Hi mechmanuk - I use MetaTrader 4 for charting.
If you are looking for web based charting I find Forex Charts | Currency Charts - free to be pretty good.
Nigel
Best Thread The 3 Duck's Trading System
- Thread starter Captain Currency
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Hi mechmanuk - I use MetaTrader 4 for charting.
If you are looking for web based charting I find Forex Charts | Currency Charts - free to be pretty good.
Nigel
Hi Everyone,
Obviously I haven't taken any trades based on the above due to the strong short covering rally we have seen this morning. Adhering to the 3 ducks kept me out of the market. The chart below is what I had hoped was going to happen but clearly it didn't pan out. Anyway my account is still fully intact and I will patiently await the next opportunity; hopefully it will play out as I anticipate.
Good trading,
Nigel
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Hi itzak, yes I did the training course a good while ago. it is very useful, I would thoroughly recommend it. I was not instantly successful afterwards, it took a few attempts and a lot of practice to make progress. Sometimes you have to "unlearn" old bad habits. I am quite a stubborn person and I don't like giving up.
Once I really realised and understood the inherent logic in trading with the trend and putting the probabilities in my favour I made a giant leap forward. If you have any questions just ask.
Good trading.
Nigel
Captain Currency
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Captain Currency's mid-week “Simple Market Scan” using The 3 Ducks Trading System
Hello Diving Ducks, Dabbling Ducks and friends,
Below is my mid-week “Simple Market Scan” using The 3 Ducks Trading System and my preference for the next few days.
January 11th 2012
Eur.Usd – current spot price is 1.2761, I would prefer to be looking for selling opportunities when my 3 ducks line up. A break and close above the 1.2820 area would get me neutral on this pair
Gbp.Usd – current spot price is 1.5433, I would prefer to be looking for selling opportunities when my 3 ducks line up
Eur.Gbp – current spot price is 0.8267, the GBP has been stronger than the Euro recently and I would prefer to be looking for selling opportunities when my 3 ducks line up. A break and hold below the 0.8240 area is needed for the bears
Usd.Chf – current spot price is 0.9508, I would prefer to be looking for buying opportunities when my 3 ducks line up. A break and hold above the 0.9525 area is needed for the bulls
Aud.Usd – current spot price is 1.0307, I would prefer to be looking for buying opportunities when my 3 ducks line up
Usd.Cad – current spot price is 1.0152, Volatility can be our friend and our foe and too much is not a good thing so neutral on this pair at the moment
Usd.Jpy – current spot price is 76.97, I would prefer to be looking for selling opportunities when my 3 ducks line up
Eur.Jpy – current spot price is 98.20, I would be looking for selling opportunities when my 3 ducks line up. A break and hold below the 97.92 area is needed for the bears
Hope that helps you.
Until next time, Keep it Simple
Andy
Thought for Today;
Some traders talk about wanting to make consistent money in the market. How about a consistent approach first?
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 of or reliance on such information.
Hello Diving Ducks, Dabbling Ducks and friends,
Below is my mid-week “Simple Market Scan” using The 3 Ducks Trading System and my preference for the next few days.
January 11th 2012
Eur.Usd – current spot price is 1.2761, I would prefer to be looking for selling opportunities when my 3 ducks line up. A break and close above the 1.2820 area would get me neutral on this pair
Gbp.Usd – current spot price is 1.5433, I would prefer to be looking for selling opportunities when my 3 ducks line up
Eur.Gbp – current spot price is 0.8267, the GBP has been stronger than the Euro recently and I would prefer to be looking for selling opportunities when my 3 ducks line up. A break and hold below the 0.8240 area is needed for the bears
Usd.Chf – current spot price is 0.9508, I would prefer to be looking for buying opportunities when my 3 ducks line up. A break and hold above the 0.9525 area is needed for the bulls
Aud.Usd – current spot price is 1.0307, I would prefer to be looking for buying opportunities when my 3 ducks line up
Usd.Cad – current spot price is 1.0152, Volatility can be our friend and our foe and too much is not a good thing so neutral on this pair at the moment
Usd.Jpy – current spot price is 76.97, I would prefer to be looking for selling opportunities when my 3 ducks line up
Eur.Jpy – current spot price is 98.20, I would be looking for selling opportunities when my 3 ducks line up. A break and hold below the 97.92 area is needed for the bears
Hope that helps you.
Until next time, Keep it Simple
Andy
Thought for Today;
Some traders talk about wanting to make consistent money in the market. How about a consistent approach first?
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 of or reliance on such information.
Hi Everyone
I didn't trade this one today but if you want a textbook example of my idea of a perfect 3 ducks trade GBP.USD this morning was pretty much as good as you will get. You'll see above Andy's briefing suggested selling around 1.5433. It was a great trade and kudos to anyone who got it. There was a nice slope on the 4 hr and price was nice and tight to the 1 hr SMA, once price broke the 1 hr lows it didn't look back.
It's now up 130 odd pips - because price has moved a considerable distance quite quickly into profit this is a type of trade that I would consider taking some profit off the table and letting the rest of the position really stretch its legs. It's not inconceivable that that we could see 1.50 over the next while, why not give it a go with a small portion of your trade?
Remember, particularly if you experience a losing streak, these trades always come along, they are inevitable because you are trading with the trend behind your back. Keep your leverage low enough to keep your head and you will eventually catch one or two of these bad boys that will wipe out all your losers, and you give you a nice profit too. Just keep enough ammo to keep yourself in the game, stick to the rules and the rewards will eventually come.
I'm slightly disappointed I didn't get this one but there will be plenty more opportunities in the coming days and weeks.
Good trading
Nigel
I didn't trade this one today but if you want a textbook example of my idea of a perfect 3 ducks trade GBP.USD this morning was pretty much as good as you will get. You'll see above Andy's briefing suggested selling around 1.5433. It was a great trade and kudos to anyone who got it. There was a nice slope on the 4 hr and price was nice and tight to the 1 hr SMA, once price broke the 1 hr lows it didn't look back.
It's now up 130 odd pips - because price has moved a considerable distance quite quickly into profit this is a type of trade that I would consider taking some profit off the table and letting the rest of the position really stretch its legs. It's not inconceivable that that we could see 1.50 over the next while, why not give it a go with a small portion of your trade?
Remember, particularly if you experience a losing streak, these trades always come along, they are inevitable because you are trading with the trend behind your back. Keep your leverage low enough to keep your head and you will eventually catch one or two of these bad boys that will wipe out all your losers, and you give you a nice profit too. Just keep enough ammo to keep yourself in the game, stick to the rules and the rewards will eventually come.
I'm slightly disappointed I didn't get this one but there will be plenty more opportunities in the coming days and weeks.
Good trading
Nigel
Attachments
My CAD.JPY trade today was a good example of a little trick that repeats over and over again in the markets - namely a restest of an entry level. We can now reasonably expect that price will continue to move off in our intended direction, with buyers having been unable to push it back above the point that sellers were willing to jump in.
Note that I stress nothing is certain in the markets - just be aware of the trick and use it use it to your advantage when it occurs. Sometimes it won't work, sometimes it will - our job is to bag more pips when it works than we lose when it doesn't.
We are heading towards Asia with this now so I'm going to put a stop above that last retest and forget about it. I have less than 10 pips at risk, with an open objective. If it moves into profit by tomorrow I may well bag it before the weekend. If it hits the stop overnight it's no big deal, onto the next one.
Good trading
Nigel
Note that I stress nothing is certain in the markets - just be aware of the trick and use it use it to your advantage when it occurs. Sometimes it won't work, sometimes it will - our job is to bag more pips when it works than we lose when it doesn't.
We are heading towards Asia with this now so I'm going to put a stop above that last retest and forget about it. I have less than 10 pips at risk, with an open objective. If it moves into profit by tomorrow I may well bag it before the weekend. If it hits the stop overnight it's no big deal, onto the next one.
Good trading
Nigel
Attachments
Very slow price action on CAD.JPY overnight - I lengthened out the stop to 75.50 in an effort to make sure price didn't just drift into triggering it. Currently -9 pips. Not very happy with the way this is progressing; usually good 3 ducks trades move quickly into profit. Will remain patient.
There was a good example of price retesting a 3 Ducks entry level on AUD.NZD overnight.
Here is a chart.
Have a good weekend.
Nigel
There was a good example of price retesting a 3 Ducks entry level on AUD.NZD overnight.
Here is a chart.
Have a good weekend.
Nigel
Attachments
Ok after about 18 hours in a 20 pip range we have finally got moving. Hopefully the US session will keep the selling going. I have taken the opportunity to add another position as per the below. Up about 30 pips in all at the moment, which is good for CAD.JPY.
5 min chart
Nigel
5 min chart
Nigel
Attachments
Last edited:
Captain Currency
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Euro is getting put under selling pressure again today and your Ducks are pointing you short on Eur.Usd, Eur.Gbp and Eur.Jpy
Have a good weekend,
Andy.
Have a good weekend,
Andy.
Just to conclude on yesterday's CAD.JPY trading. I ended up getting out pretty much breakeven, I think it was a few pips in the green. I don't like holding positions that are very close to my entry points over the weekend. I learnt that lesson the hard way!
I think it is important to evaluate your trading not so much on whether your trade was profitable or not, but how you performed in your execution of it. No one has control over the market; if CAD.JPY had have tanked yesterday it wouldn't have been because I'm some kick ass trader. Likewise because I came away at break-even, or even if I had come away with a small loss, it wouldn't have been because I am a poor trader (obviously if I had come away with a 200 pip loss because I let losses run or something that would have been a different story).
A good trader executes his plan with precision and discipline. He recognises that neither he nor his trading system control the market. He doesn't take offence when the market isn't paying out and he doesn't praise himself too much when it does. He simply positions himself to take advantage when the market is playing ball and positions himself defensively when it isn't.
Measured by that metric my day trading yesterday was very good. Hopefully some of my posts were of use. I'm going to take a break now and step back from posting for a bit as I think I'm sort of taking over the thread, which I didn't set out to do.
Good trading,
Nigel
I think it is important to evaluate your trading not so much on whether your trade was profitable or not, but how you performed in your execution of it. No one has control over the market; if CAD.JPY had have tanked yesterday it wouldn't have been because I'm some kick ass trader. Likewise because I came away at break-even, or even if I had come away with a small loss, it wouldn't have been because I am a poor trader (obviously if I had come away with a 200 pip loss because I let losses run or something that would have been a different story).
A good trader executes his plan with precision and discipline. He recognises that neither he nor his trading system control the market. He doesn't take offence when the market isn't paying out and he doesn't praise himself too much when it does. He simply positions himself to take advantage when the market is playing ball and positions himself defensively when it isn't.
Measured by that metric my day trading yesterday was very good. Hopefully some of my posts were of use. I'm going to take a break now and step back from posting for a bit as I think I'm sort of taking over the thread, which I didn't set out to do.
Good trading,
Nigel
bangkoker
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Good trading. I don't know about anyone else (please pipe in) but I like your posts. Someone is inevitably going to post more than anyone else but it is not like you are posting mad ramblings. You are posting enjoyable, rationale thoughts with nice clear charts. If I was more actively involved in the day trade side of things I would post more but just wanted to say enjoy your posts and keeping a good thread alive, so don't be put off from posting. You are not derailing, you are adding value IMO.
Keep getting the pips :clover:
Just before I go can I just share a post I wrote over on the Vince Stanzione thread. I simply make the point that people promising outrageous returns if you purchase their trading scheme should be treated with great suspicion; but this shouldn't make you cynical towards people who give it to you straight. Captain Currency falls into the second category. (Disclosure for the benefit of the cynics: I don't know him and I haven't spoken since March 2010, when I did the course)
Hahaha, very true.
I don't think paying for education should be rejected outright per se. The problem is that the marketing techniques and advertising that accompany a lot of these "systems" is criminally overhyped with the obvious objective of increasing sales. The potential trader wants to believe the hype, purchases whatever it is, and then is disappointed when they realise that you can't really be a billionaire by giving this smooth talker €99.99 and then spending 10 minutes a day sitting at your computer in your underpants.
That's not to say that the material they are selling doesn't "work". From what I know Vince Stanzione's approach relies on basic technical entries and riding a trend. In the right hands that obviously can be a very robust strategy. But there is more to it than forking out the purchase price and waiting for the cash to roll in.
If a trader purchases one of these systems, for example one that relies on moving averages, and it doesn't work out for him, he cannot proclaim that moving averages don't work. Likewise he can't really proclaim that the system doesn't "work". What he can say however is that in all likelihood he has been misled by outrageous promotional claims which raised his expectations to vastly unrealistic levels and thus he was disappointed. Therein lies the scam.
To sum up, if someone comes to you and says they can turn your PC into an ATM machine and you can withdraw whatever you want (underpants optional of course), all you have to do is paypal him a few sponds, run for the hills. If someone comes to you and says that they will teach you to trade, but that it will likely require blood, sweat, money and tears from you and probably a few years of your life, and you still might give up after that anyway, I would consider him possibly to be serious. There aren't very many courses like that around though, because they don't sell very well.
I spent a lot of time and money going through university and post graduate qualifications to qualify into a particular profession. When I eventually started to work in this profession I found that I didn't really enjoy it, found it tedious and consequently I wasn't very good at it. Was the university a big scam?
There are a lot of variables that come together to make someone successful in their field, be it work, sport, whatever. Regular components in this mix are usually dedication, aptitude, persistence, possibly talent, time, luck, enjoying what they are doing, etc. The profession of market trading is no different and no amount of €99.99 "systems" will change that.
Good trading in 2012
Hahaha, very true.
I don't think paying for education should be rejected outright per se. The problem is that the marketing techniques and advertising that accompany a lot of these "systems" is criminally overhyped with the obvious objective of increasing sales. The potential trader wants to believe the hype, purchases whatever it is, and then is disappointed when they realise that you can't really be a billionaire by giving this smooth talker €99.99 and then spending 10 minutes a day sitting at your computer in your underpants.
That's not to say that the material they are selling doesn't "work". From what I know Vince Stanzione's approach relies on basic technical entries and riding a trend. In the right hands that obviously can be a very robust strategy. But there is more to it than forking out the purchase price and waiting for the cash to roll in.
If a trader purchases one of these systems, for example one that relies on moving averages, and it doesn't work out for him, he cannot proclaim that moving averages don't work. Likewise he can't really proclaim that the system doesn't "work". What he can say however is that in all likelihood he has been misled by outrageous promotional claims which raised his expectations to vastly unrealistic levels and thus he was disappointed. Therein lies the scam.
To sum up, if someone comes to you and says they can turn your PC into an ATM machine and you can withdraw whatever you want (underpants optional of course), all you have to do is paypal him a few sponds, run for the hills. If someone comes to you and says that they will teach you to trade, but that it will likely require blood, sweat, money and tears from you and probably a few years of your life, and you still might give up after that anyway, I would consider him possibly to be serious. There aren't very many courses like that around though, because they don't sell very well.
I spent a lot of time and money going through university and post graduate qualifications to qualify into a particular profession. When I eventually started to work in this profession I found that I didn't really enjoy it, found it tedious and consequently I wasn't very good at it. Was the university a big scam?
There are a lot of variables that come together to make someone successful in their field, be it work, sport, whatever. Regular components in this mix are usually dedication, aptitude, persistence, possibly talent, time, luck, enjoying what they are doing, etc. The profession of market trading is no different and no amount of €99.99 "systems" will change that.
Good trading in 2012
You are posting enjoyable, rationale thoughts with nice clear charts. If I was more actively involved in the day trade side of things I would post more but just wanted to say enjoy your posts and keeping a good thread alive, so don't be put off from posting. You are not derailing, you are adding value IMO.
Keep getting the pips :clover:
Thanks Bangkoker
paullunt1976
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Am I to take it that you cant really follow this system profitably without paying for the course and learning extra intricacies of it
