Turtle Trading Channel is a forex trading system. This system works best in a trending market. Therefore, it is highly recommended to take trades only in a trending market. This forex trading system is named The Turtle Trading Channel because it consists of a channel that works as a support and resistance. You see that the upper part of the turtle trading channel works as a resistance while the turtle trading channel that is below the price works as a support. But these two lines of the Turtle Trading Channel is more than a support and resistance level, it also let us know whether to sell or buy in the market. Usually in a trending market, let’s say bullish, when you see lower band of the channel is blue in color, it is right time to buy and vice versa.
Turtle Trading Channel system can be sometimes messy when you apply it to the very volatile and flat market but in a healthy bullish/bearish market you can see crystal clear signals.
When the Turtle Trading Channel is correctly loaded on your trading platform your trading chart should look like this:
You can see in the above chart that the system works really beautifully in a trending market. The system is reliable too if you use it in a proper way. You should practice with it for some days or even months to get the feel trading with this system. It’s not easy to get adopted with the new style of trading and new trading systems but with repetitive practice with complete self discipline and peace of mind you can master the system very quickly.
Although this system is very reliable and effective, it is a lagging indicator so the actual entry might be delayed. But don’t worry it won’t be too late to open the position either. Due to the delayed entry your stop loss levels might be quite higher but it’s okay since you are going to ride the trend up to its fullest.
Buying Conditions Using Turtle Trading Channel.
- The major trend should be up. You can find out this by having a glance at the chart.
- Previous candlestick bar should be bullish.
- Turtle Trading Channel should be below the price and it should be blue in color.
- Open a buy position as soon as above conditions are met.
- Place your stop just below the recent swing low.
- Take your profit when the Turtle Trading Channel appears above the price and it is red in color.
Selling Conditions Using Turtle Trading Channel.
- The major trend should be down. You can find out this by having a glance at the chart.
- Previous candlestick bar should be bearish.
- Turtle Trading Channel should be above the price and it should be red in color.
- Open a sell position as soon as above conditions are met.
- Place your stop just above the recent swing high.
- Take your profit when the Turtle Trading Channel appears below the price and it is blue in color.
Download Free Forex Turtle Trading Channel