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; Captain Currency, Thanks for answering. I did mean above but let me rephrase my question. If price has been above ...

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Old Oct 2, 2007, 12:47pm   #91
 
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Captain Currency,

Thanks for answering. I did mean above but let me rephrase my question.

If price has been above the 240m and 60m smas for some days (positive bias) is a cross of price from below the 5m sma to above the 5m sma sufficient condition for a trade?

I ask this because I originally came away with the impression that price should also have recently crossed the 60m sma. But in the trade referred to above and copied in below (as opposed to your one) the price had been above the 60m sma since last week.

Marketbreaker, apologies for harking back to your trade but it illustrates some stuff I'm uncertain about really well




That would be independent of the question about Asian vs Eur/US market hours (where, in my previous experience I have frequently noted ranging behaviour with tests but few trends during asian/australian hours). Its also independent of the possibility of looking for price to also break any close by highs (such as existed in the trade I referred to above but I hadn't been paying attention to them).
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Old Oct 2, 2007, 1:05pm   #92
 
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Marketbreaker, apologies for harking back to your trade but it illustrates some stuff I'm uncertain about really well
Hello nine

Looking at my chart again, it really did not break recent highs using MetaTrader's charts. However, what triggered my fingers to click the buy button was what I saw in my FXCM charts - a 5m opening above the recent highs. Ah well, we can't get them all.
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Old Oct 2, 2007, 1:15pm   #93
 
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Watching CHF/JPY and waiting for 4H to close below the SMA.
Might be a good short, but on an exposure basis I will be very short the Swiss Franc considering I am already long USD/CHF.

We'll see
It's really interesting how patience pays off in trading ... I was actually intending to go short CHF/JPY, but things have started to change a little and appears to be going the other way. Let's see how it unravels in a couple of hours (if I'm not out for dinner!).
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Old Oct 2, 2007, 1:25pm   #94
 
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EUR/CHF again ... probably another opportunity to enter this one.
Went long again, let's see how this one goes.

Stop loss at 1.6637, mental take profit is 1.6667 but may go higher?
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Old Oct 2, 2007, 3:19pm   #95
 
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Captain Currency started this thread QUOTE from nine, Captain Currency,

Thanks for answering. I did mean above but let me rephrase my question.

If price has been above the 240m and 60m smas for some days (positive bias) is a cross of price from below the 5m sma to above the 5m sma sufficient condition for a trade? Yes, of course

Kind Regards,
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Old Oct 2, 2007, 3:49pm   #96
 
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EUR/CHF again ... probably another opportunity to enter this one.
Went long again, let's see how this one goes.

Stop loss at 1.6637, mental take profit is 1.6667 but may go higher?
Stopped out for -15 pips.
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Old Oct 2, 2007, 3:51pm   #97
 
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Got 2 positions on the dollar ... long USD/JPY and long USD/CHF
Should be able to ride a little on this one.

We'll see how these go.
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Old Oct 2, 2007, 4:18pm   #98
 
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Got stopped out of USD/JPY at breakeven.

Should probably stop for a break.
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Old Oct 2, 2007, 4:20pm   #99
 
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Got 2 positions on the dollar ... long USD/JPY and long USD/CHF
Should be able to ride a little on this one.

We'll see how these go.

Hello again marketbreaker,

You are way too agressive on you enteries IMO, are you a scalper? how many trades do you do a trade, do you stop for a breether?
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Old Oct 2, 2007, 4:35pm   #100
 
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Hello again marketbreaker,

You are way too agressive on you enteries IMO, are you a scalper? how many trades do you do a trade, do you stop for a breether?
I was thinking this. I saw this system as more a one shot a day thing in the morning (GMT).
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Old Oct 2, 2007, 4:40pm   #101
 
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I was thinking this. I saw this system as more a one shot a day thing in the morning (GMT).

Yes shadowninja, so did I!
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Old Oct 2, 2007, 4:44pm   #102
 
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Well, never fear, this system has served me well. I seem to be able to win about 40-50 points a day via one of the major FX pairs, so thanks once again for letting us know about it.
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Old Oct 2, 2007, 11:47pm   #103
 
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Thanks for the reply Captain Currency,

I am looking for a couple of longer term strategies to complement my normal short term index trading (in pre European hours) so your point about looking to open the trade in the early Euro morning fits my needs well (I can snug a stop until around 1 pm and then its bed time).

MarketBreaker,

If you are looking for a short term orientated forex strategy you may like one I found at FF. The picture looks like below and its described in this thread:

Details here
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Old Oct 3, 2007, 12:53am   #104
 
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Quote:
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Thanks for the reply Captain Currency,

I am looking for a couple of longer term strategies to complement my normal short term index trading (in pre European hours) so your point about looking to open the trade in the early Euro morning fits my needs well (I can snug a stop until around 1 pm and then its bed time).

MarketBreaker,

If you are looking for a short term orientated forex strategy you may like one I found at FF. The picture looks like below and its described in this thread:

Details here
Thanks for the tip nine, happy trading!
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Old Oct 3, 2007, 10:10am   #105
 
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Hi Captain, thanks for posting the thread.

I've a question: in your original description of the method you advocate starting off with the 4h trend, then the 1h and finally the 5 minutes. In your examples, you wait patiently for the two longer TF's to line up before looking for a cross of the 5 min to line up the 3rd duck. However, in some of MarketMaker's trading examples, he's found situations where the two shorter TF's are lined up in the opposite direction to the 4h and and he's then waiting for the 4h to confirm.

Now I would have thought that it should be the way that you described it rather than the way MM is implementing it. After all you are in the end relying on the persistence of the trend on the longest TF to keep things going. If the 4h is going to flip then you don't have the continuity of the trend on your side, which is your edge. Those are just my thoughts on the matter and I'd very much appreciate yours.
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