The TT Channel forex trading strategy is designed to follow the trend based on breakouts of historical highs and lows.
You’ll be impressed by how simple, yet profitable a system it is.
Meanwhile, traders across board will find this strategy very helpful considering how risky today’s market has become.
Chart Setup
MetaTrader4 Indicators: TheTurtleTradingChannel.ex4 (default setting), SuperWoodieCCI.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, Day
Recommended Trading Sessions: Any
Currency Pairs: Any pair except exotics
Download
Download the TT Channel Forex Trading Strategy
Buy Trade Example
Fig. 1.0
Strategy
Long Entry Rules
Enter a buy in the market if the following holds true:
- If the Dodger blue channel of the TheTurtleTradingChannel.ex4 custom mt4 indicator aligns below price bars as shown on Fig. 1.0, price is said to be pushed higher i.e. a trigger to buy the currency pair of interest.
- If the blue and lime green histograms of the SuperWoodieCCI.ex4 custom mt4 indicator forms above the 0.00 signal level as illustrated on Fig. 1.0, the sentiment in the market is said to be bullish, hence a buy is recommended.
Stop Loss for Buy Entry: Place stop loss 1 pip below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following chart or indicator pattern gets displayed:
- If price touches the dotted line attached to the dodger blue channel of the TheTurtleTradingChannel.ex4 custom mt4 indicator, it is a signal that more buyers are leaving the market, hence an exit or take profit is advised.
- Watch out for histograms forming below the 0.00 signal level as a viable trigger to exit or take profit during a bullish trend.
Sell Entry Rules
Enter a sell order if the following rules or conditions take precedence:
- If the red channel of the TheTurtleTradingChannel.ex4 custom mt4 indicator aligns above the candlesticks as illustrated on Fig. 1.1, price is said to be experiencing downward pressures, hence a sell signal is appropriate.
- If the blue and red histograms of the SuperWoodieCCI.ex4 custom mt4 indicator aligns below the 0.00 signal level as seen on Fig. 1.1, the sentiment in the market is said to be bearish i.e. a sell is highly advised.
Stop Loss for Sell Entry: Place stop loss 1 pip above immediate resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following chart or indicator pattern gets displayed:
- If price touches the dotted line attached to the red channel of the TheTurtleTradingChannel.ex4 custom mt4 indicator, it is a signal that more sellers are leaving the market, hence an exit or take profit is advised.
- Watch out for histograms forming above the 0.00 signal level as a viable trigger to exit or take profit during a bearish trend.
Sell Trade Example
Fig. 1.1
Free Download
Download the TT Channel Forex Trading Strategy
About The Trading Indicators
The SuperWoodieCCI.ex4 is a widely held indicator that is based on the CCI, and it focuses on the current state of the market and how you can trade based on that.
When the blue histogram forms above and below the 0.00 level, it is a signal to enter a buy or sell respectively.
The TheTurtleTradingChannel.ex4 indicator is a technical study designed by Dennis Gartman and Bill Eckhart.
It depends on breakouts of historic highs and lows to take and close trades.