hour charts

Whether or not you're using the same 4hr spec as other people is of little importance. Those people may arrive at a different opinion from you and sell when you're buying, for example. You're overcomplicating things..
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Old Dec 4, 2009, 3:24pm   #8
Joined Dec 2008
Re: 4 Hour charts

Sorry Glen, I posted all that and forgot to answer the question!

My answer is, I don't know, but I'd be interested in opinions also. I suspect the best thing to do is not worry too much and trade what you see. However, I don't see anything wrong with watching two feeds as well. To me, the areas are the really important thing, the candles are just a trigger, or a confirmation of the price behaviour.

I didn't realise that some brokers use different times (I use IG only at the moment) so thanks for bringing the subject up. I'm going to start keeping an eye on two feeds (already got a tiny ETX account) and see how it goes.
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Old Dec 4, 2009, 3:26pm   #9
Joined Feb 2007
Re: 4 Hour charts

Quote:
Originally Posted by Glenborrell View Post
Hi,

I just wanted to ask people's opinion on which 4 hour charts are the best ones to use (or that you are using and why).

I currently use IG index and their 4 hr charts close at midnight, 4am, 8am, midday, 4pm, 8pm.

However i've noted that other providers (ETX & finspreads) have 4 hour charts that close at 1am, 5am, 9am, 1pm, 5pm, 9pm.

Just after some advice on the best ones. Ideally i want to watch the 4 hour charts that most/professional traders watch so i'm watching the same timeframe data that they are.

Thanks in advance,

Glen

IGs betting prices are only indicative market prices, what 'pros' will be interested in a betting price?
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Old Dec 4, 2009, 3:38pm   #10
 
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Re: 4 Hour charts

Quote:
Originally Posted by Glenborrell View Post
It does if i trade off a 4hr candle (or any time frame for that matter).

I want to be watching the same 4hr timeframe as most people.
In order for the difference between one 4hr chart and another 4hr chart to matter to you, it would have to be the case that the difference between the two has the capability of affecting the market.

The difference between the two is that the candlestick formations will appear different. As no professional are trading candlestick formations, the distinction between the two charts is irrelevant.
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