Everyone can see the amazing trades that appear with CPT on the 4 hour chart (240 minute). What traders typically don't think about and wind up learning rather quickly, is ...
Everyone can see the amazing trades that appear with CPT on the 4 hour chart (240 minute). What traders typically don’t think about and wind up learning rather quickly, is how that time frame can take over a person’s life. Imagine having to check your charts every four hours. Not just today, but tomorrow, the next day, the next.. etc. Many will even sleep with their computers, afraid of missing a trade in the middle of the night. This is no way to live, no way to trade, and most importantly, not even necessary.
You can still take advantage of the great trades that take place on the four hour chart and NOT have it take over your life. Best of all, you can do it consistently and successfully. How? By using the concept we call ‘snapshot’ trading. It’s really quite simple. You commit to reviewing your charts for trades the same time each day (or there about), maybe looking at your charts once or twice per day. if a trade sets up, you take it. If a trade happened to set up earlier, and it is still near the entry, we follow our ‘get in synch’ rules and in many cases, the trade can still be taken. Like this we can take advantage of this type of timeframe without taking over our lives.
Of course you need to have techniques to manage the trade while it is in progress but there are many tools to do that, including price ladders, doms, 3rd party trade management interfaces like MyFX.com, for example, etc. The point is that it can be done and it can be done with minimal daily effort. Of course it still is a business and the trader must be consistent with running his/her trading business but that’s true with all successful trading.
Here’s a look at the GBPJPY 4 hour chart using a custom CPT plan and snapshot trading. This plan can pretty much be traded at any time, but this tradeplan gets the best results on many levels. What’s more, this particular plan takes advantage of the Asian Session and can be traded in the evenings for those living in the US. You look to take trades at 4 pm and 8 pm est. If a trade is there, you take it.
This 4 hour chart of the GBPJPY is a specific tradeplan that keeps hitting record profit levels. You can see it hitting its first target objective where a percentage of the trade can be taken off for + 93 pips. The stop is moving higher and trailing, allowing the trade to capture larger gains if the market continues to rally.
Check out this 5 year equity curve of the GBPJPY 4 hour chart. CPT is easy to learn and if you’re going to swing trade this timeframe, I strongly recommend you consider ‘snapshot’ trading so that you don’t have to sacrifice you’re every breathing moment to your trading.
The Counter Punch will be on the market again, soon. Be on the lookout for the date for our Autumn release.