I use the 3 Ducks and one other simple method to enter the market. I trade full time.
Nigel
Best Thread The 3 Duck's Trading System
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I use the 3 Ducks and one other simple method to enter the market. I trade full time.
Nigel
Would you mind sharing the other method that helps entries? Or if it's been explained somewhere else could you direct me there?
Much appreciated!
forexkunta
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Typically I am looking to enter and trade on the 1H and trail according to the 60SMA on the 1H, so my trades are typically several days long.
Heh, no problem.
Guess I'll work it out on my own! But i think i'm simply going to use the 3 ducks system on its own for now, people seem to do well from it.
I'm only winding you up Benjam1n. It's a very simple basic candlestick pattern that would probably be one in Chapter 1 in any book/article on candlesticks. It's no secret. I trade it on a small account to keep me occupied while I am waiting for good 3 Ducks set ups to form.
I've been around all the forums since I started and I can say that the 3 Ducks is as good a strategy as you'll find.
If you have any questions post them and I am sure someone here will help.
Nigel
bangkoker
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Very interesting discussion points on here in the last day or so, good work all :clap:
I can see the merit of sitting on hands and letting a trade run and run. I suppose it is all about psychology and how an individual copes with a higher/ lower win rate. I can certainly see the merits of being entirely happy with being out breakeven or with small losses often but the occasional big winner.
I suppose this is a debate that everyone will have a different view of. I did notice someone talking of using a 20MA as a stop on a similar thread (I suppose it is all to do with how much you are prepared to give back vs how much you want to allow enough breathing room for a really big move).
Very difficult question.
I have seen people discuss before and argue that you could say that if you went for 2 x R vs going for 1 x R that you could probably expect to hit it half the time. Of course like i said,very difficult, the chance of hitting a very big move is obviously going to be less than hitting twice your original stop (assuming it is significantly larger than twice your stop) but that is the balancing act, i.e whether you net more pips with a lower win rate but it still works out at more pips per trade or take smaller wins often but then that may net you a lower average.
How long is a piece of string.. despite my ramblings it really is an interesting discussion and has been food for thought. I personally feel that I have a weakness with not letting winners run enough (I have no problems with stops or moving to break even) but it is true the exit is the hardest bit and I need to spend some time deciding which approach best suits me.
Thanks all
I can see the merit of sitting on hands and letting a trade run and run. I suppose it is all about psychology and how an individual copes with a higher/ lower win rate. I can certainly see the merits of being entirely happy with being out breakeven or with small losses often but the occasional big winner.
I suppose this is a debate that everyone will have a different view of. I did notice someone talking of using a 20MA as a stop on a similar thread (I suppose it is all to do with how much you are prepared to give back vs how much you want to allow enough breathing room for a really big move).
Very difficult question.
I have seen people discuss before and argue that you could say that if you went for 2 x R vs going for 1 x R that you could probably expect to hit it half the time. Of course like i said,very difficult, the chance of hitting a very big move is obviously going to be less than hitting twice your original stop (assuming it is significantly larger than twice your stop) but that is the balancing act, i.e whether you net more pips with a lower win rate but it still works out at more pips per trade or take smaller wins often but then that may net you a lower average.
How long is a piece of string.. despite my ramblings it really is an interesting discussion and has been food for thought. I personally feel that I have a weakness with not letting winners run enough (I have no problems with stops or moving to break even) but it is true the exit is the hardest bit and I need to spend some time deciding which approach best suits me.
Thanks all
A bit of an idea i had was to identify the first two ducks (4hr and 1hr); and say for instance they were both above the 60 sma, i would go onto the 5 min chart and buy when price hits the lower bollinger band, and take profit when price hits the 60sma or the top bollinger, maybe which ever comes first.
From what i've looked at so far it seems to work quite well.
What do you guys think?
From what i've looked at so far it seems to work quite well.
What do you guys think?
Howlinwolf
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Many of you are probably aware of it but there is a member running a journal using the Three Ducks System on a demo account using a take profit of 2 times stop here
http://www.trade2win.com/boards/trading-journals/141082-3-ducks-demo-journal.html
http://www.trade2win.com/boards/trading-journals/141082-3-ducks-demo-journal.html
Captain Currency
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Captain Currency's mid-week “Simple Market Scan” using The 3 Ducks Trading System
Hello Duck Hunters,
Lots of good chat going on here! :clap:
Thought for Today;
Logic and simplicity, possibly the two things most traders lack are the very things The 3 Duck’s Trading System offers on a plate.
A change in sentiment (bearish to bullish, bullish to bearish and neutral to bullish) on some currency pairs since last week which is probably the kick the market needed.
Below is my mid-week “Simple Market Scan” using The 3 Ducks Trading System and my preference for the next few days.
January 25th 2012
Eur.Usd – current spot price is 1.2991, could be looking for buying opportunities if/when your 3 ducks line up
Gbp.Usd – current spot price is 1.5580, could be looking for buying opportunities if/when your 3 ducks line up
Eur.Gbp – current spot price is 0.8335, the Eur is slightly stronger than the Gbp at the moment and you could be looking for buying opportunities if/when your 3 ducks line up
Usd.Chf – current spot price is 0.9308, could be looking for selling opportunities if/when your 3 ducks line up. A break below the 0.9268 area is needed first for the bears to get control back
Aud.Usd – current spot price is 1.0478, same as last week and steadily up over the last few days, could be looking for buying opportunities if/when your 3 ducks line up
Usd.Cad – current spot price is 1.0132, I would be sitting on my hands with this pair for the moment
Usd.Jpy – current spot price is 78.11 and getting some bullish movement lately, could be looking for buying opportunities if/when your 3 ducks line up
Eur.Jpy – current spot price is 101.43 and more bullish movement on this pair too, could be looking for buying opportunities if/when your 3 ducks line up
Hope that helps you.
Until next time, Keep it Simple
Andy
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 Duck Hunters,
Lots of good chat going on here! :clap:
Thought for Today;
Logic and simplicity, possibly the two things most traders lack are the very things The 3 Duck’s Trading System offers on a plate.
A change in sentiment (bearish to bullish, bullish to bearish and neutral to bullish) on some currency pairs since last week which is probably the kick the market needed.
Below is my mid-week “Simple Market Scan” using The 3 Ducks Trading System and my preference for the next few days.
January 25th 2012
Eur.Usd – current spot price is 1.2991, could be looking for buying opportunities if/when your 3 ducks line up
Gbp.Usd – current spot price is 1.5580, could be looking for buying opportunities if/when your 3 ducks line up
Eur.Gbp – current spot price is 0.8335, the Eur is slightly stronger than the Gbp at the moment and you could be looking for buying opportunities if/when your 3 ducks line up
Usd.Chf – current spot price is 0.9308, could be looking for selling opportunities if/when your 3 ducks line up. A break below the 0.9268 area is needed first for the bears to get control back
Aud.Usd – current spot price is 1.0478, same as last week and steadily up over the last few days, could be looking for buying opportunities if/when your 3 ducks line up
Usd.Cad – current spot price is 1.0132, I would be sitting on my hands with this pair for the moment
Usd.Jpy – current spot price is 78.11 and getting some bullish movement lately, could be looking for buying opportunities if/when your 3 ducks line up
Eur.Jpy – current spot price is 101.43 and more bullish movement on this pair too, could be looking for buying opportunities if/when your 3 ducks line up
Hope that helps you.
Until next time, Keep it Simple
Andy
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.
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Hi Everyone
My Cad.Jpy long which I posted here on Monday is progressing well, up 150-ish pips, which is a lot on Cad.Jpy.
I got a nice Usd.Cad short yesterday, which I opened at a reduced size on account of me already being long Cad$. As you can see, my entry is up tight against the 1 hr sma; I find this gives me the best potential to achieve good risk v reward. It was too nice a setup to ignore. It is now up 90-ish pips.
I hope everyone's trading is going well.
Nigel
My Cad.Jpy long which I posted here on Monday is progressing well, up 150-ish pips, which is a lot on Cad.Jpy.
I got a nice Usd.Cad short yesterday, which I opened at a reduced size on account of me already being long Cad$. As you can see, my entry is up tight against the 1 hr sma; I find this gives me the best potential to achieve good risk v reward. It was too nice a setup to ignore. It is now up 90-ish pips.
I hope everyone's trading is going well.
Nigel
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Greenlight
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Great charts and really well explained.
Thanks Nigel and well done on the pips...
Thanks Nigel and well done on the pips...
Captain Currency
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Are you taking the Pips?
Usd.Chf sell off today and in the direction of the 3 Ducks.
How did you do today?
Andy
Usd.Chf sell off today and in the direction of the 3 Ducks.
How did you do today?
Andy
Howlinwolf
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I've had the E Book for this system for some time but have not tried to consistently trade it until now. Delighted with this attempt today, but I won't kid myself that they will all be like this:
Cable bought with 2 units at 1.5745 as a break of congestion on 5m chart. Stop at 23 pips. First target at risk of 23 pips hit then moved stop to BE on remaining half. Limit order left at 1.5795 for final profit target. The reasoning for this is that there is enough movement possible within the daily range of Cable for a run to the next 00 level and I've left a safety margin in case it doesn't quite make it. I had to run some errands this morning so I left the break even trade to run without my usual temptation to fiddle with it and came back to find my second target had (only just) been hit.
Cable bought with 2 units at 1.5745 as a break of congestion on 5m chart. Stop at 23 pips. First target at risk of 23 pips hit then moved stop to BE on remaining half. Limit order left at 1.5795 for final profit target. The reasoning for this is that there is enough movement possible within the daily range of Cable for a run to the next 00 level and I've left a safety margin in case it doesn't quite make it. I had to run some errands this morning so I left the break even trade to run without my usual temptation to fiddle with it and came back to find my second target had (only just) been hit.
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Howlinwolf
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Thanks but this trade today is providing a dose of reality. I'm trying to stick to my rules and not to bale out until either my profit target or stop is hit. I should say that I'm using minimum stakes with these trades.Nice trading
Sell Eur/Jpy at 99.35 30pip stop two units. First target 30 pips profit, then stop to BE. However not going too well as I write after moving into a small profit of around 8 pips price has reversed sharply and has stopped me out for a full 30 pips on both units.
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Captain Currency
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Good morning traders,
New month:
A fresh trading month is here again and the start of every month gives us the opportunity to clear the slate and try to trade well and get a positive month.
Goal:
My goal every month is to try and make very few mistakes been disiplined, patient, using good judgement, not forcing a trade or forcing myself, looking and trading logically rather than emotionally, relaxing and taking my time in the market etc. You will be a much better trader if you can do these things.
You need a scalpel not an axe to trade;
Successful trading for me is about making the least amount of mistakes and playing for position.
Keep it simple,
Andy.
New month:
A fresh trading month is here again and the start of every month gives us the opportunity to clear the slate and try to trade well and get a positive month.
Goal:
My goal every month is to try and make very few mistakes been disiplined, patient, using good judgement, not forcing a trade or forcing myself, looking and trading logically rather than emotionally, relaxing and taking my time in the market etc. You will be a much better trader if you can do these things.
You need a scalpel not an axe to trade;
Successful trading for me is about making the least amount of mistakes and playing for position.
Keep it simple,
Andy.
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nunrgguy
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Just checked to see if 3 Ducks is still working today:
Overview on the H4 chart - just so you can see the H4, H1 and M5 MAs and what they mean in the big picture. I think what we have here is a trending market, yes I know there's resistance above but it's been hit 3 times already, last nights pullback put question marks in the head but this morning what am I looking for...longs I think:
3 Ducks all in a row, quack quack quack and look at that swing crossing the M5 MA. Let's get in on the pullback.
Tricky one this, down to the M1. Who's buying and who's selling?
Long here I reckon
And BOOM
How quick did it hit the daily range and I'm out.
Always said it, not half bad
Overview on the H4 chart - just so you can see the H4, H1 and M5 MAs and what they mean in the big picture. I think what we have here is a trending market, yes I know there's resistance above but it's been hit 3 times already, last nights pullback put question marks in the head but this morning what am I looking for...longs I think
:
3 Ducks all in a row, quack quack quack and look at that swing crossing the M5 MA. Let's get in on the pullback.
Tricky one this, down to the M1. Who's buying and who's selling?
Long here I reckon
And BOOM
How quick did it hit the daily range and I'm out.
Always said it, not half bad
