Turtle Trading Channel is a forex trading indicator. This system works best in a forex trending market. Therefore, it is recommended to take trades only in an mt4 trending market. This forex trading indicator is named The Turtle Trading Channel because it consists of a chart channel that works as forex support and resistance. You see that the upper part of the forex turtle trading channel works as chart resistance while the turtle trading channel that is below the chart price works as a support. But these two lines of the forex Turtle Trading Channel are more than a support and resistance level; they also let us know whether to sell or buy in the market. Usually, in a trending market, bullish when you see a lower band of the channel is blue, it is the right time to buy and vice versa.
Turtle Trading Channel indicator can be sometimes messy when you apply it to the very volatile and flat forex market, but in a healthy bullish/bearish mt4 market, you can see crystal clear entry signals.
When the forex Turtle Trading Channel is correctly loaded on your mt4 trading platform, your forex trading chart should look like this:
You can see in the above mt4 chart that the system works beautifully in a trending market. The indicator is reliable too if you use it properly. It would be best to practice with it for some days or even months to get the feel of trading with this system. It’s not easy to adopt the new trading style and new trading systems, but with repetitive practice, complete self-discipline, and peace of mind, you can master the indicator system very quickly.
Although this indicator system is very reliable and effective, it is a lagging indicator that might delay the actual entry. But don’t worry, it won’t be too late to open the trade position either. Due to the delayed trade entry, your stop-loss levels might be relatively higher, but it’s okay since you will ride the market trend up to its fullest.
Buying Conditions Using Turtle Trading Channel Indicator
- The major chart trend should be up. You can find out this by having a glance at the mt4 chart.
- The previous chart candlestick bar should be bullish.
- Turtle Trading Channel indicator should be below the price, and it should be blue.
- Open a buy position as soon as the above conditions are met.
- Place your stop loss just below the recent swing low.
- Take your profit(TP) when the Turtle Trading Channel appears above the price, and it is red.
Selling Conditions Using Turtle Trading Channel Indicator
- The major market trend should be down. You can find out this by having a glance at the mt4 chart.
- The previous chart candlestick bar should be bearish.
- Turtle Trading Channel indicator should be above the price, which should be read.
- Open a sell position as soon as the above conditions are met.
- Place your stop loss just above the chart’s recent swing high.
- Take your profit when the Turtle Trading Channel appears below the price, and it is blue.
Turtle Trading Channel Forex Indicator Free Download