Thanks Ali, I really like where the .786 falls (R1 and 1.47)
It is based on ICTās fractal market flow. So yes, it relies entirely on fractals. Nothing else.
Iāve been looking at āTurtle Soup.ā The preamble in Street Smarts suggests all the patterns in the book are valid on all TFs but in the breakdown of turtle soup I only see reference to daily periods. I think Iād use it on a 4hr chart but not sure about the lower TFs. Can anyone advice or tell me what you are trying.
Iām looking forward to the PTC video, Iāll watch it in half an hour when the house goes quiet, ahhh :24:
Iām a newbie, so take this with a beach full of salt butā¦
There was a turtle soup short set up on the EU this morning on 15 M or 5M whathaveyou. Looked like stophunt of the asian session and then EU headed down, as was GU previously, SMT and all that.
That, along with price being in an OTE from the weekly TF swing (from July 08High, to June '10 Low), and OTE on the daily TF swing (High = 4th May, low = 23th may ) and also with the previous two large range up days, added all together, in my head gives a bearish probability to the day, or at least small range consolidation day. Please feel free to critique any of that reasoning peeps!
Just have a short order opened on the EU now. My first ICT (demo) trade in a while.
I have a question for ICT please! - With the turtle soup set up, do you still wait for an OTE, or do you just go in with the original soup setup - that is - the break of the previous high to enter short?
Thanks for all the advice recently ICT and all!
AutoD.
Got a PM warning me that i was advertising from the Babypips forum administrators. I had 2 screen shots attached thats all. V odd. First ICT trade is a winner so far. Soā¦ thanks v much ICT!
Thanks Auto thatās one for the Turtle Soup on all TFs, nicely identfied and executed Sir.
I donāt see how you could combine OTE and Turtle soup myself, however there is an awful lot of things I donāt seeā¦ but theyāre there.
Hey Jaroon,
Combining the two, as ICT did on his video a few vidās back - you wait for the turtle soup set up, thereās a break of the previous 20-session high, down, indicating a valid short trigger, then wait for a low to be made and draw your fibs from the most recent 20-session high, to this new low, and set pending order in the OTE sweet spot.
This is exactly what happened to me this LO.
I actually thought about placing short order at the 1.4650 inst figure - but didnt think it would reach thereā¦ Don;t ask me why i didnt think it wouldnt reach thereā¦??? But it did, would of been a textbook ICT trade. Went short at 1.4644 in the end.
Cautiously pleased with the trade so far.
Interesting, I like this trade more and more. I thought your qualifing swing might have been a bit short (jealousy makes me look for faults :17: ) but youāre bang on a 40 pip swing by my platform, sell zone, kill zoneā¦ sweet.
Hi,
Well in a crass attempt to āmake upā for my behaviour (on this forum) this weekend I thought Iād try to contribute something useful and that will hopefully make somebody some money.
And ICT: my apologies for posting this here IF itās not relevant (and if that is the case then feel free to tell me to delete the post and I will no problem). I have to be honest and say that Iāve not read this thread and Iām not familiar with your trading style or setup but I figured that seeing as somebody has already posted on the topic of Turtle Soup and Turtle Soup Plus One (and from what I gather youāve recommened āStreet Smartsā) that it wouldnāt be a problem.
Until advised further though:
On the attached chart of EUR/USD you can clearly see that we have a VALID Turtle Soup Plus One trade.
Just some notes on the system (as I trade it anyway):
I DO NOT use their (Connors / Raschke) method of placing a stop one tick (pip) above the high of the relevant bar. If my entry order is triggered they (Connors / Raschke) would have you place a stop one tick (pip) above the high of the day today. In my opinion this is just WAY to a predictable place for a stop to be placed and most times (in my experience trading of equity futures and commodities anyway using Turtle Soup and Turtle Soup Plus One) all it takes is the āodd spurious tickā to stop you out. I use a percentage (anywhere between 10% and 20%) of the current ATR(X) (where āXā could be anywhere between ATR(7) and ATR(20) which has been āWilder smoothedā take note) AND ADD THE SPREAD (assuming a BID PRICE ONLY chart I always add the spread to any buy / ask orders) to the high of the relevant bar to calculate my stop price. This is a volatility based stop as opposed to being a fixed stop which, as I say, in my opinion anyway, is just too much of a predictable place for stops to be placed.
If this becomes a valid trade Iāll switch to a lower timeframe (say the 1-hour timeframe) and AGGRESSIVELY trail a PROFITABLE stop on the shorter timeframe. The reason for this: these trades very rarely last too long and in most cases youāll be trading AGAINST the prevailing trend which of course is something that you REALLY donāt want to be doing for any extended period of time. The idea here (my idea anyway) is that these should be short but profitable trades. True you MAY be lucky and catch a nice trend reversal but I assure you it doesnāt happen too often. Also: I find the information in āStreet Smartsā to be a bit misleading. They (Connors / Raschke) say to āaggressively trail a protective profitable stopā but youāll note in the examples that they may take a trade on the daily timeframe but end up taking profit during that same day. I donāt see how this is possible if youāre STAYING with the daily timeframe and not looking at a shorter timeframe???
Also: they (Connors / Raschke) say to ensure that whatever entry stop orders are placed are āgood for today onlyā. Once again (and in my opinion anyway) thereās no good reason for this i.e. I find that MOST of these reversals take place after the second or third day from the signal so I leave my pending orders valid for three days and, if not executed, only then will I delete them after the close of the third day.
Anyway (and as I noted above): if this post is āoff-topicā then my humblest apologies and, if requested, I will delete it. Until then. Enjoy. As I say: this is meant to be CONSTRUCTIVE as opposed my DESTRUCTIVE behaviour of late!!!
Regards,
Dale.
Thanks for the help with the MT4 questions guys! Think Iām going to stick to the platform mainly just for executing the trades, and using TradeStation for most of my charting. One thing I didnāt have on TradeStation was the ADR tool though, so Iām happy that I can now use that.
Itās water under the bridge Daleā¦ :13:
As it relates to Street Smarts and the short term patterns highlighted in that bookā¦ I only like a small sampling of them; to be honest. However, the gems that are tucked in the text is worth the price in my opinion. I paid 175 when it was released and never felt cheated, but like much of anything these daysā¦ if you look hard enough for itā¦ it can be found for free in cyberspace.
The Turtle Soup Pattern I trade is my personal spin on the basic premise outlined in the book Street Smarts. I do not limit the setups to 20 day highs and lowsā¦ but rather it struck me that this is in fact how the Stops get raided and mine were many times in these areas, just where the majority of the texts teach us to place them I might add, and I had a āaha momentā.
Instead of buying breakouts higher on what I believed at that time when I traded this wayā¦ as strengthā¦ I was in reality just serving my account up on a silver platter for the sharks who gladly swam in for a snackā¦ 2% at a sitting. I laid in bed one night in the early hours of Globex when I traded the Swiss Franc futures and Spoosā¦ and I thought, manā¦ what if I traded like that? Reversed the thought process that the majority of us are nursed from infancy as traders with,ā¦ entering on the ālogical pocketsā in price where traders stops would be resting.
This is in essence tradable on ALL timeframes. I used it on 1 minute charts, not anymore but yes 1 minute charts, 5, 15, 30, 60, 4 hour, 8 hour, daily you name it, itās tradable. This was a major milestone in my personal approach to decoding the markets and charts. I began to see things in price that repeated and was never talked about in books and courses I dished out thousands forā¦ it was always the same garbageā¦ repackaged as something newā¦ only to discover it was a new name for the same old dog and pony show.
If you can aquire the understanding on how other traders place stop loss orders you can pick sweet spots in any market, futures, stock, bondā¦ and find a profitable move based on this phenomenon. Just look at any chart and I can show you Turtle Soup with ICT seasoning, sets up multiple times intraday, weekly, monthly. It can be a living trading it alone. Iāve made a good sum of greenbacks on it and unless they do away with stoploss ordersā¦ I frankly do not see it ever losing its effectivenessā¦ which is the closest thing to Nirvana I can find for traders, lol. 
Good postā¦ & [B]GLGT [/B]:57:
~
Just read chapters 4 and 5 in Street Smarts. Excited to get home and check out my charts to see the setups for Turtle Soup & +1 
OK Iāve had a few. I accept OTE because Iāve seen it in action, a number of times, but if anyone can offer a (market psychological) explaination for why it should work, Iād be grateful.
And while Iām about it. āTurtle Soup,ā WHY 20 periods, it seems so erā¦ convienient, shouldnāt volatility or other factors expand or contract this figure, or are breakout traders fixated on this area and make it vunerable to reversals?
If the answer to these queries is āI donāt knowā or "because it does " ā¦ no problem, but if there is a logic behind them Iād love to know it.
In reply to your question about why 20 periods, being that this is Turtle Soup, the Turtle trend following system, and a lot of other trading systems before and since then focus on a breakout of the last 20 trading days. The previous 20 days could also be seen as the last month, or the last 4 weeks as well. There may just be so many people looking at this figure that the patterns become self-fulfilling as wellā¦
:27: OTE works for the following reasons:
In the case of a OTE Short Sale or Sell Signalā¦
The High the market makes is typically a Key Resistance Level on it own.
Smart Bears short at the Resistance level with anticipation or potential price weakness.
As the market declines traders looking to go short will see the obvious resistance now by the recent price decline.
The Smart Money knows this will present shorts they themselves want to assumeā¦ so the price will stall right under the recent highā¦ this is the 79% to 68% level we look for.
So how do the Smart Money assume shorts if it fails to go back to the recent high the OTE forms? They engineer a rapid price surge higher to suck in the less knowledgable traders into buying it thinking it will run higher. Remember the āStreet Moneyā reacts to priceā¦ it does not anticipate its movement. So naturally the Smart Money pair orders to give the chartists sitting at their cubicals on lunch break, thinking the market has went northward all day so it must only continue to go upā¦ so they buy right as the OTE forms. Smart Money gets their suckers for the opposite side of the Short they assume and the bulls are left holding the bag as Price runs South of the border on them. :13:
I could have simply gave you the standard responseā¦ why does it work?.. Wellā¦ because it doesā¦ however, I suspect this is what you were searching for.
The turtle soup pattern as it is explained in Street Smarts works because it capitalizes on the wide following of the Turtles Trend following methodā¦ and wellā¦ itās just soup. :13:
Hope that helpsā¦ [B]GLGT [/B]:57:
What always amazes me is why the āstreet moneyā canāt see the OTE pattern after being stopped out time and time again. I guess it is a case of always seeing the old hag, and not being able to see the beautiful young woman in the necklace!
Isnāt that why you have told us to disregard everything we have been taught so far? We need to look at the picture in a completely new wayā¦and look at the picture as a whole, not parts of the old picture mixed in with parts of the new. Once you see the old hag in the above picture, it becomes very difficult to see the young lady, and vice versa, but it is not impossible. Lucky for me I was introduced to the young lady at an early stage in my Forex career, and for that I am very grateful:13:
With regard to Jaroonās question about the 20 period time frame, I understand it to be the same reason that RC stated. 20 days is 4 trading weeks, and I believe it has to do with harmonics and trading cycles. You will note that it is also a popular Moving Average, along with 5MA (1 week), 10MA (2 weeks), and 40MA (2 months) etc.
Exactly Ali, āOld habits die hardā
so true it hurts
Many thanks to ICT for showing us how good the markets can look when you truly know what youāre looking for. Taking the time to put together the PTC videos and all of these resources is one of the most unselfish things Iāve ever seen anyone do.
Very happy I stumbled on this thread when I did.
Morning/night all!
GBP/USD long from this morning
All times @ GMT+1 on chart
Reasons for trade,top down:
Daily chart yesterday closed at bottom of range.
OTE long on daily chart taken from low on 24/5 to high of28/4 entered 0n 3/6.
Confluence of the last 2 days pivots(using N/Y pivots)bounced of yesterdays DS1.
Entry and exit at institutional figures.
I entered a second trade @ 09.05(CET)@6380 took profits @6398 with S/L @6369.
The reason for my second trade was because i donāt have the option to enter the lot size I want on this MT4 platform(or at least I canāt figure out how to do it)sounds stupid,maybe,I understand ITCās methods and can implement them,but I am still struggling to finance my trades as I want.
Iām looking for 1 pip= 1 euro
My account is in euro(5k) currently with a 2/1 leverage but iām struggling to get the right calculation for my lot size iām looking to risk 0.05% and thats it,as I said above I can trade the methods but am still struggling with how leverage affects my lot size/monetary risk and how to calculate/correlate it,if anyone can help out iād appreciate it.MT4 is very unfriendly for placing trades and this is my problem,well that and my lack of attendance at school!
Well GLGT all iām off to weed the garden
P.s yesterday stayed flat quite happily was not happy with L/O entry OTE(just on the edge of 61.8% @ 08.00(GMT) as it was a bit off for me and I wasnāt comfortable with it,thanks for that bit of advise Hellogoodbye!as I was more than happy to be out of the market even though it proved to be a great day!
As always any feedback/help would be appreciated and I hope by posting my trades I can help other Newbies!
