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Turtle Forex System

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  • Turtle Forex System

    Now that the Turtle Forex signal is available I am going to use this thread to post trade results starting today.

    I've been asked a few times about "recommended" risk settings for trading this system. The recommended risk setting is 1X. The the standard trade size is 1/2 account balance. So if you are trading a 10K account my your standard size will be 5K (5 micro lots). The money management part of the system allows for a maximum 3.5% floating draw down at 1X. To hit 3.5% at standard risk, positions will have had to go in excess of 700 cumulative total pips against me, which would be an ultra rare occurrence. MAXIMUM recommended risk is as follows based on account size:

    $500-$2,000: 4X - This is what I am trading my $100 Challenge account at.
    $2,000-$10,000: 3X
    $10000-$25,000: 2X
    $25,000+: 1X

    The Turtle Forex signal is more focused on capital preservation than absolute gain. I do not set weekly, monthly, or annual profit or pip goals. I only take trades based on certain conditions being met, then do my best to manage the trade once I am in. My hope is that this system will yield over 50% annual with a maximum 10-15% draw down. If we can do better, that is great!

    I appreciate everyone's support! I will do my best to "Plan my trade and trade my plan". I am 100% confident in the methods I use, and if I stay focused I am sure subscribers to this signal will be happy with the results!

    Happy Trading!

    Joe
    Attached Files
    Last edited by Turtle Forex; 08-01-2013, 10:13 AM.
    "The trend is your friend - until it bends at the end"

  • #2
    August 1

    Congrats to my subscribers...we are off to a great August!

    Took a 4HR signal to buy USD in London this AM...went to bed early (I'm in Florida, USA) and woke up early so to get a feel for the market pre BoE/ECB...I am not a news trader and I really disregard fundys in my entry decisions, buy have full respect for them...Some may question my going into an event risk heavy USD and my answer is simple...because it gave a signal that is probably 85-90% reliable. How much do I trust this signal?

    1) I hate trading USD, have a short bias towards it fundamentally and got a signal to buy
    2) We had event risk news on the horizon

    My feelings were that between getting a very reliable signal and the fact that we have NFP tomorrow, that only a surprise would have a major effect on used...and most likely if there was a surprise it would be to USD benefit

    This signal potentially will yield a lot of pips over the next 24 hours...I was happy to take 86 into the clubhouse and be able to relax and prepare for tomorrow.

    Aug 1.jpg

    Aug 1-2.jpg

    Happy Trading!

    Joe

    www.TurtleForex.net
    "The trend is your friend - until it bends at the end"

    Comment


    • #3
      August 2

      GPB set up beautifully on the SM for an across-the-board short play. The only issue was that I missed the "optimal" entry by about 30 minutes...was still in bed. However GBP was still at a good enough level that I felt 25-50 pips on a basket was very likely so I entered 5 positions, at a reduced size. GBP did what I expected and I closed out the basket for 33.8 pips...not bad for 17 minutes of work...

      With NFP on the horizon, that will be all for me today....I'll spend the rest of the morning chatting and cheering for AMP and TA!

      Aug 2.jpg

      Aug 2-2.jpg

      Have a great weekend!

      Joe

      www.turtleforex.net
      "The trend is your friend - until it bends at the end"

      Comment


      • #4
        August 5

        Today was a bit of a battle, need to place some recovery trades, but all things considered, it was a good day!

        Todays theme was long NZD and CHF and short GBP...they really gave me a wrestling match, but no single position went more the 40 pips against us and it just required some patience and some well timed recovery trades...I tried to look for pairs to "trade around" the other positions, but I just did not see anything so I added to existing positions.

        Dollars wise we did not have a stellar day, but we made a bit.. ....my focus is on making good decisions to preserve capital. Pips wise, we got about 80 pips total. All in all a decent day!

        Aug_5_NZD.jpg

        Aug_5_CHF.jpg

        Aug_5_GBP.JPG

        Happy Trading!

        Joe

        http://turtleforex.net/
        Last edited by Turtle Forex; 08-05-2013, 03:42 PM.
        "The trend is your friend - until it bends at the end"

        Comment


        • #5
          August 5 - Part II

          Got another one of those rare signals to short NZD across the board. I am getting more confident with my trading and was able to short NZD after being long earlier without reservation. I am very pleased with how I handled this trade and if you have followed my posts you know I am very critical of my performance.

          It was a big day overall, about 175 pips total and a great start to the week!

          nzd75-1.jpg

          nzd75-2.jpg

          a5pips.jpg

          Happy Trading

          Joe

          Turtle Forex
          "The trend is your friend - until it bends at the end"

          Comment


          • #6
            August 6

            Markets were not offering much in early trading and I missed a USD buy signal...Just when I was thinking the day would see me on the sidelines, EUR took off and then offered a nice opportunity to short. I played this one a bit different and in hindsight could have been a bit more selective in my entries instead of shorting EUR "across the board". Had a little trouble closing out ECHF which caused me to accidentally close EU, overall it cost us about 9 pips, but with 47.1 pips overall on the "EUR Short" trade, let's not complain...

            August6-1.jpg

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            Aug6-3.jpg

            August6-4.jpg

            Happy Trading!

            Joe

            Turtle Forex
            "The trend is your friend - until it bends at the end"

            Comment


            • #7
              Love what you're doing Joe and it's always interesting to read your thoughts and observations. Keep it up mate.

              Comment


              • #8
                Thanks Roger!
                "The trend is your friend - until it bends at the end"

                Comment


                • #9
                  August 7

                  Played a EUR short basket that worked out well for about 75 pips total...Then had that rare signal (which is not so rare these last few days) on GBP. That is a "Short across the board" signal, GBP not only gave the signal, but advanced to levels I have not seen on the SM (for GBP)....this made me cautious about going in two deep, so I played USD, NZD and JPY, took a quick 22 pips or so (4 minute trade) and closed them out. Great morning, 97.7 pips...

                  August7-1.jpg

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                  August7-3.jpg

                  August7-4.jpg

                  aug7pips.JPG

                  Happy Trading!

                  Joe

                  For information about the Turtle Forex Signal: Turtle Forex
                  "The trend is your friend - until it bends at the end"

                  Comment


                  • #10
                    August 7 - Part II

                    Got to do the first live screen cast of a trade set up and with a little help from some poor employment numbers from Australia we got got to bag 95 pips! I took an AUD short signal well before news as AUD had run itself up in early Asian trading. Now I am always aware of news coming out but generally dont let it stop me from taking a signal...I always have a plan in place for trades that may not go my way, regardless of what drives it.

                    So, I will admit to getting a bit lucky on this...it could have gone the other way, and had it we would have taken the JPY buy signals, and you see how well they would have done...so I think we would have come out of this in good shape either way......but not sense in thinking about what "could" have happened...all I care about it what DID happen...we made 95 pips..

                    August_7_AUD-1.jpg

                    August_7_AUD-2.jpg

                    I will be keeping the screencast free for the remainder of this week. I hope you can swing by and join me! : Live Screen Cast

                    Happy Trading!

                    Joe
                    "The trend is your friend - until it bends at the end"

                    Comment


                    • #11
                      AUD 4 HRTrade

                      Made a quick video explaining the dynamics behind the AUD long trade:

                      AUD 4 Hour Trade

                      We may hold this one until Friday depending on how things go.

                      Happy Trading!

                      Joe
                      "The trend is your friend - until it bends at the end"

                      Comment


                      • #12
                        Hi Joe!

                        How can I learn your system?
                        Awesome trading!

                        Thanks!

                        Comment


                        • #13
                          August 8 - 4HR AUD Long Trade

                          Well guys I exited the AUD longs for bout 11 pips total. Since I took the time to explain why I was getting in, I am now going to explain the reason for an early exit..

                          My reason for entering this trade was based on a few assumptions

                          1) That AUD momentum would continue...that's normally how these 4 HR trades go, we buy into strength. This was the primary reason for entry.
                          2) JPY would weaken...it had already made its highs and appeared to me that it was beginning its cycle down
                          3) Continued USD weakness...USD had also gave a 4 hr sell signal, so I was very confident about getting a move in our direction with this one.

                          All we really got was USD weakness. AUD had hit 60 on the Strength Meter last night, retraced and never made it above 58 while we were in the trade. JPY Strength persisted.

                          AUD strength was the "theme". That is what I was counting on to propel the trade...any weakness in the cross should have only provided an extra "boost".

                          Now I truly think that thing will end up where we thought. But I also know anything can happen and on the 15 minute charts it appeared to me that it was not worth the risk to remian in the trade...so I tool the 10.9 pips and called it a wrap. Even if this goes on to where I thought, better to err on the side of caution. There will be plenty of other opportunities.

                          August 8.jpg

                          Happy Trading!

                          Joe
                          "The trend is your friend - until it bends at the end"

                          Comment


                          • #14
                            Originally posted by Turtle Forex View Post
                            Well guys I exited the AUD longs for bout 11 pips total. Since I took the time to explain why I was getting in, I am now going to explain the reason for an early exit..

                            My reason for entering this trade was based on a few assumptions

                            1) That AUD momentum would continue...that's normally how these 4 HR trades go, we buy into strength. This was the primary reason for entry.
                            2) JPY would weaken...it had already made its highs and appeared to me that it was beginning its cycle down
                            3) Continued USD weakness...USD had also gave a 4 hr sell signal, so I was very confident about getting a move in our direction with this one.

                            All we really got was USD weakness. AUD had hit 60 on the Strength Meter last night, retraced and never made it above 58 while we were in the trade. JPY Strength persisted.

                            AUD strength was the "theme". That is what I was counting on to propel the trade...any weakness in the cross should have only provided an extra "boost".

                            Now I truly think that thing will end up where we thought. But I also know anything can happen and on the 15 minute charts it appeared to me that it was not worth the risk to remian in the trade...so I tool the 10.9 pips and called it a wrap. Even if this goes on to where I thought, better to err on the side of caution. There will be plenty of other opportunities.

                            [ATTACH=CONFIG]235[/ATTACH]

                            Happy Trading!

                            Joe
                            Well played Joe! Thanks
                            The only people who get hurt on a roller coaster are the ones who jump off.

                            Comment


                            • #15
                              TY ReQ!

                              I was talking with JohmMarc in the Live Screencast about this...I felt we may get some speculative AUD buying ahead of CNY data, but the bottom line is this trade was not behaving like a "normal" 4 hr trade...now I see the move down on JPY is finally happening...and AUD remains strong but the move up is more on the weakness of the crosses.

                              The 4 hr trades are difficult for me, this will be the 3rd one I took and got out early only to watch from the sidelines, which is fine. It very hard for me to switch gears from taking trades that last 5 minutes to an hour to taking these 4 hour trades and seeing them through...these are fear based exits...not horrible fear and maybe more protective than anything, but 4 hr signal is a very reliable one that I need to learn to see thru to the end. We'll get there...

                              Happy Trading!

                              Joe
                              "The trend is your friend - until it bends at the end"

                              Comment

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