Forex Donchian Channels Flower Trend Following Strategy
Forex Donchian Channels Flower Trend Following Strategy:
The template will load 3 Donchian channels into your charts, plus the Dynamic Zone RSIplus 2 moving averages plus timelines if you have the indicators.
The Donchian channels are set as follows:
First channel to 60 periods – white channels
Second channel to 20 periods – magenta channels
Third channel to 10 periods – yellow channels.
Under input the ADVANCE is set to 2 on all channels, that mean that the channels are moved forward by to candles. THis have the effect that candles can break through the lines, of the advance is set to 0 then the candles will be contained by the channels. Since this is a breakout system it is easier to see the candles break a line and therefore I have made the adjustment for visual effect.
If you want to trade only short time frames you can delete the 60 period channel.
If you want to trade only longer time frames you can delete to 10 period channel.
For short time frame trading enter when price break to Don 20 (Magenta) and exit if it retrace back over the Don 10 (yellow) channels.
For longer term enter when Don 60 (white) channel is broken and exit when retrace back over Don 20 (Magenta). In other words enter a trade on either a break of the 20 or 60 longer Don channels and exit on a shorter channel.
I only enter short if RSI is below 50 and longs if RSI is above 50.
I further look at the MA and enter in the direction of the shorter (green) MA.
These two the RSI and MA’s are my filters. You can set the time lines to any setting you want
Just to avoid confusion, you enter long if the upper channel is broken and visa versa for short.
In forex a trading strategy is a fixed plan that is designed to achieve a profitable return by going long or short in markets. The main reasons that a properly researched trading strategy helps are its verifiability, quantifiability, consistency, and objectivity.
For every trading strategy one needs to define assets to trade, entry/exit points and money management rules.
How to install Forex Donchian Channels Flower Trend Following Strategy?
- Download Forex Donchian Channels Flower Trend Following 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
- Load indicator on your chart
How to uninstall Forex Donchian Channels Flower Trend Following Strategy?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.