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Turtle Soup Helper
Source: https://fxcodebase.com/code/viewtopic.php?f=17&t=76410
Forum: 17 · Topic 76410 · 4 post(s)
Turtle Soup Helper
Apprentice · Sat Oct 25, 2025 3:50 pm
The Turtle Soup trading strategy is a short-term reversal system created by Linda Bradford Raschke as a counter-trend adaptation of Richard Dennis’s Turtle Trading rules. Here’s how it works and why it’s called “Turtle Soup”:
Core Idea
While the original Turtles followed breakouts, this strategy aims to fade false breakouts — catching price reversals when new highs or lows fail to hold. It’s especially useful in range-bound or choppy markets.
Long Setup (Buy)
Identify a new 20-bar low (the lowest low of the last 20 bars).
Wait — the next bar must trade below that low, triggering traders who use breakout systems.
When price rallies back above the previous 20-bar low, enter long at that level or slightly above.
Stop-loss below the new low (often 5–10 pips or ticks).
Exit on the close of the day or when short-term resistance (e.g., prior 10-bar high) is hit.
Short Setup (Sell)
Identify a new 20-bar high (the highest high of the last 20 bars).
Wait — the next bar must trade above that high.
When price drops back below that old 20-bar high, enter short just under it.
Stop-loss above the new high.
Exit on the close of the day or when prior short-term support is hit.
Re: Turtle Soup Helper
zhlongji · Mon Nov 10, 2025 2:45 pm
After adding this indicator on the chart, nothing is displayed on the chart
Re: Turtle Soup Helper
Apprentice · Sun Nov 16, 2025 3:22 pm
We have added your request to the development list. Development reference 736
Re: Turtle Soup Helper
Apprentice · Sun Nov 23, 2025 11:57 am
The arrows should appear after a few seconds.