How do iuse aturtle channel to create aforex trading strategy




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How do iuse aturtle channel to create aforex trading strategyHow do I use a Turtle Channel to create a forex trading strategy?

The turtle channel can easily be used as a trend trading tool and also adapted for swing trading within a trend.

The turtle channel was originally designed by Richard Donchian as a technical indicator to be used for breakout trading. The channel is created by plotting both the 20-period high price and the 20-period low price, along with an average of the two prices that serves as a centerline within the channel. The original strategy that Donchian used with the channel is to buy or sell breakouts above or below the channel. However, the turtle channel is also used by traders as a simple trend-following indicator because it typically does a very good job of encompassing both high and low price swings within a long-term trend.

Traders also commonly use the turtle channel for swing trading. A simple forex swing trading strategy is put into play by buying when price approaches the lower channel band and selling when price nears the upper band of the channel. Profit targets are set at either the centerline or the opposite band of the channel. This swing trading strategy can be used in either an overall uptrend or downtrend.