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:
In this indicator, the red and blue lines are the trading lines, and the dotted line is the exit line. Original system is:
Recommended initial stop-loss is ATR * 2 from the opening price. Default system parameters were 20,10 and 55,20.
I have, however, altered a little bit the algorithm to get early entry signals and avoid random trend swings in highly volatile conditions. To do so, this indicator will only show a trend change when a bar actually closes above or below the current trendline -instead of just touching it like a normal stop-loss order would do-. The downside is that you can only detect trend changes when the last bar has already closed. Just in case, the strict version is also available.
This indicator should be used together with my other indicator: The classic Turtle Trading Indicator, to represent the same period or the failsafe trading system and get further signals if you have been stopped out. Both indicators implement trading alerts, enable or disable them at will depending on your trading setup.
Original Turtle Rules:
To trade exactly like the turtles did, you need to set up two indicators representing the main and the failsafe system.
The entry strategy using S1 is as follows
The entry strategy using S2 is as follows:
The turtles had a progressive position sizing approach that boosted their winnings. Once a trading decision has been made you should...
The exit strategy is performed using the dotted line of the indicator:
The turtles had very strict money management too. Initial position risk was 2%, but it decreased according to the current drawdown.
Draws a Vertical Line at Session Open - Eurozone/London - USA - Asia.Heiken Ashi Histogram
Another suggested way to track Heiken Ashi candles and trading short-term price swings
A set of scripts to install and work with Gann fan. Custom fan has correct angles and is scale insensitive.The classic Turtle Trading Indicator
This is classic implementation of the Turtle Trading system, with clear entry/exits signals within the same trend and enter/exit alerts. It should be used together with my other indicator, The Turtle Trading Channel to get further entry signals if you h