hi my computer does not open the file any advice
also would someone kindly put up details of their most recent trade so i can look at the entry of the trade
thank you
Best Thread The 3 Duck's Trading System
- Thread starter Captain Currency
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hi my computer does not open the file any advice
also would someone kindly put up details of their most recent trade so i can look at the entry of the trade
thank you
rathcoole_exile
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fit !
spanish's latest bird ?
spanish's latest bird ?
Stu0898
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glennw
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Thanks for sharing your system. I like it generally except it doesn't trade often enough for me.
I did some testing, and I found a faster, nimbler version based on your same idea. I like a lot of quick hits rather than a few longer runs (I'm horribly impatient). Anyway, here's my adaptation to the 3 ducks. Perhaps I'll just call it the three quacks, since it uses smaller averages, and may not be suitable for full duck people. Anyway here it is:
Same rules as CC suggests
Time frames: 1 Hour, 15 min, 5 min
Average: 12 EMA
This gives a lot more activity, and it allows for trading with fixed target/stops. Try some permutations that suit your style (in testing), like 20 pips target / 20 pips stop. With this configuration, the worse you can do is 50%, and since the odds are filtered in your favor, you'll come out ahead on the majority of trades. However, once you set the rules you must stick to them. Don't run all over the field moving the goal posts around during the game.
TheBramble
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More of a Hoisin variation...?
SvenFoster
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I was thinking more like: "ducked up", mother "ducker", "ducking frequent". :innocent:
just kidding, i like your variation. cheers
combotrader
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You ducking mother duckers
Can someone send me that ebook too? The ebook of the 3 bugs, lol
[email protected]
Thanks in advance guys.
[email protected]
Thanks in advance guys.
(Long post) Getting the entry right when using the 3 ducks strategy
(Apologies: this is a long one.)
Hi – I was pointed at Captain Currency's 3 Ducks system a couple of years ago and dismissed it at that time as too simplistic. More fool me ! Sorry Andy :-(
However, I have recently come across it again after trawling my hard drive following the end of an extended training programme on day trading. This has left me feeling frustrated at my inability to “read the runes” of the charts correctly.
Followers of the ducks will therefore understand why, on re-visiting Andy's ebook, its simplicity appealed to me. I have tested it in a minor way with tiny stakes over the last week and had some success, but I am finding difficulty getting my head around what is perhaps the most important part of the strategy, the entry.
Andy's books says: "The 5 min chart, our third duck is used for entries. What we are really looking for on the 5 min chart is for prices to get above the sma and move higher than the last high on the 5 min chart."
After showing an example, he goes on to say ... We would now be looking to buy when prices move above the last high (two candles to the left with lower wicks and two candles to the right with lower wicks) on the 5 min chart.
It's this “last high” thing that I am having trouble with. When Andy says that the last high occurs when you have “two candles to the left with lower wicks and two candles to the right with lower wicks”, must these be adjacent candles (as in the example shown in the book ) ? Because it doesn't actually happen “nicely” like that all the time !
I appreciate that you should use the 3 ducks in the context of your own philosophy, being aware where the markets are, what your own personal style is, etc, etc, etc. But even so, I have been pondering how I could find a reliable way to know that I am using the correct “high” (or “low”), I came across the idea of fractals in a thread on a forum “elsewhere”. (Ahem !)
Somebody has come up with the idea of using the “fractals” indicator available on MetaTrader. Apparently this signals “swing highs & lows”. A little googling has enabled me to get a handle on this and it seems that the definition is almost exactly the same as the one that I quoted from Andy's ebook. (Coincidence ?)
Anyway, is this a suitable tool for determining “highs & lows” for entry ?
BTW, I use Sierra Charts for replaying and practice trading and unlike MetaTrader, it does seem to have a way of configuring the fractal setup. It uses a parameter called “Maximum Length of Fractal Signals” (which it defaults to 10, but 5 is the lowest possible value and that makes sense in terms of the definitions that I've seen for fractals i.e. one high/low & two candles on either side, a total of 5).
I thought that an example would be useful, though I've not easily been able to find one ! The following charts are from EURUSD on 17th April 09. (Unfortunately, after talking about “highs”, the example is on the down side, so we are now talking about lows instead ! Sorry.)
Anyway, the other ducks are lined up and in fact have been for some time. The 5 minute duck stepped out of line overnight, but has come back in to line around 8:50am. I'm not totally sure if that would make it a suitable “3 duck” trade, but if it is, the candle setup shown is the kind that confuses me when determining the right entry point.
I've highlighted possible “lows” since 5:20am (point 1, which represents the over-night low).
To me, point 9 seems too close, but which of the others between points 3 and 8 is the best bet ?
The “Up” & “Down” legends are from Sierra's fractal indicator, (using 5 as the value for Maximum Length of Fractal Signals). On that basis, number 6 would be the one, I suppose, but I'm still not sure. (For information, the second chart shows “what happened next”. Not a massive trade and perhaps a bit spiky, but 30 points in about as many minutes seems reasonable to me !)
So, to sum up:-
1.What's the best way of establishing the “high” or “low” to use for entry ?
2.Are Fractals a suitable way of getting a rough idea for #1 ?
If you have been, thanks for listening
Reler
(Apologies: this is a long one.)
Hi – I was pointed at Captain Currency's 3 Ducks system a couple of years ago and dismissed it at that time as too simplistic. More fool me ! Sorry Andy :-(
However, I have recently come across it again after trawling my hard drive following the end of an extended training programme on day trading. This has left me feeling frustrated at my inability to “read the runes” of the charts correctly.
Followers of the ducks will therefore understand why, on re-visiting Andy's ebook, its simplicity appealed to me. I have tested it in a minor way with tiny stakes over the last week and had some success, but I am finding difficulty getting my head around what is perhaps the most important part of the strategy, the entry.
Andy's books says: "The 5 min chart, our third duck is used for entries. What we are really looking for on the 5 min chart is for prices to get above the sma and move higher than the last high on the 5 min chart."
After showing an example, he goes on to say ... We would now be looking to buy when prices move above the last high (two candles to the left with lower wicks and two candles to the right with lower wicks) on the 5 min chart.
It's this “last high” thing that I am having trouble with. When Andy says that the last high occurs when you have “two candles to the left with lower wicks and two candles to the right with lower wicks”, must these be adjacent candles (as in the example shown in the book ) ? Because it doesn't actually happen “nicely” like that all the time !
I appreciate that you should use the 3 ducks in the context of your own philosophy, being aware where the markets are, what your own personal style is, etc, etc, etc. But even so, I have been pondering how I could find a reliable way to know that I am using the correct “high” (or “low”), I came across the idea of fractals in a thread on a forum “elsewhere”. (Ahem !)
Somebody has come up with the idea of using the “fractals” indicator available on MetaTrader. Apparently this signals “swing highs & lows”. A little googling has enabled me to get a handle on this and it seems that the definition is almost exactly the same as the one that I quoted from Andy's ebook. (Coincidence ?)
Anyway, is this a suitable tool for determining “highs & lows” for entry ?
BTW, I use Sierra Charts for replaying and practice trading and unlike MetaTrader, it does seem to have a way of configuring the fractal setup. It uses a parameter called “Maximum Length of Fractal Signals” (which it defaults to 10, but 5 is the lowest possible value and that makes sense in terms of the definitions that I've seen for fractals i.e. one high/low & two candles on either side, a total of 5).
I thought that an example would be useful, though I've not easily been able to find one ! The following charts are from EURUSD on 17th April 09. (Unfortunately, after talking about “highs”, the example is on the down side, so we are now talking about lows instead ! Sorry.)
Anyway, the other ducks are lined up and in fact have been for some time. The 5 minute duck stepped out of line overnight, but has come back in to line around 8:50am. I'm not totally sure if that would make it a suitable “3 duck” trade, but if it is, the candle setup shown is the kind that confuses me when determining the right entry point.
I've highlighted possible “lows” since 5:20am (point 1, which represents the over-night low).
To me, point 9 seems too close, but which of the others between points 3 and 8 is the best bet ?
The “Up” & “Down” legends are from Sierra's fractal indicator, (using 5 as the value for Maximum Length of Fractal Signals). On that basis, number 6 would be the one, I suppose, but I'm still not sure. (For information, the second chart shows “what happened next”. Not a massive trade and perhaps a bit spiky, but 30 points in about as many minutes seems reasonable to me !)
So, to sum up:-
1.What's the best way of establishing the “high” or “low” to use for entry ?
2.Are Fractals a suitable way of getting a rough idea for #1 ?
If you have been, thanks for listening
Reler
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rathcoole_exile
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reler;757944 When Andy says that the last high occurs when you have [I said:
Reler,
I don't believe they have to be adjacent, or even immediately recent.
You're looking for a High (Low) that was formed sometime on your 5-m chart.
Depending on how you set it up, your chart could be looking back at quite a few hours worth of data. Try to spot the recent High (Low) that was formed on the information you can see.
That, be it Andy's work, or anyone elses, is the Swing point.
Of course, the Swing point could fail because of a higher (lower) one further back in time that's maybe not even shown on your chart, or because of a more powerful Swing point on a higher TF ....... or for any number of other reasons
I don't usually trade after 11am, so I wasn't looking but I'd have thought that there was a duck trade on EURUSD this afternoon. Exactly when is the question and as such, this is a good illustration of the kind of problem that my earlier questions are about, so thanks for posting !
Aside from anything else, I'm not quite sure about the time you've quoted. Do you really mean GMT or do you mean British Summer Time (BST) ? Because I'd have entered either at 15:00 BST at about 1.3593 OR (more likely) at 15:10 or 15:15 BST at about 1.3605, after the price had got past the high (and because I tend to treat price levels ending "00" as significant). Loses a few pips but it seems safer to me.
But it gets us back to my original question. Can the the "leaders of the quack" (sorry, couldn't resist !), throw any light on my questions about entry points and this specific case ?
Thanks,
Reler
Aside from anything else, I'm not quite sure about the time you've quoted. Do you really mean GMT or do you mean British Summer Time (BST) ? Because I'd have entered either at 15:00 BST at about 1.3593 OR (more likely) at 15:10 or 15:15 BST at about 1.3605, after the price had got past the high (and because I tend to treat price levels ending "00" as significant). Loses a few pips but it seems safer to me.
But it gets us back to my original question. Can the the "leaders of the quack" (sorry, couldn't resist !), throw any light on my questions about entry points and this specific case ?
Thanks,
Reler
rathcoole_exile
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looks like Andy is busy robbing Post Offices, or whatever they do down there for fun, he's not been here for a while ....
