Huge thanks to Captain Currency, I made a textbook Three Ducks trade this morning over break at the office from my mobile for an easy 15 pips!
I’m a recent graduate of the School and Pipsology and with my novice understanding of the market and trading I was able to apply your rules and confidently make a successful trade. Below are some snapshots of my trade on GBP/JPY that I entered around 11am EST and my target was hit just before noon.
My entry was placed a few pips above the 60SMA and most recent swing high, unfortunately the snapshots blocks out a bit of that. My S/L was set a few pips below the most recent swing low and T/P was chosen simply using a R:R of 1:1. Luckily, my target was just barely reached and the market then began to trend downward.
I know Captain often uses support and resistance lines in conjunction with the ducks to pinpoint his trades, however, has anyone applied some use of daily or weekly pivots to the strategy for further confirmation?
Also, I do believe I was a bit to loose on my S/L and TP and should be aiming for a better risk to reward ratio on future trades. Especially when not monitoring my trades throughout the day and relying on targets.
Also, I did notice an opportunity where the price moved against but not breaking the trend and I should’ve added to my position slightly upon surpassing that resistance level the next time around. A smaller 0.5% to 1% position with a tighter S/L and TP would’ve served me quite well. I’ll upload a picture later this evening for reference.
I am trading this system in the original way for a while, but(as you said) from time to time I need a little bit more action as we have many long waiting times.
May I ask you? What Time Frames did you use for scalping?
It is worth it? Or was something temporary?
I used the same standard time-frames for the 3 Ducks (namely H4, H1 and M5), but all the “action” took place on the M5. I just kept an eye out for “fast” moves and used tight stops (stop-loss and trailing-stop).
I still use 3 Ducks for scalping when the opportunity presents itself, but not on a regular basis as I don’t like being glued to the screen.
After a slightly a slightly down April ,good to start off May with a nice 65 pip gain on U/JPY. Seems to be a whole bunch of pairs setting up for possible moves next week as well.Lets hope this is a good month for the Ducks
The USDJPY has certainly been paying that’s for sure! I’m up 102 pips on that for May so far!
Question for the seasoned Duck Hunters / Andy: Do you guys aim for a certain % gain per week? Or is it trade whatever Setup complies with your individual plans? Last 3 weeks I’ve had 1-2 trades per week, banked 1-2% profit for the week on my demo account and called it quits. I’ve been treating this demo account the exact same as I would a live account, I will make no changes apart from changing lot sizes. So I’m trying to optimise everything now.
You should set no limits on your gains be it daily, weekly or monthly. There should be no upper or lower limit, nor any specific target on the short term.
The market gives and takes as it wishes and it is up to you to take advantage when it is generous. In can take away 2% every week for 5 weeks straight and then one week it decides to give you 15% on a single day. So don’t limit those gains in any way or else you will not be able to balance out the losing streaks.
It is all about probabilities and average gains over long periods, not fixed income. If you set lower or upper limits on your gains, you defeat the objective.
This is a long term game that requires patience, discipline and vigilance to grab the opportunities when they present themselves.
One important ally is mathematics and statistics – so make sure to keep a journal and keep track of the metrics.
That’s what I needed to hear thanks FMIC! Hey Andy, I noticed on one of your videos the other day that you put two trades in at the same time, one with no limit and one with a 30 pip limit. Are you still doing this? And if so is it every trade or just sometimes? Cheers!
It is going sideways/ranging and the only thing I would consider for that setup is for quick scalping of the whipsaw (if I was bored), otherwise I would prefer looking for better strong/weak setups.
There is this nice tool to see correlation between pairs. I chose non-correlated 8 pairs and 2 commodities (CFD) to trade. They trend much better than EUR USD or AUD USD.
It’s not an indicator, merely a chart configuration for visual ease & efficiency.
If your package affords you the ability to stack charts in a grid such as the MT4 example below, then you can arrange them into regional format as in the quoted post you’ve highlighted, thus offering a very quick overview of the specific currency enabling the viewer to immediately identify it’s strongest/weakest & smoothest trending behaviour pairing based on the 60sma filter.
