Best Thread The 3 Duck's Trading System

[Stolentortoise]

It looks to me that you followed the system. You won't win everytime, it does not mean you did anything wrong.

I would personally not have taken the trade, too close to the 9300 mark and that was likely to show resistance (and some added from back in February where it failed around there too).

On my trade price went smashing back through my stop loss so ended up a few £ in profit which was the point. I should have taken my own advice and set the stop loss at the 16100 level or much closer to it.

 

[tiger2008]

It looks to me that you followed the system. You won't win everytime, it does not mean you did anything wrong.

I would personally not have taken the trade, too close to the 9300 mark and that was likely to show resistance (and some added from back in February where it failed around there too).

On my trade price went smashing back through my stop loss so ended up a few £ in profit which was the point. I should have taken my own advice and set the stop loss at the 16100 level or much closer to it.

cheers. I will have another go tonight.

 

[tiger2008]

also do you guys trade multi pairs at the same time or just one currency?

 

[Nigel-P]

cheers. also thanks to andy and nigel for their quick responds.

i had another attempt last night, USDCHF (maybe my timing isn't right) I kept my

stoploss below the 60sma on the 5min chart.

can someone have a look and maybe see what i did wrong. (charts attached)

cheers

Hi Tiger, my only comment would be that it seems you have entered that trade just as the US session is coming to an end and the trade was stopped out early in the Asian session. Liquidity is very low around those times and I often find that price drifts around without really going anywhere.

Personally I'm far more interested in trading at times when there are lots of other traders in front of their screens and therefore there is more activity. You are more likely to get good strong directional moves when the big banks are trading, and that means the London session. Worse than the drifting price action is when one large order comes in from a bank during a low liquidity Asian session which spikes price and you get stopped out for pretty much no reason. Those occasions are very frustrating and I tend to try to avoid them. From memory, the 3 Ducks ebook recommends 7am to 4 pm GMT as the best times to trade. I would tend to agree with that.

That's not to say that you can't trade the Asian session, you just need to be aware that you rarely get much activity until London opens.

Other than that small point your analysis seems to be spot on. If you continue to trade with the rules it will only be a matter of time before you start getting some nice winners.

Save those charts for your records and mark it down as a loser. Continue to record your trades, all of them, winners and losers. Where you got in and where you got out. After a couple of months go back and review them. You will start to see similarities between good trades and poor trades. That's when you will get a big "ahaaaaaa" moment.

Good trading

Nigel

 

[tiger2008]

Hi Tiger, my only comment would be that it seems you have entered that trade just as the US session is coming to an end and the trade was stopped out early in the Asian session. Liquidity is very low around those times and I often find that price drifts around without really going anywhere.
Nigel

Thanks Nigel.

You are right price doesn't move much during night.

I will have go tomorrow.

(good forum)

 

[Stolentortoise]

Duly propped & probing for a breakout above this stiff resistance area to fresh yearly highs. Be nice to see an end-of-week sprint to cap it off!

EURNZD is setting up a nice long this morning through yesterday's highs with a stop underneath the Tokyo lows aiming for the current year's highs at 1.6560-70.

Another long candidate displaying decent potential is USDCAD above 1.0040 on the 5 minute chart. It's attempting to push through strong resistance at this level, but there's good momentum behind it & if it breaks, there will probably be some heavy buy stops beyond there which could propel it towards to 1.0150 area with a good backwind.
Stop loss underneath 1.0025 offers very good r/r this morning for that upside potential.

AUDJPY short below the Tokyo lows of 80.20 into the London open is a cracking deal too & a very typical 3 ducks entry. A clear Tokyo consolidation, strong bearish trend, good stop loss placement (above the Tokyo highs) for a test down to the current week lows at 70.70 offering another 2:1 reward/risk trade.

Plenty of bread in the pond this week to keep the ducks quacking happily

Great write up, having been looking at the charts and thinking I had missed the 3 ducks this morning, now looking with fresh eyes.

 

[Captain Currency]

Aussie, Aussie, Aussie, oi oi oi

Logic
The Aussie Dollar is very weak at the moment against a number of pairs and The US Dollar is strong at the moment against a number of pairs.

Your Job
Selling Weak Currencies against Strong Currencies

What Your Ducks Are Saying
Your Ducks are smelling the weakness and flapping their wings and favor shorting the (Aud.Usd) pair when they all line up.

Keep a close eye on this pair into next week Duck Traders.

Andy

 

[tiger2008]

Thanks Nigel.

You are right price doesn't move much during night.

I will have go tomorrow.

(good forum)

so I had a go this afternoon, and made a mistake,

entered buy trade usdchf @ 0.9288

i was too close to the 00 barrier and there weren't enough pips from my entry to
the main support line. (i can only learn from it because i made
a similar error couple of days ago).

Anyway thumbs up for next now. look forward to get the ducks aligned in correct manner.

cheers

 

[deankenny]

so I had a go this afternoon, and made a mistake,

entered buy trade usdchf @ 0.9288

i was too close to the 00 barrier and there weren't enough pips from my entry to
the main support line. (i can only learn from it because i made
a similar error couple of days ago).

Anyway thumbs up for next now. look forward to get the ducks aligned in correct manner.

cheers

if i may be of assistence, you should still be in this trade, that low only went around 0.8 pips below the low you used for stoploss, but you always have to leave a little breathing space, taking into account spread and such, i see the low as 92735 on my chart, so for my stop loss i wouldve minimum buffer of 5 pips, so my stoploss would be at 92685, therefore you wouldnt get hit and would comfortably still be in the trade.

 

[NVP]

heres the fxcorrelator (x-men) showing the position of currencies on

left chart - 4h on a 60ma
right chart - 1h on 60ma

5min not shown

Green (USD) and yellow (Yen) x-men are TOP of the pile pretty much so there have been big are options to be buying these dudes against the lower currencies...

the Orange AUD is the weakest on both charts so I suspect you 3 duck followers have been very sucessful recently on selling the A/U and A/J pairs :smart:

Good Trading !
N

 

[Captain Currency]

Hello Duck Hunters

Good trading to you for the week ahead.

Top Pairs
Keep an eye on these pairs over the coming days - 3 Ducks favor shorting;

1. Eur.Gbp
2. Eur.Usd
3. Aud.Usd


Andy

 

[Tenapenny]

Is it me or is there a post missing from this page?

I think you're right. Something's missing.

 

[tiger2008]

if i may be of assistence, you should still be in this trade, that low only went around 0.8 pips below the low you used for stoploss, but you always have to leave a little breathing space, taking into account spread and such, i see the low as 92735 on my chart, so for my stop loss i wouldve minimum buffer of 5 pips, so my stoploss would be at 92685, therefore you wouldn't get hit and would comfortably still be in the trade.

Hi Dean.

thanks for the advice. (very useful) because I have just checked that if i left 5pip breathing space for the stop loss, i would have still been in trade and this trade would have turned out to be profitable as well.

I'm bit gutted now, (as have also missed out on andy's recommendations)

This is something i want to ask all traders, how do you guys keep an eye charts.
(do you have alerts setup or you log on at specific times to review the setup?



cheers

 

[deankenny]

Hi Dean.

thanks for the advice. (very useful) because I have just checked that if i left 5pip breathing space for the stop loss, i would have still been in trade and this trade would have turned out to be profitable as well.

I'm bit gutted now, (as have also missed out on andy's recommendations)

This is something i want to ask all traders, how do you guys keep an eye charts.
(do you have alerts setup or you log on at specific times to review the setup?



cheers

But i know what you mean, for example take my trade today, my entry here was on the break of the bottom blue line, with stop loss above the last highs on the upper blue line, now you can see price came back and took me out before going straight back south again. Should i put my stop loss higher above another high, but then sometimes it can work haiving the stop loss where i put it, at the last highs, what would some of you other 3 duck traders donw.

 

[tiger2008]

But i know what you mean, for example take my trade today, my entry here was on the break of the bottom blue line, with stop loss above the last highs on the upper blue line, now you can see price came back and took me out before going straight back south again. Should i put my stop loss higher above another high, but then sometimes it can work haiving the stop loss where i put it, at the last highs, what would some of you other 3 duck traders donw.

basically we kinda need a stop loss that we comfortable with. init!

 

[tiger2008]

But i know what you mean, for example take my trade today, my entry here was on the break of the bottom blue line, with stop loss above the last highs on the upper blue line, now you can see price came back and took me out before going straight back south again. Should i put my stop loss higher above another high, but then sometimes it can work haiving the stop loss where i put it, at the last highs, what would some of you other 3 duck traders donw.

hi dean.

i have been monitoring your nzdusd and it is going the correct direction now.
hmmm... would you consider a re entry or you move on to another chart?

 

[deankenny]

hi dean.

i have been monitoring your nzdusd and it is going the correct direction now.
hmmm... would you consider a re entry or you move on to another chart?

No i didnt re-enter, but im doing the 1 on 1 course tomorrow, so hopefully i can ask him questions about this nzd trade and see what else or what i couldnt have done.

 

[tradeguy]

hi, can anyone point me to any free live charts where i can overlay the 60 sma?

 

[tiger2008]

hi, can anyone point me to any free live charts where i can overlay the 60 sma?

The best way is open a free demo account
And use their mt4 software ( it comes with live charts)
Look at brokers like fxcm or alpari etc.

 

[tradeguy]

The best way is open a free demo account
And use their mt4 software ( it comes with live charts)
Look at brokers like fxcm or alpari etc.

thanks for the help.

just tried to open the alpari account but its not working on the mac!

i couldn't be a pain and ask if you know any system that run on a mac?