Okay so what your saying is i should be identifying the trend using the 60 SMA slope on H4. Confirming on H1. Then selling/buying on the swing breaks on the M5. I think the issue i always have had with this system is where to put the SL and TP, how large SL. I am going to create my own tread for this week and post all my positions i take using this method. Hopefully i can gain some more insight this way.
How should i manage my open M5 trades if i am asleep during the EUR session and really only available during the EUR/US session overlap and then in asia session? The big moves happen in EUR session when im sleeping so its difficult to be monitoring the M5 through most of the EUR and US session. What would you recommend? I know the guy who made it lives in Ireland.
Yes, that can be difficult if your location or if schedule is not favourable and that is why I also use some automation in monitoring my position once I have placed it.
However, for truely manual trading only, you can opt of choosing currency pairs or other instruments that fit your daily schedule better, instead of the EUR/USD.
The “Captain” also offers a paid course for a variation on the method that does not require you to monitor the trade, where you simply define a stop-loss and take-profit and only monitor the trade once on a daily basis. I never took that course so unfortunately I do not know more about it.
What do you think of this GBPUSD trade this morning. I took it and was stopped. Happened while I was sleeping, my order was set late in the Asian session to buy at the break of the resistance from the previous day’s European session as well as the Asian session and the spike occured but it was a fake out and a quick stop.
I don’t usually trade on Friday. However, even though it looks like a valid 3Ducks setup, I would personally not have entered that trade because both H1 and M5 had been ranging for quite some time. H1 had been stuck in a range on Thursday and during the Friday’s Asian session, M5 had been ranging and whipsawing around an almost flat SMA with no clear direction of where it would go next.
Always look at how the charts “look and feel”. Don’t apply the 3 Duck rules in a mechanical way. Just because the setup is all on the right side of SMA does not mean that you should ignore all the other indications on the chart. Don’t try to force a trade! Always look for the best or better instrument to trade that has the stronger setup. If there are no clear favourable trades, just stay out of the market.
I ended up creating the thread. Feel free to follow me in my quest of duck hunting
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I wish you the best of luck with your Majik Duck$ hunting! May you gain insight about your trading experience!
Why did you wait for the pullback before entering the trade?
If you had entered the point 60 sma was below you still would av made some good pips… Or I’m I wrong?
Thanks for the advice…
@Capitain_Currency
This system seems interesting
I am still trading with a virtual account as I gave myself a minimum of 3 months of practice
I am applying today on GBP/AUD 1h chart, watching the action starting at 8 AM London Time Zone.
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On the 4h chart, the 60 SMEs is above the trade action
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On the 1h chart, 60 SMEs is above the trade action
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On the 5 mins chart, the 60 SMEs is below the trade action
For this, I have decided not to take a position
I am also applying today on EUR/USD 1h chart, watching the action starting at 8 AM London Time Zone.
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On the 4h chart, the 60 SMEs is below the trade action
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On the 1h chart, 60 SMEs is below the trade action
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On the 5 mins chart, the 60 SMEs is below the trade action
For this, I have decided to take a position
I will come back later to write down what happened as a result
I would really love it if you would educate me more on this strategy
You could drop number And I can contact you later
Here is a nice little trading system i came across a while back on one of many trading forums. Another good and intelligent trading systems which you guys might enjoy is the 3 duck trading system the prose of the system is that is trend f. The other good aspect of this trading method is that is very simple and easy to use as well and it’s use only 1 indicator or time frame. The less indicator used is usually the better as it becomes easier for the trade to detect the trade signals from the setup forming.
sounds like an easy enough system to follow ill take a look next time im on the charts. i take it thats a simple moving average and not a smoothed?
Just thought i would update you on my first Duck trade taken. was a bit premature on the 1H but it had gone above on the 4H and the 5M so i knew momentum would take it. nice little system
Thank you! I’m a newbie and I’m going to give this a try. Thank you for the clear explanation.
Is this system still humming along? Working? Who’s making bank on it?
Is someone still using this system?
yes im using it
Is it working for you?
It is important to research properly anything that you are interested in. Andy (Captain Currency) places his trades on Darwinex so you can see the results for yourself. He has been trading successfully for over 20 years but as you can see his recent results have not been great. You should realise that fx is challenging
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