After having read the WHOOOLE thread (and I can tell you it was a long read) I’m enjoying this framework more and more and finally begin to make profits in my demo accounts.
I like the elegance of this simplistic system and the fact that it’s a discretionary one which made me stop trying to hunt for pips on too small a timeframe.
I can only advise new comers to do as I did and read most if not all of the thread as it’s full of wisdom. I really learnt [B]a lot[/B] here !
Thank you Captain Currency and all other participants.
Now on to the charts to hunt for ducks !
PS : Andy, I can’t wait to learn more from your advanced 3 ducks when money won’t be as problematic as it is now (haaa, the wife, kids, new house and wedding !)
I am going to start trading the 3 Ducks again. I am going to trade with SL = 20 pips and TP = 30 pips. I opened a separate trading account so I can test the system properly. These will be live trades.
For tonight I am looking at possible entries:
EUR/GBP long
GBP/USD short
USD/CAD short
I got filled on all 3 trades and they all hit the SL of 20 pips. I will try again tonight to look for potential trades. I am placing trade orders after the open of the Asian markets.
Some weeks Exits will be even more important than Entries for us trend traders.
Hope you all manage to have a great February in the market, I reckon there will be some good set-ups but exits will be key.
A quick tip: if possible close out a chunk of your trade when heading into levels of support/resistance on the 1 hr or 4 hr chart, bank a bit of profit!
Just a quickie, for traders who like to get involved with the Aud.Usd pair when their Ducks line up, I’d be thinking the spot where Bulls will look to take back control is on a break of that $0.7128 area of resistance.
Over the next few trading sessions, going long with your 3 Ducks on a break above $0.7128 could work out nicely but this is not a trade recommendation
I just wanted to say thanks for posting this system and for all the subsequent posts and videos. I’m new to forex trading and have been paper trading this, as best I can, since the end of January. Right now I’m up 238 pips, even with early mistakes where I was clearly not following the process very well.
I made a trade on the AUD/JPY on 2.18 - and it really wasn’t going positive for most of the day. . I decided or thought that all the ducks were still lined up - so I left the trade open - -and well it is still open as of the time I wrote this message.
I do have a very tight stoploss and takeprofit on it right now- and if neither are hit soon I will be closing it out.
absolutely Shojin - I gained 90 pips on the trade. It worked just like the captian says. . . . and I never thought I would like the set and forget approach. … …however I do believe this is a pretty important part now.
And - I am beginning to like it too. it frees up time and takes stress off.
Agreed. I’m new to forex, only a few months in, but this system is suiting me right now more than any other I’ve tried. Probably because it’s not mechanical, so you can adapt it to your own trading style, timezone, etc. I’m currently learning how to balance between set-and-forget and over-managing trades.
One thing I am sure of is that doing fewer trades whilst you’re still new to it is a better idea than placing many trades.
I think you’ll find - whether new or not - doing fewer trades is most certainly the way to go with this approach.
I cannot say that for other idea’s = but about 2 weeks ago I told myself - shoot for 1 good/winning trade per trending pair per week. (just a place to start gauging from) 1 good trade will get you positive so why lose it on another trade
I have a nooby-dooby question about spreads vs. commission, in relation to this type of trading system.
I’ve been using the 3 Ducks for two months now, paper trading. I’m hoping to start live trading within the next month or two. I’m wondering whether it’s best to stick with thinkorswim, where I have been paper trading, or switch to an ECN like Interactive Brokers that has very tight spreads, but charges commission.
For example, I did a paper trade with IB yesterday, made 24 pips and paid $5 in commission. Had I done the same trade on ToS I would have made the same 24 pips and paid no commission. The price would have had to move a bit further to trigger the TP, but for the way I’m trading this system, maybe five trades a week maximum, does it really matter?
I don’t know. My brain is in a knot with this. It should be obvious, but I’m overlooking something fundamental.
[B]Just a thought,[/B] on a risk v reward basis I’d prefer a short position on Eur.Usd leading up to the ECB meeting. Why, I always think the Euro gets nervous when the ECB are due to make an announcement, there will be an ECB meeting this Thursday coming (10th).
[B]Technically[/B] it also looks like our First Duck (4hr chart) would favour the selling set-ups on the Eur.Usd pair. For me I think a breakout below the 1.0940 area could see more sellers coming in and pushing price lower, targeting the 1.0880 area and possibly even lower.
Eur.Usd could be one pair for your shortlist, good trading for the week ahead guys,
You could be spot-on Tradernove, should be an interesting 48 hours for Euro pairs, dying to see which direction they’ll be swinging in after the ECB on Thur.
