This strategy is more conservative, as it waits for the current bar to end, and sets the buy stop at the same place, but one bar later. This strategy is identical to the Turtle Soup, except it happens one day later. Re-entry rule: if you’re stopped out, you may re-enter at your original entry price if this happens in the next two bars.Use trailing stops, as the current position is moving profitably.If the buy-stop is filled, buy a stop-loss some tics under the current period low.After the market fell below the 20-period low, we place an entry buy-stop five ticks above the previous day low.The previous low must have happened four periods earlier.The Turtle Soup rules for long positions (the inverse goes for short positions): By the way, this strategy can be traded in all markets and time frames. The method that Connors and Raschke propose looks to identify those times when a breakout fails and jump aboard to catch a reversal. Larry Connors and Linda Bradford Raschke wrote a beautiful book called Street Smarts, filled with many ideas to swing trade. The market found a solution to profit from these anticipated turtle breakouts: Turtle Soup. As Newton found out, an action carries its reaction.
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