H8 Time frame (or any other time frame you wish)

[cabbagepicker]

Here you go! This is the Period Converter indicator. ( Found on Forex Factory) I am NOT the author.
Here is how you use it.
Drop it into your indicator folder just like any other indicator. Then re-start MT4.
For an 8 hour chart do the following:
Open a new H1 chart. Double click the Period converter indicator. When you get the preferences window, under the common tab, check ALLOW DDL INPUTS. Then under the INPUTS tab, find the PERIOD MULTIPLIER row, 3rd one down. Change that to 8. Then hit OK. Now back to the main window, under FILE find OPEN OFFLINE. You will find an H8 chart listed for the pair you started this process with. Open it. There you go. With this indicator you can create any chart time frame you want H8, M3, H5, M27, whatever your heart desires. Caution! you must keep the PRIMARY (in this case H1) chart open for the H8 chart to get live updates. Happy PIP hunting.

[cabbagepicker]

Here is an example of the H8 charts with Ashfx2

[cabbagepicker]

Here is another good one, note the smooth waves on the H8 time frame.

[manus168]

@ Cabagpicker;

Thanks a lot buddy;

Now i can Trade Breakout base H8 Timeframe Joel Ritsznick.

Thank you guys

[noblehobo]

good stuff CP - thank you

[cabbagepicker]

Good example of why I like H8. Notice de mark Breakout.

[usama1]

Originally Posted by cabbagepicker

Good example of why I like H8. Notice de mark Breakout.

Thanks cabbagepicker for the indicator and instructions, I am eager to use it. but in trading breakouts do you stick to the qualifiers ? and when do you enter position (after complete candle closure or...)

[cabbagepicker]

Originally Posted by usama1

but in trading breakouts do you stick to the qualifiers ? and when do you enter position (after complete candle closure or...)

Depends on what you mean by qualifiers. In tha attached photo there are 3 succesfull trades.2 shorts and 1 long. The "qualifiers I use are the PSAR, AO, and Stoch Histogram. I like to confirm that it has indeed broken the TDM trend line (making it a true "Break OUT"). I do not rely on the ASHfx indicator only, there are good trades that do not line up all at once. Yes, I only enter after the close of a candle.

PLEASE NOTE! On my chart the ASHfx indicator will occasionally give an arrow BEFORE the PSAR dot changes color. I have to decide whether to jump in at that point or wait for the PSAR to change. Always take in to concideration the overall trend, retrace, support and resistance.

[usama1]

Hi cabbagepicker
this is an article talking about the qualifiers , I am still confused whether to follow them or just breaking the trend lines justify entering a position after candle closure.
BTW those arrows in your chart (of breakout not Ash signals) are indicator signal or you draw them yourself

[cabbagepicker]

Originally Posted by usama1

Hi cabbagepicker
this is an article talking about the qualifiers , I am still confused whether to follow them or just breaking the trend lines justify entering a position after candle closure.
BTW those arrows in your chart (of breakout not Ash signals) are indicator signal or you draw them yourself

Thanks for the question.
I DO NOT follow the TDM Qualifiers as decribed in the article.I simply want a close past the demark trend line. The small arrows you see are placed by the De Mark Indicator. This TDM indicator gives an arrow simply when the line is crossed, not when there is a close past the line. I prefer waiting for a close.