Once again Turtle Soup ..

[anup]

anup,
Todays nifty not at all 20 day low.Previousl 20d low is 5941.todays low is 5947.To qualify for TS,it has to come down below 5941.

Hmm... tomorrow the scenario may come..Watch out for Nifty for TS

 

[rangarajan]

jamit & karnaniji,

What r the stocks for tomorrow as per TS & plus one.

 

[umeshmandal]

Today Neither TS Nor TS plus one was profitable in many stocks.

This strategy perhaps may have whipsaws in sideways mkt.

Since no experts or experienced persons who had traded this r available now,our only Hope is Smart_Trade to give more inputs for trading this Ts.

But in trending mkt,this is Explosive than any other.

ACC gave good profits as per TS+1 !

 

[umeshmandal]

Sir, nifty did not make 5969+ filter ??...

What is the reason for this trade?

Must have been as per NF chart ! I took a long position too !
1 lot taken jointly with a friend to reduce exposure becoz no Minifty now !

 

[Smart_trade]

Today Neither TS Nor TS plus one was profitable in many stocks.

This strategy perhaps may have whipsaws in sideways mkt.

Since no experts or experienced persons who had traded this r available now,our only Hope is Smart_Trade to give more inputs for trading this Ts.

But in trending mkt,this is Explosive than any other.

The method is based on sound principles of breakout/breakdown failures. Some days are such that on those days nothing works in the market. Trade for a few days and see if we are comfortable with this method.

It is a swing trading method so the losses are small and when it catches the reversal, the profits are much larger.

Smart_trade

 

[anuragmunjal]

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.

This has been copied from following source: http://technical.traders.com/tradersonline/display.asp?art=2414

Dear friends

just curious..many of u have been trading this system...
if any one has kept an open trade (by this system), till the next day?


regards

 

[Rish]

Dear friends

just curious..many of u have been trading this system...
if any one has kept an open trade (by this system), till the next day?


regards

Can be, if MACD crossover happens in hourly ! ! ! ! ! !

 

[umeshmandal]

Dear friends

just curious..many of u have been trading this system...
if any one has kept an open trade (by this system), till the next day?


regards

Took a long in Nifty Futures today ! Holding it

 

[anuragmunjal]

Can be, if MACD crossover happens in hourly ! ! ! ! ! !

Dear friend,

I went over the rules again,I could not find any mention of Macd there.
my question was very specific..the author says that trades can be on fr a few hours to a few days.. since u guys are trading this system everyday, just wanted to know what %age of trades get carried over to the next day.


regards

 

[anuragmunjal]

Took a long in Nifty Futures today ! Holding it

Thank u Umesh.
if possible pls share the rate at which u bought NF..

regards