We present spectroscopy of the Hα emision line in the X-ray transient V4 04 Cyg. Along with the spectroscopy, simultaneus photometry was used in order t o renormalize the spectra to agree with the photometry, giving us spectrophotom etric data. We have found evidence to show the presence of flares in both the l ine and continuum on a time-scale less than 1 hr. Hα flux is not clearly correlated with continuum, and have a non-repeating night to night behaviour. The Hα line shows complex behaviour with instantaneous profiles highly a simetric. To examine in more detail the line-emision variations, we have obtain ed the integrated line fluxes for the Hα wings and core. For some flares only part of the emission line forming region is involved.