263# The Turtle Channel Trading System
The Turtle Trading
Submit JamesUK 24/12/2012 (source:http://codebase.mql4.com)
This trend following system was designed by Dennis Gartman and Bill Eckhart, and relies on breakouts of historical highs and lows to take and close trades: it is the complete opposite to the "buy low and sell high" approach. This trend following system was taught to a group of average and normal individuals, and almost everyone turned into a profitable trader.
The main rule is "Trade an N-day breakout and take profits when an M-day high or low is breached (N must me above M)". Examples:
Buy a 10-day breakout and close the trade when price action reaches a 5-day low.
In this indicator, the red and blue lines are the trading lines, and the dotted line is the exit line.
Go long when the trading line turns blue
Go short when the trading line turns red
Exit long positions when the price touches the exit line
Exit short positions when the price touches the exit line
Recommended initial stop-loss is ATR * 2 from the opening price. Default system parameters were 20,10 and 55,20.
The Turtle Trading Channel forex system
In the pictures The Turtle Channel Trading System in action.
Turtle Channel Scalping
Submit by Marco 11/12/2012
Time Frame 15 min;
Currency pairs Majors.
Turtle Channel Blue;
Buy if the candle price close above red dot barry resistence;
Turtle Channel Red;
CCI <-75; Sell if the candle price close below blue dot barry support;
Profit Target8-13 pips depends by Currency pairs.
for buy 3 pips below blue dot barry support.
for sell 3 pips above red dot barry resistance.
Share your opinion, can help everyone to understand the forex strategy.
Scalping Trading System