Thanks for everyone’s input on the Turtlesoup question. I do remember ICT mentioned the Street Smarts book, but unless someone can assure me that it is an amazing ‘must have’ book, I am a little reluctant to part with $175 at this point in time.
The immediate query that springs to mind is ‘how do you know that this is not a continuation pattern that is building?’
Well, gotta go…it is not a school day and that means a little boy is nagging at my ear!
Copyright gods (in my country they are known by the name “Sweater”) will punish me for this but hey what a heck.
Today must make a new 20 day low – the lower the better, new low must occur at least 4 sessions earlier.
After the market falls below 20 day low, place an entry 5-10 ticks above the previous 20 day low, this order is good for today only.
If the buy stop is filled, immediately place an initial good till canceled sell stop loss one tick under today’s low.
As positions becomes profitable use trailing stop to prevent giving back profits.
In other words 20 day high/low, entry above the day that pierced that low and heavy trailing because this pattern does not indicate trend reversal but rather short lived volatile correction.
Hello.
Well for ONCE I’m speechless!!! I am without speech!!! (The reason is not important but suffice to say is it not just too ‘odd’ how ‘paths cross’ and, what’s more, I never ever thought I’d have reason to post on this thread given the different trading styles but MAYBE NOT)!!!
Well first I can assure you that it’s a ‘must have book’. But you don’t have to take my word for it. Take a look at it on my forums (techtradercentral.proboards.com) before you buy BUT NOTE MY DISCLAIMER (about buying the book i.e. with the first $175 you make from the book, which you will, BUY IT, or it WILL ‘come back to you’. Call me superstitious if you like)!!!
And don’t worry i.e. as I’ve said to people I’m most definitely not in ‘email address gathering’ or ‘spam’ business and there are more than a few around here that can vouch for that i.e. ‘common forum members’ of both BabyPips and my forums.
And of course there is my INVALUABLE INSIGHT into Turtle Soup and Turtle Soup Plus One!!! ALL FOR FREE would you believe!!! (Of course: if you traded with Deltastock AS WELL then we’d be even BETTER friends but it’s not a requirement or ‘rite of passage’, YET anyway, to join the forums)!!! LOL!!!
Regards,
Dale.
(Yeh I know: it’s SHAMEFUL my being so BLATANT but hey at least I’m ‘up front’ about it all)!!! LOL!!!
Well if you have gone as far as to search out this thread and post that long mail, it wouldn’t be a hassle to just copy and paste your ‘invaluable insight’ right here, would it? Like you say, you don’t ‘need’ any of my details.
Looking forward to hearing from you.
I just replied to this with a bit of dumb-ass rant, but soon realized that I was getting twisted up in knots for no reason. I guess I work better when I can see the charts, but I think I have it figured now. Thank-you for your time, Rokas. It is much appreciated.
So using Ake’s screen shot here, there was a new 20 PERIOD high placed within the second purple rectangle from the left. Four PERIODS lapsed and that high was not broken. Price then came back and challenged that high, broke through it, and then turned south again. A false break-out. The entry would have been just below the highlighted blue line because that is just under the previous high and catches price as it comes back into the range. The stop loss would have been just above the railroad tracks. Does that sound right?
Entry stop sell order 5 ticks bellow red line, sl few ticks above high of candle 2. Quite a good example because trends resumes after drop which by book should.
Turtlesoup rules! I can understand the concept of raiding the stops, but I have never sat down to figure out where and how I should enter. This makes it a lot clearer in my mind. It seems that if you enter below the previous high, and trail your SL, this is another low-risk set-up that could be as good as OTE. Can anyone comment on how frequently this sets up, and which time frames they like to trade it?
And while we are on the subject, this is a slide that ICT had up on his other thread…
Like I said, I see this happen but I have never had the confidence to buy and sell the stops. How would you know that it wasn’t breaking out, and where would you put your own Stop Loss? Turtlesoup seems to be a lower risk way of doing exactly this, wouldn’t you agree?
Hi Ali,
I found several via google or codebase.mlq search (don’t recall) and have tried Dollar_Index which seems to work OK. It is not an overlay, opens below in indi window. It has a 20 & 40 MA also. Not sure if I am completely happy with it but have not tried others I found, like I said it seems OK.
Whoa. A bit ‘touchy’ there.
Just trying to help pal. And I didn’t go ‘searching’ for this thread at all. I trade (almost exclusively) equity futures and commodities hence my forums. It just so happened that I saw a friend of mine posting here and that’s why I posted. And aside from that: I’m not in the habit of ‘hijacking’ other people’s forums (like ICT’s). Also, and from what I gather, the book was merely mentioned somewhere along the way on this thread i.e. I doubt that it’s the TOPIC of this thread.
Regards,
Dale.
I found a downloadable PDF of Street Smarts. I poked the download button without the slightest hesitation or mental reservation. If you google it, you should find it.
Haha, yes, I assumed we were talking about the USDX as well, or else I wouldn’t have made that post. =P
And I’m glad I could help, you helped me out too by giving me a new perspective on things, using trendlines, etc. I never really thought about that.
Regards,
Clark.
Oh I see, so you figure about 1 year for a 400% ROI from $2500 to $10 000. Do you have an estimate of how long $2500 to $5000 will take? Or is everything from $2500 to $10 000 still a bit unclear right now?
$60 000 in 4 years, DEFINITELY sounds do-able! And to be honest, I envy your patience a lot. 6% sounds conservative, and knowing the trader you’ve become now, I have full confidence in you! I am assuming you are risking 1% per trade? That would mean you need 1.47R a week right?
Personally, I’m still a bit impatient, I set myself pretty high goals… But I am patient when it comes to learning, I won’t actually start “trading” until I have learned everything!
Again, good luck!
And thanks! I will try to have fun, I am going to the U of A for business. I have heard crazzzy stories/parties about the Lister Centre (residence) where I will be staying! So I’m hoping I can keep my mind focused still… 
Regards,
Clark.
If I remember correctly, there is a total of 2 books that ICT has recommended for us, right?
Street Smarts: High Probability Short-Term Trading Strategies by Laurence A. Connors & Linda Bradford Raschke
Technical Analysis Of The Financial Markets by John Murphy
If I’m missing something, just send me a PM, so we don’t spam the thread, and I’ll add it to this post! =)
Some may strongly support copyright laws, but these books are expensive! $175.00 and $67.00, respectively, I have both copies on my computer. So if you’re wanting a copy, just give me a PM or something. =)
Regards,
Clark.
U of A??? Well damn, I went to the U of A! I did one year with AgFor in Pre-Vet (yeah I was going to be a Veterenarian lol), and year and 1/2 with faculty of Science doing Pharmacology. Maybe not a lot of cross-over with Business but I did do Macro/Micro Economics for “arts” electives. Good luck man, it’s a nice campus in the fall. Don’t have any experience with Lister, other than going there to get my Parking Pass lol, but I heard about the good times people had there too, hehe. and I’m sure you’ll get to know Whyte Ave. pretty good…unless you don’t drink bahahaha.
But anyways…I guess I’m still not being clear about the $2500. I had $2500, and I JUST deposited $2500, so my new balance for next week will be $5000. I don’t have to make it, I literally saved it up and put it in! Hope this clears it up 
Hey Ali,
I think I saw it 3 times in 10 days and it was everytime correct. Normally I don’t watch just the first S/R, but take a closer look at the second one which is just 10 pips or something away. Most of the time it is a pivot.
I enter on a 5min chart, I wait for price to push trough and close above the second S/R and enter when it passes the S/R on the other side again. I use a SL just some pips(maybe 10 or something) higher/lower than the candle that broke through. Normally it reverses very clear and fast and does not trade higher/lower before it goes in the direction you want. So definitly a lower risk setup to me 
I’m aiming for the next pivot point to take profits, but I do take a part out at 30 pips and trail the rest, just to make sure to bring some profits home
greetings
I don’t think we are spamming the thread with this book list, so I’ll just put mine straight out there for people to see. ICT mentioned [B]‘Reminiscences of a Stock Operator’ by Edwin Lefevre[/B] which is an excellent book if you want to get away from technical manuals (it is fiction, but based on reality). It was written in 1923, but remains appropriate to this day… especially the part about how ‘helpful’ brokers can be;)
I was amazed at how easily it read being that it was written so long ago, really a good book. So far, I’ve read all of the books listed except Street Smarts (which is now on my computer…) Another really good read would be Trading in the Zone by Mark Douglas. Doesn’t work on the market as much as it works on your mindset.
Ali-
I’ve been reading through the entire forum to catch up on everything as you may or may not have read, but I just have to say your note taking is second to none.
For anyone who wants to brush up on the London Close trade tactics, check out post 1090 on page 109 of this thread.
Now if only we could convince Ali to post all of his notes for us Truly great work!
Yes, and now for something completely different.
Looking at the Cable, I noticed that the Central Pivot lines up at the same exact price (1.6420) for both the monthly and weekly pivots. I think this means that this level will represent a very good measure of Fair value. Personally I will be looking for a retrace to this level in order to key off for a much larger swing move.
Monthly pivots
Weekly pivots
what do you guys think about this?
