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Turtle Soup Body Pattern
The Turtle Soup Body is a price action pattern derived from the classic Turtle Soup setup, designed to identify false breakouts beyond recent highs or lows, with a strong emphasis on the candle body close.
This pattern occurs when price briefly breaks above a recent swing high (or below a recent swing low), triggering breakout traders, but then fails to sustain the move. Instead of focusing only on wicks, the Turtle Soup Body setup requires the candle body to close back inside the previous range, signaling rejection and loss of breakout momentum.
Key characteristics of the Turtle Soup Body pattern include:
A clearly defined recent high or low (typically a 20-period high/low)
Price breaks the level intraday, creating a false breakout
The candle body closes back below the high (for short setups) or above the low (for long setups)
Confirmation that market participants are trapped on the wrong side of the move
The Turtle Soup Body pattern is commonly used as a mean-reversion or reversal setup, offering tight stop-loss placement and favorable risk–reward ratios. It is especially effective in ranging or overextended market conditions and can be applied across multiple timeframes in the Forex market.
The Turtle Soup Body is a price action pattern derived from the classic Turtle Soup setup, designed to identify false breakouts beyond recent highs or lows, with a strong emphasis on the candle body close.
This pattern occurs when price briefly breaks above a recent swing high (or below a recent swing low), triggering breakout traders, but then fails to sustain the move. Instead of focusing only on wicks, the Turtle Soup Body setup requires the candle body to close back inside the previous range, signaling rejection and loss of breakout momentum.
Key characteristics of the Turtle Soup Body pattern include:
A clearly defined recent high or low (typically a 20-period high/low)
Price breaks the level intraday, creating a false breakout
The candle body closes back below the high (for short setups) or above the low (for long setups)
Confirmation that market participants are trapped on the wrong side of the move
The Turtle Soup Body pattern is commonly used as a mean-reversion or reversal setup, offering tight stop-loss placement and favorable risk–reward ratios. It is especially effective in ranging or overextended market conditions and can be applied across multiple timeframes in the Forex market.
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Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.