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Turtle Trend Forex Trading Strategy

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Exynox Scalper

Trading could be simple, but it could still be very difficult. Different traders have different approaches when it comes to trading the forex markets. Some traders have simple trading strategies while others have complex trading strategies. Still, even traders who use simple trading strategies could feel that forex trading is very difficult. This is because the difficulty of trading does not depend on the ease of a trading strategy. It often depends on the trader’s response to market fluctuations. This is why many traders would say that trading psychology is the most important factor in a trader’s success.

The advantage of having a simple trading strategy over a complex one is that it induces less stress if done right. Complex strategies could often cause traders to feel devastated whenever a trade setup fails because most complex strategies would produce a few signals at a time. On the other hand, simple strategies would often produce enough signals to allow for the law of large numbers to play out. Traders could then have the mindset that a loss is just part of the statistics of a bigger picture profitable trading period.

Turtle Trend Forex Trading Strategy is a simple trading strategy that provides trade setups on trending market conditions. It systematically provides information regarding trend direction bias so traders could simply focus on waiting for the market to give them an opportunity to enter the trade in the direction of the trend.

The Turtle Trading Channel

The Turtle Trading Channel indicator is a trend following indicator that helps traders identify the mid-term and long-term trend bias, as well as possible trend reversals.

It is much like a one-sided channel indicator. Instead of plotting a channel like structure which traders could expect price to move within, it plots lines on one side of price action, which is opposite of the current trend direction. It plots a solid line to represent the long-term trend and a dotted line to represent the short-term trend. If price action is above the lines, then the market is in a bearish trending bias. On the other hand, if price action is below the lines, then the market is in a bearish trending bias. The solid line also changes color depending on the trend direction. A dodger blue line indicates a bullish trend bias, while a red line indicates a bearish trend bias.

The Turtle Trading Channel indicator could be used in several ways. Traders could use it to identify trend bias and filter trades that are not aligned with the trend. Traders could also use the dotted line to wait for price retracements when finding potential retracement entries. The solid line could also be used as a stop loss placement basis.

Stochastic Cross Alert

The Stochastic Oscillator is probably one of the most basic technical indicators that are readily available to traders. Most trading platforms have this indicator included in their programs. Yet although this indicator is very basic, it is also very effective.

Stochastic Oscillators provide a lot of information in just one window. It provides information regarding the current short-term trend direction. It also provides information regarding overbought and oversold markets.

Classic Stochastic Oscillators have two lines. These lines oscillate within a range of 0 to 100. Trend direction is based on how the two lines are stacked. Trend reversal signals are generated whenever the two lines crossover.

The indicator also usually has markers at 30 and 70. If the lines are below 30, then the market is oversold. If the lines are above 70, then the market is overbought. Crossovers occurring at these conditions have a relatively high probability.

Stochastic Cross Alert indicator is an entry signal indicator based on the Stochastic Oscillator. It produces entry signals whenever the Stochastic Oscillator lines intersect.

Trading Strategy

This trading strategy is a simple trend following strategy based on the Turtle Trading Channel indicator and the Stochastic Cross Alert indicator.

The Turtle Trading Channel indicator is used mainly to identify trend direction. This will be based on where price action is occurring in relation to the lines and the color of the solid line.

The dotted line would also be used as an area where we could anticipate a retracement.

The Stochastic Cross Alert indicator would be used as the entry signal. Trade signals that are aligned with the trend will be considered a valid trade setup.

Indicators:

  • Stochastic_Cross_Alert
  • TheTurtleTradingChannel

Preferred Time Frames: 30-minute, 1-hour and 4-hour charts

Currency Pairs: FX majors, minors and crosses

Trading Sessions: Tokyo, London and New York sessions

Buy Trade Setup

Entry

  • Price action should be above the Turtle Trading Channel lines.
  • The solid line should be dodger blue.
  • Price action should create higher swing highs and swing lows.
  • Price should retrace towards the dotted line.
  • Enter a buy order as soon as the Stochastic Cross Alert indicator plots an arrow pointing up.

Stop Loss

  • Set the stop loss on the support level below the entry candle.

Exit

  • Close the trade as soon as the Stochastic Cross Alert indicator plots an arrow pointing down.


Turtle Trend Forex Trading Strategy


Turtle Trend Forex Trading Strategy 2

Sell Trade Setup

Entry

  • Price action should be below the Turtle Trading Channel lines.
  • The solid line should be red.
  • Price action should create lower swing highs and swing lows.
  • Price should retrace towards the dotted line.
  • Enter a sell order as soon as the Stochastic Cross Alert indicator plots an arrow pointing down.

Stop Loss

  • Set the stop loss on the resistance level above the entry candle.

Exit

  • Close the trade as soon as the Stochastic Cross Alert indicator plots an arrow pointing up.


Turtle Trend Forex Trading Strategy 3


Turtle Trend Forex Trading Strategy 4

Conclusion

This simple trend following strategy could effectively produce good trade setups based on trend bias and retracements. It is very mechanical and systematic, which is good for newbies because it simplifies the trading process.

Although it is a simple trading strategy, it could still effectively produce trade setups with a decent win rate and risk reward ratio. Traders could use this strategy to practice trading with the trend on retracements.


Forex Trading Strategies Installation Instructions
Turtle Trend Forex Trading Strategy is a combination of Metatrader 4 (MT4) indicator(s) and template.

The essence of this forex strategy is to transform the accumulated history data and trading signals.

Turtle Trend Forex Trading Strategy provides an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust this strategy accordingly.

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How to install Turtle Trend Forex Trading Strategy?

  • Download Turtle Trend Forex Trading Strategy.zip
  • *Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
  • Copy tpl file (Template) to your Metatrader Directory / templates /
  • Start or restart your Metatrader Client
  • Select Chart and Timeframe where you want to test your forex strategy
  • Right click on your trading chart and hover on “Template”
  • Move right to select Turtle Trend Forex Trading Strategy
  • You will see Turtle Trend Forex Trading Strategy is available on your Chart

*Note: Not all forex strategies come with mq4/ex4 files. Some templates are already integrated with the MT4 Indicators from the MetaTrader Platform.


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