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Turtle Soup Scanner - Chartink

Below is the scan for Turtle soup study, this chartink scan can be used to identify stocks which come in turtle list and then manually tracked for trade set up.



It is famous intraday trading set up identified and published by famous trader “Linda Raschke” in her books


-Setup structure for Buys (Reverse for sell)

Stock today must make a new 21 day low

Previous 21 day low must have occurred at least 4 days prior

Buy is triggered when price comes to trade above last 21 day low

SL is at today’s Day Low

Target can be trailed either for intraday of 2-3 days positional trade as well


I have modified this set up and use this for intraday mean reversal trading.


How to look for a trade in this case ?


1) Stock selection is based on daily timeframe from the above scan.

2) Stock forms a volume signal candle on intraday timeframe. i.e a day high volume candle at the low of the day (for buy) or the high of the day ( for sell). That can be viewed as per the trading view code for day high volume.

3) A buy trade can be initiated above the day high volume candle with its low as the stop loss level. Reverse for sell trade.

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