Can the Turtle Trading work for Day Traders?

According to Curtis, the Turtle System Exits were apparently the single most difficult part of the Rules. Waiting for a 10 or 20 day new low can often mean watching 20%, 40% even 100% of significant profits evaporate. "There is a very strong tendency to want to exit earlier. It requires great discipline to watch your profits evaporate in order to hold onto your positions for the really big move”. 

Canadian Dollar Stays Weak as Slide in Oil Continues

Canadian dollar remains the weakest major currency this week as the slide in crude oil continued. WTI crude oil reached as low as 36.38 as recent down trend continues and that pushes USD/CAD to as high as 1.3654 so far today. The fall in oil price is a result of worries over further supply growth s OPEC data showed productions rose to the highest level since April 2012, at 31.7m barrels per day. Meanwhile, there is continuous worry over China's slowdown that could lower the demand for commodities. AUD dollar was lifted by employment data yesterday but the strength was brief. AUD rebound was limited below recent resistance at 0.738/9 and weakens notably today. 

The Turtle Rules

Turtles were taught very specifically how to implement a trend-following strategy. The idea is that the "trend is your friend", so you should buy futures breaking out to the upside of trading ranges and sell short downside breakout. In practice, this means, buying new four-week highs as an entry signal.

Asian shares slipped while the euro retained lavish gains on Friday, a day after its biggest one-day surge in nearly seven years as the European Central Bank's stimulus package fell well short of markets' high expectations.

Singapore equities inched lower at noon on Wednesday. Other Asian bourses also traded little changed, ahead of the release of minutes from the US Federal Reserve’s October meeting.
The Nikkei 225 and KOSPI Indices climbed around 0.6% and 0.08% respectively, while the Hang Seng Index added about 0.1%. Meanwhile, the Shanghai and Shenzhen Composite Indices rose around 0.17% and 0.21% respectively.
By 12.14pm, the Straits Times Index declined 0.83% to 2,892.49. Market breadth was negative. Excluding warrants, decliners outnumber gainers 188 to 105.
The Straits Times Index traded between 2,888.06 and 2,909.45, after opening 0.39% lower at 2,905.50.
A total of 473.7 million shares worth $503.2 million changed hands, giving an average price of about $1.06 per share for the entire market.
SIIC Environment Holdings, YuuZoo Corporation, Asia-Pacific Strategic Investments, Neptune Orient Lines, and Spackman Entertainment Group were among the most actively traded counters.
Among STI components, Ascendas REIT climbed 0.9% to $2.26, while CapitaLand rose 0.7% to $3.08. Meanwhile, Yangzijiang Shipbuilding slipped 2.6% to $1.115, while Sembcorp Marine shed 2.2% to $2.20.
SIIC Environment Holdings fell 6.5% to 78.5 cents. The water treatment and environmental protection company on Friday reported that earnings rose 33.4% y-o-y to RMB 89.3 million.
Sembcorp Marine shed 2.2% to $2.20, after its unit PPL Shipyard disagrees with the allegations in the announcement made by Marco Polo Marine in respect of the termination of a rig construction contract. PPL regards this as a repudiatory breach of the contract, and will terminate the contract and claim amounts due under the contract.
Neptune Orient Lines climbed 1.3% to $1.135, buoyed by news of a potential acquisition of the container shipping company by CMA-CGM or AP Moeller-Maersk. NOL has said that there is no assurance that any such discussion will result in any definitive agreement, transaction, or offer.
YuuZoo Corporation slipped 2.2% to 22.5 cents. The social networking company last week posted earnings of US$4 million for 3Q2015, reversing from a loss of US$42.8 million in 4Q2015.
Spackman Entertainment Group climbed 4.7% to 13.3 cents. The entertainment production group on Monday announced that its mystery-drama movie, The Priests, registered over three and a half million in ticket admissions. This sets another Korean box office record for the month of November. For 3Q2015, the group posted a narrower loss of US$1.04 million.

Companies that went ex-dividend/ distribution on Wednesday include OUE Hospitality Trust, SATS, and Silverlake Axis.

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