Once again turtle soup




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Once again turtle soupOnce again Turtle Soup.

Once again Turtle Soup.

I am starting new thread on Turtle soup in order to discuss this strategy. All the old fans of Turtle are requested to join and contribute.

I want to make sure following are followed in this thread:

Re: Once again Turtle Soup.

A brief intro to turtle soup:

In their famous book, Street Smarts: High Probability Short-Term Trading Strategies, Linda Bradford Raschke and Laurence A. Connors introduced the Turtle Soup pattern. In the 1980s, a group of traders known as the Turtles used a trend-following system based on breakout of prices. This kind of system, Raschke and Connors noted, can be profitable when traded on a large basket of markets, and its success is dependent on capturing very significant trends. It's beside the point to say that the percentage of wins is low due to the number of false breakouts and that the drawdown of the system is very large. To trade it in the real markets, you have to strongly believe in the concepts that it applies. You must also keep your nerve and rely on a system that sooner or later will ride the trend that will reward you for your strong will and patience. In the meantime, this is where the Turtle Soup opportunities lie.

The aim of the pattern is to profit from false breakouts. When the trend is strong, the reversal will not be long. However, sometimes reversals can be quite profitable. It is a typical swing trading pattern, working well in volatile markets. The rules for buys are:

- Today, you must have a new 20-day low and the previous 20-day low has to be at least four days earlier.

- After the new low has occurred, place an entry buy-stop five to 10 ticks above the previous 20-day low.

The stop-loss is one tick under today's low. The authors suggest using a trailing stop for a trade that might last a few hours or even a few days. It can be applied either on futures markets or stocks. Normally, you should try to lock in your profits when the market makes them available.

A variation of this pattern is the Turtle Soup Plus One. The difference is that it occurs one day later. It benefits from the fact that many traders enter the day of the breakout on close. This way, the trap is set up for even more traders! The rules for buys:

- The previous 20-day low has to be at least three days earlier. The close for the day must be at or below the previous 20-day low.

- The entry buy-stop is placed the next day at the earlier 20-day low.