Best Thread The 3 Duck's Trading System
- Thread starter Captain Currency
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Morning
Gotta be quick here (work); am short EUR / USD as per attached.
I see the GBP / USD is doing well this morning. EUR / USD seems to have got in a rut.
Thought I saw some indecision on the short up trend underneath the sma on the 4hr, thinking the down trend may resume.
Will review again later.
Nigel P
Gotta be quick here (work); am short EUR / USD as per attached.
I see the GBP / USD is doing well this morning. EUR / USD seems to have got in a rut.
Thought I saw some indecision on the short up trend underneath the sma on the 4hr, thinking the down trend may resume.
Will review again later.
Nigel P
Attachments
Captain Currency
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Hello Nigel P,
I think most traders who follow the 3 ducks method don't find the need to post their trades which is OK
Your are correct about your comment, "EUR / USD seems to have got in a rut."
Andy
Captain Currency
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I'm here now ...... :cheesy:
Tenapenny
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:cheers::cheers:
Good afternoon.
Very little movement all round today, a good example being my EUR / USD attempt. My entry point (break of low at 1.4364) wasn't reached so no trade. This pair has been confined to a 30 pip approx range all day.
The level I have been watching on the USD / JPY wasn't broken either.
I believe our American friends are taking it easy today so given London is on the wind down now I think I will close my EUR / USD limit order and preserve my puny pot (watch an enormous break to the downside develop now, right on cue after trade close).
Hope I manage to bag some pips tomorrow with the 3 ducks.
Nigel P
Very little movement all round today, a good example being my EUR / USD attempt. My entry point (break of low at 1.4364) wasn't reached so no trade. This pair has been confined to a 30 pip approx range all day.
The level I have been watching on the USD / JPY wasn't broken either.
I believe our American friends are taking it easy today so given London is on the wind down now I think I will close my EUR / USD limit order and preserve my puny pot (watch an enormous break to the downside develop now, right on cue after trade close).
Hope I manage to bag some pips tomorrow with the 3 ducks.
Nigel P
Da.DesiTrader
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Nigel, keep em coming. Do you use any filters to NOT take a trade even if it meets all the criteria? I tried it on EUR/AUD, which got trigerred last night sometime, but since then the trade has gone massively close to stop loss and now forming a inverse h&s on 15M TF.
Hi Da DesiTrader
Firstly I would again reiterate that I am very inexperienced with forex trading generally so dont accept what I say at face value. It's gonna be predominantly regurgitated stuff from this forum and elsewhere on the web! But I do like to think I will eventually get to grips with what to look out for in trading generally. I would be delighted to be corrected though if I make mistakes, hence why I have started posting here. I am here to learn, same as most people!
The reservation I would have with the EUR / AUD at the moment is that it appears to be heading into support which hasn't been properly broken since roughly 2000 by my charts. Mind you I only noticed that after going short in that pair myself last Thursday night!
What I want to promote here if I can is discussion regarding the "market knowledge" that Captain Currency refers to. I am able to realise that if being a success in Forex is as simple as entering when this line crosses that one we would all be squillionaires. Very little in life is that easy. There must be a degree of descretion and skill involved. I am trying to learn what to look out for, how to assess the market, identify what increases the chances of a 3 ducks trade being successful. Looking back through the charts there are a lot of 3 ducks winners, but if you were to adopt the robot approach there would be a fair few losers too. I am going to try to post before a trade if I can to say why I'm taking the trade/why not taking the trade. That way I can hopefully build up a reasoning process which will hopefully make what is already a very robust approach profitable for me.
In answer to your question, so far nothing that would say definitely NO to a 3 ducks set up but news, support and resistance, and very basic candlestick analysis would be always considerations.
Finally, I will be aiming to stick rigidly to the 3 ducks rules. You're not going to hey any arsing around with them from me!
Nigel P
Firstly I would again reiterate that I am very inexperienced with forex trading generally so dont accept what I say at face value. It's gonna be predominantly regurgitated stuff from this forum and elsewhere on the web! But I do like to think I will eventually get to grips with what to look out for in trading generally. I would be delighted to be corrected though if I make mistakes, hence why I have started posting here. I am here to learn, same as most people!
The reservation I would have with the EUR / AUD at the moment is that it appears to be heading into support which hasn't been properly broken since roughly 2000 by my charts. Mind you I only noticed that after going short in that pair myself last Thursday night!
What I want to promote here if I can is discussion regarding the "market knowledge" that Captain Currency refers to. I am able to realise that if being a success in Forex is as simple as entering when this line crosses that one we would all be squillionaires. Very little in life is that easy. There must be a degree of descretion and skill involved. I am trying to learn what to look out for, how to assess the market, identify what increases the chances of a 3 ducks trade being successful. Looking back through the charts there are a lot of 3 ducks winners, but if you were to adopt the robot approach there would be a fair few losers too. I am going to try to post before a trade if I can to say why I'm taking the trade/why not taking the trade. That way I can hopefully build up a reasoning process which will hopefully make what is already a very robust approach profitable for me.
In answer to your question, so far nothing that would say definitely NO to a 3 ducks set up but news, support and resistance, and very basic candlestick analysis would be always considerations.
Finally, I will be aiming to stick rigidly to the 3 ducks rules. You're not going to hey any arsing around with them from me!
Nigel P
Morning
The pairs I am looking at for 3 ducks trades this morning are
Long - GBP / USD;
Short - EUR / GBP and AUD / JPY
If things shape up nicely I would enter in any of the above. There is € and £ news out this morning so I will be monitoring as close as I can. Very busy today at work and out from 10 30 till 1 so mightnt be able to manage as well as if I was in front of the charts. However work is paying for my pints at the weekend at the minute, forex isnt!
Also see my USD / JPY 90.70 level broke last night while I was in my bed. I dont fancy a late entry straighit into the 90.00 level now though.
Nigel P
The pairs I am looking at for 3 ducks trades this morning are
Long - GBP / USD;
Short - EUR / GBP and AUD / JPY
If things shape up nicely I would enter in any of the above. There is € and £ news out this morning so I will be monitoring as close as I can. Very busy today at work and out from 10 30 till 1 so mightnt be able to manage as well as if I was in front of the charts. However work is paying for my pints at the weekend at the minute, forex isnt!
Also see my USD / JPY 90.70 level broke last night while I was in my bed. I dont fancy a late entry straighit into the 90.00 level now though.
Nigel P
timsk
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Hi realmoney,
We're barely half way through January and I think you have just produced one of the most memorable posts of 2010! Traders are infamous for tinkering with the strategies and systems that others provide for free in an effort to 'improve' them. You're wanting to improve the 3 ducks strategy before you've even received the e-book explaining how it works! That really takes the biscuit. Luckily for you, Captain Currency is an Irishman which means he's got a cracking sense of humour.
Tim.
blancspa
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I am worrying about the daily support at 1.6174, thinking of getting out
tonybull21
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My thoughts exactly, I did start to reply but thought it must be a joke.
Captain Currency
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