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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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change labelOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.