Best Thread The 3 Duck's Trading System

[jungles]

quiet thread

 

[Captain Currency]

3 Ducks, Weekend of 1st - 2nd June '13

We'll start off with a quote Duck Hunters,

"You don't really have a trading strategy until you know what you're not going to do, then you do have a strategy"

Next week's strategy (and it could be your too) is to sit it out, let all the news come and go and then see what the market looks like.

Here's What I Mean ...

Aud.Usd sentiment is bearish at the moment (4hr Trend is Down). On Tue, 4th of June, an Interest Rate Statement for Australia will be released. And on Fri, 7th of June, any negative number from the US Non-Farm Employment Figures will be bad news for the US Dollar. This could turn the overall sentiment from bearish to neutral (no clear direction on the 4hr chart) for the Aud.Usd pair.

Interest Rate Statements are also out for the Eurozone and the UK this Thur 6th June. Likewise, sentiment / direction of the 4hr trend could easily change after these event.

Not Going To Do ...

If you're a 3 Ducks Trend Trader it's probably best not to take trading opportunities next week.

Sit back and have a coffee until all these bits of news have finished. Then you could go back to the market and look for decent trending pairs to apply your 3 Ducks onto.

Enjoy the weekend,

Andy,
Captain Currency.

 

[jungles]

watchlist
.

 

[Captain Currency]

Gbp.Usd watchlist
.

I couldn't argue with that Jungles, hope it worked out well for you.

Andy,
Captain Currency.

 

[jungles]

it was a good set-up, but alas, i wasnt filled

.........it will have to be a pint on you this week :clap:

actually, slow week over-all for my duck hunting, despite the market action

I couldn't argue with that Jungles, hope it worked out well for you.

Andy,
Captain Currency.

 

[mike.]

I had some cracking duck hunting Monday and Tuesday, just spreadbeting forex, took 2 bigish losses down to bad money management, learned from my mistakes and moved on. Was helped along with a little luck when a spike just hit my limit order then retraced quite a bit, but overall, enjoying the experience..

 

[jungles]

lucky you

it's a nice way to trade, if you can find a way with 3D

I had some cracking duck hunting Monday and Tuesday

 

[Captain Currency]

3 Ducks, Weekend of 8th - 9th June '13

Hope you're good Duck Hunters,

Next Week Aud.Usd will still make it on to my watchlist but ......... so will Gbp.Usd and its 115 pip average daily variation, here's why:

Gbp.Usd
The Gbp.Usd trend is UP and your Ducks only favor longs (buys) at the moment when they all line up in the same direction.

Profit Targets
Bulls will be trying to break the 1.5700 area and above next week.

Stop-Loss for Intraday 3 Ducks Traders
Intraday stop-losses could be fixed or placed below hourly support.

Stop-Losses for Swing & Positional 3 Ducks Traders
Swing and positional traders may prefer to have their stop-loss below the 1.5487 or the previous resistance area at 1.5375 on the 4 hour chart.

PS
All Bullish interest is gone for me if we get a break and hold below the 1.5375 area next week.

Happy Hunting!

Andy,
Captain Currency.


These are not trade recommendations. The 3 Ducks Trading System is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas. I do not accept liability for any loss or damage, including without limitation to any loss of profit which may arise directly or indirectly from use or reliance on such information.

 

[bansir]

Hi CC and all,
I've been out of the game a while but looking to get back on board.

Thought 3 ducks would be a good place to come and brush off the cobwebbs.
Enjoyed catching up on the thread.
Also thanks for the new ebook, CC.

Here's my first stab at a trade using £3k demo account 20:1 leverage.
Feel free to rip it apart

Used pending order for entry and fixed 40 pip target, 20 pip stop loss.
Quite busy at day job so pretty much "Set and forget" mode.

-20 pips

Best Regards,
Bansir

 

[mike.]

Unlucky there bansir, just wondering, if you look back on the m5 chart and you had increased both your stop and t/p by 10 pips, would you of been stopped out ? Possibly then reduce the stake size to maintain the same level of exposure. Sorry, just read your post again, the - 20 pips loss.

 

[bansir]

Unlucky there bansir, just wondering, if you look back on the m5 chart and you had increased both your stop and t/p by 10 pips, would you of been stopped out ? Possibly then reduce the stake size to maintain the same level of exposure. Sorry, just read your post again, the - 20 pips loss.

Hi Mike,
Thanks for taking a look at the trade. I'm using fixed pips 20/40 just to get some practice actually sticking to a plan

I think I possibly could have picked a better entry level based on a break of the hourly chart high around 1.5617 but then the target would have been out of reach.

Best regards,
Bansir

 

[jungles]

hello bansir

we all trade 3D a little differently, so i'll give you my interpretation, which reflects my style

firstly, I would place my stop @ red zone on chart if taking this trade

secondly, i have resistance (see 240M 9th May) at blue horizontal, so i want to TP below that

keeping this in mind and aiming at 1:1 RR, means my entry price is 5528,
and at this price i wont have 3 ducks (price will be under 5SMA)

conclusion, there is no set-up at present for me on this pair

but as i say, we all trade 3D differently, and the above is just how i do it

.

 

[bansir]

hello bansir

we all trade 3D a little differently, so i'll give you my interpretation, which reflects my style

firstly, I would place my stop @ red zone on chart if taking this trade

secondly, i have resistance (see 240M 9th May) at blue horizontal, so i want to TP below that

keeping this in mind and aiming at 1:1 RR, means my entry price is 5528,
and at this price i wont have 3 ducks (price will be under 5SMA)

conclusion, there is no set-up at present for me on this pair

but as i say, we all trade 3D differently, and the above is just how i do it

.

Hi Jungles, thanks for taking time to look at my trade.
I see, you set the floor then the ceiling so to speak and let these regions define your entry level.

I like this; it's well defined with solid rules to keep you on course.
Thanks for sharing an alternative view.

Best Regards,
Bansir

 

[NVP]

Hi CC and all,
I've been out of the game a while but looking to get back on board.

Thought 3 ducks would be a good place to come and brush off the cobwebbs.
Enjoyed catching up on the thread.
Also thanks for the new ebook, CC.

Here's my first stab at a trade using £3k demo account 20:1 leverage.
Feel free to rip it apart

Used pending order for entry and fixed 40 pip target, 20 pip stop loss.
Quite busy at day job so pretty much "Set and forget" mode.

-20 pips

Best Regards,
Bansir

just a thought dude..........on the losing trade shown the G/U had already moved up 30 pips (vs 60ma crossover point) on the 5 min chart.........

perhaps a little overcooked to ask for more ? (without a more serious retrace)..........just an observation

N:smart:

 

[bansir]

just a thought dude..........on the losing trade shown the G/U had already moved up 30 pips (vs 60ma crossover point) on the 5 min chart.........

perhaps a little overcooked to ask for more ? (without a more serious retrace)..........just an observation

N:smart:

Hi NVP,
Good point. I didn't really notice this feature. I guess the fact that there was a lower low (not marked on the chart) just before the entry should have given me some warning of an imminent retracement.

I've also been thinking about Jungle's post a bit more.
The choice of 1:1 RR ratio means that over the long term he is totally relying on the edge that the ducks give him to land more winning trades than losing trades. The targets and stops are allocated to or around logical s/r regions.

Thanks NVP, hope this is helping one or two others.

Best Regards,
Bansir

 

[jungles]

yes, i need more wins than loses, .........so far there are more wins

lining up the 3 ducks (trading with the trend) on its own gives an edge

additional edge can be extraced from a "sensible" interpretation of PA and SR

The choice of 1:1 RR ratio means that over the long term he is totally relying on the edge that the ducks give him to land more winning trades than losing trades. The targets and stops are allocated to or around logical s/r regions

 

[Captain Currency]

Hi CC and all,
I've been out of the game a while but looking to get back on board.

Welcome back on board Bansir!

Here's my first stab at a trade Feel free to rip it apart

Wasn't a bad effort Buddy, not much point in critiquing losing trades also known as ripping it apart after the event, the shuddas, cuddas and wuddas.

In trading you can do everything "correct" and still have a loser, thats part of the traders journey. And as Jungles said: "we all trade 3D a little differently"

Most times I'm "Happy" with having a losing trade, given the fact that I've done everything correct and gave it a good shot. Move on to the next trade and give that a good shot too!

Andy,
Captain Currency.

 

[bansir]

Welcome back on board Bansir!



Wasn't a bad effort Buddy, not much point in critiquing losing trades also known as ripping it apart after the event, the shuddas, cuddas and wuddas.

In trading you can do everything "correct" and still have a loser, thats part of the traders journey. And as Jungles said: "we all trade 3D a little differently"

Most times I'm "Happy" with having a losing trade, given the fact that I've done everything correct and gave it a good shot. Move on to the next trade and give that a good shot too!

Andy,
Captain Currency.

Hi CC,
Thanks for your comments and encouragement, much appreciated.
I was really pleased to see the thread was still running after so long.

Once I started to read through it I just had to keep going to the end. On the way through I finally got the message :idea: "Trade with the trend".

Accepting small, controlled losses without emotional baggage is one aspect I'm working on.
Keeping good records is another weak spot.
Just looking to learn and have some fun on the way.

Best Regards,
Bansir (Neil)

 

[D70]

yes, i need more wins than loses, .........so far there are more wins

lining up the 3 ducks (trading with the trend) on its own gives an edge

additional edge can be extraced from a "sensible" interpretation of PA and SR

Without causing a **** storm.
By lining up the 3 ducks you have only identified a trend that occurred in the past. Whether it continues or not is a 50/50 bet.

 

[jungles]

if i relied only on lining up 3D for trade decisions, i think you are right, i would be in trouble

and even if i find a set-up i like, there are no guarantees it will end well

any confidence i have to take the trade is extracted from real time stats gathered