Author: Gopal Krishan Doda
Welcome to the world of trading! Today, I’m excited to introduce you to a modified version of the Donchian Channel indicator, often referred to as the famous Turtle Indicator. I’ve streamlined it by removing two lines, resulting in a single, powerful indicator that's easy to use.
How to Use the Doda-Donchian Indicator:
- Buy Signal: Enter a buy when the price closes above the Doda-Donchian line.
- Sell Signal: Enter a sell when the price closes below the Doda-Donchian line.
- Stop-Loss: Set your stop-loss a few pips away from the Doda-Donchian line to protect your trade.
This indicator is versatile and can be applied to any currency pair, CFDs, and more.
Pro Tips for Success:
- Stick to higher time frames like H4 for the best results.
- Be cautious! Sometimes, the price may just “kiss” the Doda-Donchian line, triggering your stop-loss. It's wise to place your stop-loss a few pips above or below this line.
- Remember, just because the price moves above or below doesn’t mean it's time to change your signals. Wait for the candle to close above or below for confirmation.
Happy trading, and may your pips be plentiful!
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