Turtle Soup Trading Strategy & Alerts

Discussion in 'Ask A Question' started by Customer Questions, Apr 25, 2016.

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  1. Customer Questions

    Customer Questions John @ timetotrade

    Hi there, Do you have the ability to program an indicator to show the “turtle soup” pattern. It’s a swing failure pattern were a new 20 bar low/high is first made, then at least 4 bars later that low/high is broken again and then the candle closes back above/below the first level invalidating the original breakout and identifies a swing failure and possible reversal of trend.

    Many thanks
     

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  2. Customer Care

    Customer Care John @ timetotrade

    Add the Price Channel indicator and set the period to 20. This can be used to identify new 20 bar low/highs:

    upload_2016-4-25_8-35-25.png


    The alert triggers required to create the long entry trade set up are:
    • LOW crosses under LOWER PRICE CHANNEL - check trigger when the interval closes
    • LOW above LOWER PRICE CHANNEL - check trigger when the interval closes
    • LOW above LOWER PRICE CHANNEL - check trigger when the interval closes
    • LOW above LOWER PRICE CHANNEL - check trigger when the interval closes
    • LOW above LOWER PRICE CHANNEL - check trigger when the interval closes
    • LOW crosses under LOWER PRICE CHANNEL - check trigger on each tick during the interval
    • CLOSE above LOWER PRICE CHANNEL - check trigger when the interval closes
    The price forums a new low, then the low is above the lower price channel for four candles, before forming a new low and closing above it. The penultimate trigger is checked on each tick during the interval, as the requirement is to identify if the low was below the lower price channel before the price closed above it on the same candle. The alert triggers should be placed in a Loose Sequence within 20 candles e.g. 20 days on daily candle alerts.


    For the short entry trade set up:
    • HIGH rises above UPPER PRICE CHANNEL - check trigger when the interval closes
    • HIGH below UPPER PRICE CHANNEL - check trigger when the interval closes
    • HIGH below UPPER PRICE CHANNEL - check trigger when the interval closes
    • HIGH below UPPER PRICE CHANNEL - check trigger when the interval closes
    • HIGH below UPPER PRICE CHANNEL - check trigger when the interval closes
    • HIGH rises above UPPER PRICE CHANNEL - check trigger on each tick during the interval
    • CLOSE below UPPER PRICE CHANNEL - check trigger when the interval closes

    The following is an example of the Turtle Soup Long Entry strategy alert set up:

    upload_2016-4-25_8-48-10.png



    The following video demonstrates how to set up the long and short entry Turtle Soup alerts and test a related trading strategy:





    To learn more about back testing and sequencing alert triggers:

    Related content:

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    Last edited by a moderator: Apr 25, 2016

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