Forex turtle strategy The Turtle Soup trading strategy is a fairly simple strategy developed by Linda Raschke, based on the Turtles strategy. The Turtle Soup trading strategy was created by legendary trader and Market Wizard Linda Bradford-Raschke. This is an inverse strategy to the. The simplest strategy based on the use of the principle "trend is your friend, trade with the trend" is the turtle system. It gained popularity. FOREX MAGNATES 2022
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. 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 day low has to be at least three days earlier. The close for the day must be at or below the previous day low. The same rules apply for sell entries for both patterns, of course. Let's see how the two patterns work: Figure 1: Turtle Soup, euros. The pattern was applied on a minute chart. On April 21, , at on the euro-US dollar on the foreign exchange market, the market printed a new low with a wide range bar.
After a pullback lasted only three hours, prices went down again to new lows. This happened on April 22, with the bar. Prices entered back into the previous low-bar range, giving the buy signal above 1. Trailing your stop, you would have probably closed your trade about 14 hours later at 1.
Graphic provided by: TradeStation. Figure2: Turtle Soup Plus One, oats. On December 3, , in the oats futures contract, the market printed a new day high. After a sort of bullish triangle lasted 13 days, prices closed at a new day high -- interesting enough for a trend-follower and someone who would look at chart patterns like triangles.
This day is a setup for the Turtle Soup Plus One. The next day after a gapup open common in these situations , prices go back into the previous day's range giving a sell signal. Step 2: The bar low must have occurred at least 4 bars earlier than the current low The second rule that needs to be satisfied before pulling our trigger is that the current bar low must happen at least 4 bars earlier than the current low.
Basically, this trading rule is trying to point out that we need the EOS price to have a sharp move when it does the day low. Why do we need the EOS price to have an abrupt move? The Turtle Soup reversal pattern satisfies all trading conditions outlined above which mean that we can move forward and describe how to buy EOS coin. See below: Step 3: How to buy EOS: After the market drops below the bar low, place a buy order above the prior bar high Now, the original Turtle Soup pattern uses a slightly different entry method.
Instead of buying at the prior bar low we buy at the previous bar high. This brings us to the next important thing that we need to establish for the EOS cryptocurrency trading strategy, which is where to place our protective stop loss. See below … Step 4: Place your protective Stop Loss below the current swing low After the buy EOS order is triggered, you have to place your initial stop loss below the current swing low. If the EOS price makes a new low, then we want to get out of our trade because the Turtle Soup pattern got invalidated.
This cryptocurrency strategy allows us to maintain a very low risk profile on all of our trades. Professional traders and hedge fund managers always look first to protect their capital and this trading strategy enable you to accomplish that for yourself. Last but not least, we also need to define where we take profits when trading EOS tokens. See below: Step 5: Take profit when you can count 20 bars from the bar low Again, our exit strategy is slightly different than the original Turtle Soup system.
We take profits after the market has advanced at least 20 bars from the bar low. Alternatively, you can use the initial exit strategy which requires for you to trail your stop loss. Due to the volatility of this reversal pattern your trade will last on average between 4 hours and a few days, so trade with caution. Use the same rules for a SELL trade — but in reverse. In the figure below, you can see an actual SELL trade example.
You can also trade with the Gartley Pattern. Learning how to buy EOS with our crypto strategy can lead to spectacular gains if you put enough time and effort to understand the power of the Turtle Soup reversal pattern. Thank you for reading! Please leave a comment below if you have any questions about trading EOS tokens! Also, please give this strategy a 5 star if you enjoyed it!
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