Best Thread The 3 Duck's Trading System
- Thread starter Captain Currency
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million$man
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Closed the rest for +7 as 5 min duck didn't line up any longer...closed above the 60SMA
M$M
hi captain,
allow me to convey my gratitude for sharing such a useful , positional system.
am basically a positional trader, who use the weekly chart primarily, supported by the daily for making entries and exit.
till now, I was using bollinger bands and candlesticks to buy at lower bands and try to sell when it touches middle or upper band.
found the 3 ducks system as technically sound and commonsense approach.
thanks again.
Prash
allow me to convey my gratitude for sharing such a useful , positional system.
am basically a positional trader, who use the weekly chart primarily, supported by the daily for making entries and exit.
till now, I was using bollinger bands and candlesticks to buy at lower bands and try to sell when it touches middle or upper band.
found the 3 ducks system as technically sound and commonsense approach.
thanks again.
Prash
Hi Everyone.
Good to see the ducks getting some lovin' in here over the last week or so!
Just an update from my own trade from last Friday which I still have open.
Although the trade is nicely in profit I still think there could be a chance for it to go further. I haven't really had the opportunity to add any further positions.
As ever, I will be watching price action closely early next week to look for clues to as to whether the bulls are going to start fighting back or not. If they show some strength I'll close out the trade and take my profits. 1.2800 would be a good level to watch - if price manages to overcome that level it could be time to take the money and run. We'll see.
Have a good weekend.
Nigel
Good to see the ducks getting some lovin' in here over the last week or so!
Just an update from my own trade from last Friday which I still have open.
Although the trade is nicely in profit I still think there could be a chance for it to go further. I haven't really had the opportunity to add any further positions.
As ever, I will be watching price action closely early next week to look for clues to as to whether the bulls are going to start fighting back or not. If they show some strength I'll close out the trade and take my profits. 1.2800 would be a good level to watch - if price manages to overcome that level it could be time to take the money and run. We'll see.
Have a good weekend.
Nigel
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Hi friends,
am a part time trader, with a full time job apart from trading.
I want to use the 3 ducks system for positional trading, wherein i look at the charts only once at end of the day, for a few minutes and decide on the trade for next day.
I have a few queries in this regard. would be helpful if you could share your expert opinion.
1. should I look at weekly charts for trend and daily chart for entries and exits?
2. how do i look for entry on the daily? should i scan for stocks that have just crossed the 60SMA ? or the ones that have risen and fallen to take support at the 60 SMA?
thanks in advance
Prash
am a part time trader, with a full time job apart from trading.
I want to use the 3 ducks system for positional trading, wherein i look at the charts only once at end of the day, for a few minutes and decide on the trade for next day.
I have a few queries in this regard. would be helpful if you could share your expert opinion.
1. should I look at weekly charts for trend and daily chart for entries and exits?
2. how do i look for entry on the daily? should i scan for stocks that have just crossed the 60SMA ? or the ones that have risen and fallen to take support at the 60 SMA?
thanks in advance
Prash
Prash a good start would be to get Captain Currency to email you the ebook and have a read of that then adapt the method to suit you.
Hi Everyone,
Just thought I would update my short Euro trade.
The trade has worked pretty well, being up over 250 pips in profit at one stage, right now it's +225 pips.
I have decided to lock in 180 pips and bring my stop to the 1.2745 level. The chart below explains why I chose this level.
As you might know, I am very focused on stretching out my winning trades as much as I possibly can - however on this occasion, while price has been moving down steadily, it has been more drifting slowly down rather than moving decisively. I prefer price to make a quick move, consolidate, then another quick move, consolidate, etc. Not only is this a healthier trend, it also gives better opportunities to add to winning positions, a technique that I always use where I can. I haven't really had any good opportunities to do this during this trade. But you can only trade what the market gives you.
So while I can't complain about a profit, I won't mind if this market retraces quite a bit and then I can hopefully get the opportunity to short again at higher levels, if the three ducks line up. We might see a healthier trend, which makes for better profits.
I hope some readers might have got something out of me describing this trade as it developed.
Good trading
Nigel
Just thought I would update my short Euro trade.
The trade has worked pretty well, being up over 250 pips in profit at one stage, right now it's +225 pips.
I have decided to lock in 180 pips and bring my stop to the 1.2745 level. The chart below explains why I chose this level.
As you might know, I am very focused on stretching out my winning trades as much as I possibly can - however on this occasion, while price has been moving down steadily, it has been more drifting slowly down rather than moving decisively. I prefer price to make a quick move, consolidate, then another quick move, consolidate, etc. Not only is this a healthier trend, it also gives better opportunities to add to winning positions, a technique that I always use where I can. I haven't really had any good opportunities to do this during this trade. But you can only trade what the market gives you.
So while I can't complain about a profit, I won't mind if this market retraces quite a bit and then I can hopefully get the opportunity to short again at higher levels, if the three ducks line up. We might see a healthier trend, which makes for better profits.
I hope some readers might have got something out of me describing this trade as it developed.
Good trading
Nigel
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Yeah, I wouldn't be surprised to see that at all!
Hope you're keeping well Neil, by the way
stephensteve
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Thanks for the info Nigel P, it does help to read your postings...
Nice One
Nice One
Captain Currency
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I didn't expect this to trigger before the weekend so I didn't put it up here in advance, but another short triggered in EUR.USD a few minutes ago.
I wouldn't recommend jumping in now though, it's probably too close to the weekend - it's more likely that this retraces rather than goes much further. Will keep a very tight stop on it, probably go to breakeven shortly. Currently +31.
I wouldn't recommend jumping in now though, it's probably too close to the weekend - it's more likely that this retraces rather than goes much further. Will keep a very tight stop on it, probably go to breakeven shortly. Currently +31.
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As I anticipated, there was a ramp up that took me out at break-even. If you watch the markets you'll notice that late on in the afternoon during the US session, particularly if there has been a day of selling, you will quite often get a ramp up into the close. It's something to watch out for if you are short anything against the US dollar.
I've shown the trade on the 5 min chart below.
Some people might ask why didn't I bag the 30 odd pips that were there for the taking. There would have been nothing wrong with doing that if that is your preference. It is simply a matter of style and personality - some people like to get in and out of the market quickly, taking small profits, others like to let trades run for bigger less frequent profits. Both approaches can work equally well. Whatever floats your boat.
Anyway that's me flat as far as 3 ducks trades are concerned for now, enjoy the weekend.
Nigel
I've shown the trade on the 5 min chart below.
Some people might ask why didn't I bag the 30 odd pips that were there for the taking. There would have been nothing wrong with doing that if that is your preference. It is simply a matter of style and personality - some people like to get in and out of the market quickly, taking small profits, others like to let trades run for bigger less frequent profits. Both approaches can work equally well. Whatever floats your boat.
Anyway that's me flat as far as 3 ducks trades are concerned for now, enjoy the weekend.
Nigel
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Hi Everyone,
I can't post charts this morning but in the event of a sell off in risk today/tomorrow I will be keeping an eye on Aus.Usd. The levels always change depending on price action but right now the 1.0343 level looks interesting.
It's probably quite an aggressive 3 ducks trade because the 4 hour SMA hasn't been pointing down for very long (after a long uptrend) but I think it's worth watching what price action is doing. As usual I will be keeping stops very tight, and I might take more than one attempt to get into the market.
Obviously any trading you do is at your own risk. If I get the chance to post some charts I will.
Good trading
Nigel
I can't post charts this morning but in the event of a sell off in risk today/tomorrow I will be keeping an eye on Aus.Usd. The levels always change depending on price action but right now the 1.0343 level looks interesting.
It's probably quite an aggressive 3 ducks trade because the 4 hour SMA hasn't been pointing down for very long (after a long uptrend) but I think it's worth watching what price action is doing. As usual I will be keeping stops very tight, and I might take more than one attempt to get into the market.
Obviously any trading you do is at your own risk. If I get the chance to post some charts I will.
Good trading
Nigel
Nothing happening fast here, just gonna put a stop on here at 1.0352 for a 11 pip risk. Unlikely to be much in the way of price action now as Europe is closed and the US traders are heading off on their holidays. Price will probably drift around and stop me out but I am ok with paying 11 pips for the opportunity to gain far more if price was going to break down fast.
Good trading
Nigel
Good trading
Nigel
