Turtle Soup Indicator plots a shape when we have a 20-period high or 20-period low.
Turtle Soup Setup The Turtle Soup setup was published in the book Street Smarts by Laurence A Connors and Linda Raschke. You can learn about it there. It is a great setup for false breakouts or breakdowns in the group failure tests.
Going long
1) We have a new 20-period low 2) that must have occured at least four trading sessions earlier <- this is very important
Then we place a buy stop above 5-10 ticks or 5 to 10 cents above the previous 20-period low. If filled immediately place a good til cancelled sell stop one tick or one cent below todays low.
Turtle Soup Plus One Similar to above but occurs one day later. It should close at/below previous 20-period low. Buy stop at earlier 20 day low. Cancel fi not filled on day 2. Take partials within 2-6 bars on this one and trail stop rest of position.
Going short Reverse
Time frames Works on all timeframes. Only adjust stoplosses accordingly to chosen timeframe.
Settings You can change the color, shape and placement of the indicator shape. I actually prefer a grey color for both highs and lows as the color actually doesn't add much information. The placement says it all but it is up to you to change this as you like.
Hi and thanks for the indicator. I tried to create alert for every time that the indicator create a new shape in a specific pair and timeframe but I was not able to do it. Can you please advice?
kulturdesken
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I recommend changing the color of the shape to gray or another neutral color.