Best Thread The 3 Duck's Trading System

[tdthomn1]

Hello Tdthomn1,

Just had a quick look at the USD.JPY chart, all your Ducks are lined up for a buy and your entry is about right

Kind Regards,

:clap: Thanks CC

 

[altrade2win]

Guys, looking for some advice. I went with the Aud/Cad today but ended up getting stopped out for a small profit of about 20 pips on the slight spike near 2pm on the 5 min chart. This is because I was moving my stop in (15 pips away) as the price declined. I've now just had a look at the charts and it seems it's continued to decline all day.

Do people leave their stop loss fairly wide to avoid things like this? How do you determine an exit point? Missed the USD/JPY too ... damn this working for a living!

 

[shadowninja]

Since this is not a scalping system, you need to place a wider stop than 15 pips. 15 pips for swinging on any pair is going to get you stopped out pretty quickly.

 

[tdthomn1]

Think I have now got the hang of this and starting to broaden my understanding of Forex (still a long way to go though). Good news is that my last 5 trades have all made money, spotted an opportunity on the A$/Y last night just before bed which when I have got up this morning has hit and closed for a 1:1.5 RR, so a good start to the day.
Thanks CC for the system. Long live the Ducks.

 

[altrade2win]

Thanks shadowninja.
tdhomn1 - good work, how did you pick your take profit level?

 

[tdthomn1]

Thanks shadowninja.
tdhomn1 - good work, how did you pick your take profit level?

I placed my get out just below the 1st resistance line (based on the floor pivot method) as of Tuesdays trading range. Could have left it open and got a lot more but greed isn't always good!

 

[Ljr]

Hi All.
Just been looking at the 3 Ducks system. Good work CC!
EURUSD looks like a buy.

4hr above 60 SMA
1hr above 60 SMA
5 min has also moved above in the last couple of hours on Friday.

Is this trade on?

 

[Captain Currency]

Hi All.
Just been looking at the 3 Ducks system. Good work CC!
EURUSD looks like a buy.

4hr above 60 SMA
1hr above 60 SMA
5 min has also moved above in the last couple of hours on Friday.

Is this trade on?

Hello Ljr,

Yes everything is lined up, HOWEVER it's the weekend and you really want to be trading this system in peek trading times (european & US sessions).
Best thing to do is come back on Monday and see what is lining up

Kind Regards,

 

[Ljr]

Hello Ljr,

Yes everything is lined up, HOWEVER it's the weekend and you really want to be trading this system in peek trading times (european & US sessions).
Best thing to do is come back on Monday and see what is lining up

Kind Regards,

Thanks for the reply.

Yes will come back to have a look. Was just glad when I saw all the 'ducks in a row' on this pair so have put it in my watch list.

 

[shadowninja]

Will US bank holiday tomorrow affect things?

 

[Captain Currency]

Hello Shadowninja,

Yes certainely need to keep that in mind that its Presidents day on Monday in the US.

Kind Regards,

 

[erad]

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

I am short

 

[Second income trader]

Cable short Wed morning @ 19475

3 Ducks was looking good for the above trade, and was backed up by a resistance line on the hourly chart @ 19475. After dropping to 19455 for +20 it reversed and I stopped out for -20. Did anyone see a reason not to take the trade though as it looked a strong contender to me?

 

[Captain Currency]

3 Ducks was looking good for the above trade, and was backed up by a resistance line on the hourly chart @ 19475. After dropping to 19455 for +20 it reversed and I stopped out for -20. Did anyone see a reason not to take the trade though as it looked a strong contender to me?

Hello Kensitp,

Tuesday you mean?

The trade set-up was fine. I have'nt been trading cable this am. The only different thing I would have done would have been entering short at 1.9495, I would have put a 30 pip fixed stop-loss in place as the high at 1.9540 would have made this trade too expensive (55 pip stop-loss) for a day trade.

I would not have been too happy when prices crossed back above the 5 min sma at 1.9505 and I would have exited the position early to try and save some pips.

Prices did drop lower than our entry and our position would have been up a maximum of 40-45 pips. I think I would have been looking for a bit more than this

All in all I would have took a 15-20 pip loss, just like you.

 

[shadowninja]

Would have been a good opportunity to exercise money management techniques: close half the position; let the other half run; stops to b/e.

 

[Captain Currency]

Would have been a good opportunity to exercise money management techniques: close half the position; let the other half run; stops to b/e.

Yep good point SN.

I'm not a fan of taking half off and rolling the other half up to B/E, I prefer to let it all go to my target or get out for a loss if the system does'nt line up any longer.

...but every trader differs on their exit strategy.

I would have fancied gbp.usd to go lower seen as gbp is getting a bit of a hard time against the eur. A bit of usd strength in the afternoon might push this pair south again.

Kind regards,

 

[shadowninja]

Fair enough. I would just rather take a small initial profit and then let the other half run to see if there's anything else in the move; it's more a case of a lack of trading experience that means I don't really know if it's going to run and run or change direction and stop me out for a loss (everyone hates a dirty stop out ). Additionally, I'm also tired of seeing either:
1) a smallish (20 pip) profit head back to zero and beyond, resulting in yet another loss, or
2) a small profit, closing position at 20 pips, only for it to soar to new highs/lows, missing out on a major movement.

Yesterday is a classic example on EUR/USD. It went up 30-40 pips, dropped back 25(?), then buggered off up another 110 pips. So I am already in guaranteed profit from closing 50% and have a lot more to go, potentially (going to try an 80 pip stop).

It might not be maximising profits (yes, I've missed out on 50% of a 100 pip move) but it's getting more than I would as an amateur. To me, any profit is good, but now I have a method of earning a few more pips.

 

[Second income trader]

Hello Kensitp,




Tuesday you mean?

The trade set-up was fine. I have'nt been trading cable this am. The only different thing I would have done would have been entering short at 1.9495, I would have put a 30 pip fixed stop-loss in place as the high at 1.9540 would have made this trade too expensive (55 pip stop-loss) for a day trade.

I would not have been too happy when prices crossed back above the 5 min sma at 1.9505 and I would have exited the position early to try and save some pips.

Prices did drop lower than our entry and our position would have been up a maximum of 40-45 pips. I think I would have been looking for a bit more than this

All in all I would have took a 15-20 pip loss, just like you.

Thanks for the reply Captain, I didn't pick up on the 19495 prev low. If I had I might still have been a bit wary, I'm always cautious with entries around the round numbers. I quite often wait for it to move 15 pips away from the 500 before entering either long or short.

And sorry I did mean Tuesday!

 

[Second income trader]

Fair enough. I would just rather take a small initial profit and then let the other half run to see if there's anything else in the move; it's more a case of a lack of trading experience that means I don't really know if it's going to run and run or change direction and stop me out for a loss (everyone hates a dirty stop out ). Additionally, I'm also tired of seeing either:
1) a smallish (20 pip) profit head back to zero and beyond, resulting in yet another loss, or
2) a small profit, closing position at 20 pips, only for it to soar to new highs/lows, missing out on a major movement.

Yesterday is a classic example on EUR/USD. It went up 30-40 pips, dropped back 25(?), then buggered off up another 110 pips. So I am already in guaranteed profit from closing 50% and have a lot more to go, potentially (going to try an 80 pip stop).

It might not be maximising profits (yes, I've missed out on 50% of a 100 pip move) but it's getting more than I would as an amateur. To me, any profit is good, but now I have a method of earning a few more pips.

For what it's worth I don't think there is any right answer on this one. However I do think using a phased exit strategy does tend to give you a more steady return for want of a better term, rather than several zero returns offset by several big wins...

 

[shadowninja]

For what it's worth I don't think there is any right answer on this one. However I do think using a phased exit strategy does tend to give you a more steady return for want of a better term, rather than several zero returns offset by several big wins...

You're right. It works for me; I'm happier with the results, and yes, it's a more steady return, as you put it, which is what I prefer rather than a string of zeros and losses for the chance of a handful of big wins. Maybe when I am more experienced I can adapt.