The 3 Duck's Trading System

This is a discussion on The 3 Duck's Trading System within the Forex forums, part of the Markets category; Originally Posted by Trader333 I have just realised that I had the set up for this completely wrong (from an ...

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Old Sep 24, 2007, 1:03pm   #25
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Originally Posted by Trader333 View Post
I have just realised that I had the set up for this completely wrong (from an indicator settings standpoint) which meant I got a signal that I shouldn't have (even though it was profitable) last week.
Have you returned the profits to the broker Paul? He will make every effort to trace the individual you took the money from by accident.
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Old Sep 24, 2007, 1:09pm   #26
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This system is a simple example of how multi-timeframe confirmation can be used to
ensure you are looking to trade in the right (trend) direction.
It is in many ways open ended - RE: entry point, SL & take profit.

It would be good to know which entry & exit methods work consistently the best, andfor what reasons.
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Old Sep 24, 2007, 1:16pm   #27
 
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On a long position do you buy on the break of the last high, or would you wait for a pullback following the breakout?

Thanks,
Harold
Hello Hcour,

Good question! Some pairs will give you an oppertunity to buy on a pullback after it broke the high - Eur/Usd is a typicall pair that will "allow" this. Other pairs like Gbp/Usd tend not to give great pullback oppertunities. I personall try NOT to enter at the highest price, I always look to try and get it a bit cheeper!!

Kind Regards,
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Old Sep 24, 2007, 1:19pm   #28
 
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Have you returned the profits to the broker Paul? He will make every effort to trace the individual you took the money from by accident.
LOL, Yes give back or else buys us all a drink each!

Kind Regards,
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Old Sep 24, 2007, 1:20pm   #29
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Tony / CC,

I will immediately enter a counter trend trade to ensure that I give back any profit that I didn't duly earn. I agree that it is just not acceptable to be making profit by accident and I will amend my ways with due effect


Paul
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Old Sep 24, 2007, 1:25pm   #30
 
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Captain Currency started this thread Will Gbp/Usd cross soon on the the 5min sma and the last highs on the chart to set up all our Ducks?

Kind Regards,
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Old Sep 24, 2007, 1:28pm   #31
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Will Gbp/Usd cross soon on the the 5min sma and the last highs on the chart to set up all our Ducks?

Kind Regards,
CC,

If it does then at what point would it be a valid entry ? The reason I ask is that I see sometimes you can get whipsaw around the MA


Paul
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Old Sep 24, 2007, 1:36pm   #32
 
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CC,

If it does then at what point would it be a valid entry ? The reason I ask is that I see sometimes you can get whipsaw around the MA


Paul
Probably above 2.0271, or for the more agressive maybe 2.0257. Prices will be above the ma's on all 3 timeframes at that point, FTSE is slightly up and DOW looks like it will open positive also, so should all help a move up, but with every trade it will still be 50/50, its what you do after you enter that counts

Kind Regards,
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