The 3 Duck's Trading System

[Raza]

Sorry, maybe I didn’t explain it clearer.

Captain Currency mentions in the first page of the thread that stops & targets are the responsibility of the individual trader. In other words you can use his mechanical rules to get your entry, but you tailor the risk & profit potential to your own personal style, aims & expectations.

As I understand it, the Captain is of the view that this method is more of a guideline than rigid and mechanical rules for entry. We do no necessarily have to enter only because the price is above/below the moving average on all three timeframes. There need to be other checks too.

Are you trading this method? If yes, how have been the results? And more importantly, how do you make entries?

Or are you quite new to trading in general?
Which might explain your confusion about setting profit targets on your last Cable trade.

I think I had problem setting my target because i do not trade cable. I was not too sure about the daily range it makes and what target level would be a safe bet. I am still learning

[DoubleEcho]

Are you trading this method?

No, I don’t trade it.
The catchy title caught my attention & when I saw the uncomplicated structure I had a flick through some of the content.

I am still learning.
I think I had problem setting my target because i do not trade cable. I was not too sure about the daily range it makes

I see.
I don’t think you’ll have a problem squeezing potential out of Cable. Its daily range is quite acceptable. It does have a tendency to whip around a lot at times & can drive you crazy, but you’ll see that for yourself as you get used to it.

and what target level would be a safe bet. I am still learning

Well, as he uses the 1&4 hour chart as part of the core method. One idea might be to use any near term swing levels on the 1 hour first as a potential target, once you’ve secured some profit off your entry?

If it manages to reach that first target & surpass it, you could then look to line up the next clear 1 hour swing above or below, depending which way you’re trading.

If none are showing up, then swap across & see if any such levels are showing up on the 4 hour? Once the price starts moving in a strong directional shift it will eventually arrive at one or more of the previous swing levels, unless you get stopped out or decide to take profits beforehand.

I suppose it all depends what kind of style you’re looking to adopt when trading this system.

[Raza]

Well, as he uses the 1&4 hour chart as part of the core method. One idea might be to use any near term swing levels on the 1 hour first as a potential target, once you’ve secured some profit off your entry?

If it manages to reach that first target & surpass it, you could then look to line up the next clear 1 hour swing above or below, depending which way you’re trading.

If none are showing up, then swap across & see if any such levels are showing up on the 4 hour? Once the price starts moving in a strong directional shift it will eventually arrive at one or more of the previous swing levels, unless you get stopped out or decide to take profits beforehand.

I suppose it all depends what kind of style you’re looking to adopt when trading this system.

Great advice. I’ll keep it in mind when I trade this method the next time.
Keep these good words coming.

[Raza]

Entered long EUR/USD at 1.2838. My stop loss was one pip below the most recent low on 5min chart. I had a mental target level of 1.2900 in my mind but manually closed my trade at 1.2870 after i thought the pair might face stiff resistance at this level. The pair went all the way to 1.2890 level.

Closing my trade manually was definitely not a good idea. Maybe, I should have moved my stop loss to breakeven and see how it behaved around the resistance area.:o

Anyone else traded euro today?

[Captain_Currency]

Greetings All,

Here Is My Current View On Some Currency Pairs Using The 3 Ducks Method;

[B]Eur.Usd[/B] – I would be looking for buying opportunities when my 3 ducks line up.

[B]Gbp.Usd[/B] - a bit 50/50 at the moment I’m going wait until I see if it goes higher or lower.

[B]Usd.Chf[/B] - I would be looking for selling opportunities when my 3 ducks line up.

[B]Aud.Usd[/B] - I would be looking for buying opportunities when my 3 ducks line up.

[B]Usd.Cad[/B] – I would be looking for selling opportunities when my 3 ducks line up.

[B]Usd.Jpy[/B] – not interested in JPY pairs for the moment.

[B]Eur.Jpy[/B] – not interested in JPY pairs for the moment.

[B]Eur.Aud[/B] - A bit of a rally in the last few sessions but I would be looking for selling opportunities if/when my 3 ducks line up.

[B]Gbp.Chf[/B] - still looking for selling opportunities when my 3 ducks line up.

[B]Aud.Cad[/B] - the commodity currencies are strong at present but I would prefer to be buying the Aussie Dollar if/when my 3 ducks line up.

[B]XAG.USD[/B] - I would be looking for buying opportunities when my 3 ducks line up.

[B]XAU.USD[/B] - I would be looking for buying opportunities when my 3 ducks line up.

Hope that helps you, keep it simple, keep it logical!

These are not trade recommendations. The 3 Ducks Method is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas.

[punta]

Thanks captain

[Captain_Currency]

Greetings All,

[B][I]Here Is My Current View On Some Currency Pairs Using The 3 Ducks Method;[/I][/B]

[B]Eur.Usd[/B] – I would be looking for buying opportunities when my 3 ducks line up

[B]Gbp.Usd[/B] - Not as good as Eur.Usd but you could be looking for buying opportunities when the 3 ducks line up

[B]Usd.Chf[/B] - Same as last week, I would be looking for selling opportunities when my 3 ducks line up

[B]Aud.Usd[/B] - I would be looking for buying opportunities when my 3 ducks line up

[B]Usd.Cad[/B] - I would be looking for selling opportunities when my 3 ducks line up

[B]Usd.Jpy[/B] - Intervention, intervention, intervention I would be sitting on my hands with JPY currency pairs for the monent.

[B]Eur.Jpy[/B] - Same as Usd.Jpy.

[B]Eur.Aud[/B] - Two bullish currency pairs going head to head at the moment, a bit 50/50. Not interested in this pair at the moment

[B]Gbp.Chf[/B] - Same as last week, I would be looking for selling opportunities when my 3 ducks line up

[B]Aud.Cad[/B] - Aussie is the leader, I would be looking for buying opportunities when my 3 ducks line up

[B][I]Hope that helps you, keep it simple, keep it logical![/I][/B]

Best wishes,
[B]Andy[/B]

These are not trade recommendations. The 3 Ducks Method is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas.

[Gaia_X]

There many signal and most of them was false.
Anyway to filter the noise ?

[Captain_Currency]

[B][I]Here Is My Current View On Some Currency Pairs Using The 3 Ducks Method;[/I][/B]

Eur.Usd – Same as last week, I would be looking for buying opportunities when my 3 ducks line up.

Gbp.Usd - I would be looking for buying opportunities when my 3 ducks line up.

Usd.Chf - I would be looking for selling opportunities when my 3 ducks line up.

Aud.Usd - A very good up trend, I would be looking for buying opportunities when my 3 ducks line up.

Usd.Cad - a bit 50/50 and I’m not interested in this pair for the moment.

Aud.Cad - Aussie dollar is very strong, Cad is a little weak therefore the 3 ducks are telling me I should be looking for buying opportunities when my 3 ducks line up.

Eur.Aud - Same as last week, two bullish currency pairs going head to head at the moment, a bit 50/50. Not interested in this pair at the moment.

Eur.Cad - I would be looking for buying opportunities when my 3 ducks line up.

Usd.Jpy - Not interested in doing business with the Jpy pairs at the moment.

[B][I]Hope that helps you, keep it simple, keep it logical![/I][/B]

Best wishes,
[B]Andy[/B]

These are not trade recommendations. The 3 Ducks Method is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas.

[Mgsupra101]

Hey captain I have a quick question for you that you could possibly answer next time your in the thread hopefully. The system seems pretty easy and bullet proof for the most part. I love it. But one small question. When you set up the three SMA’s on their respective charts and lets say all three are above or below the current price what can you do for a enter strategy? Do you have to wait till all three cross over the line the other way or can you buy or sell right in? Thanks

• Mikey G

[Captain_Currency]

Hello from Dublin Mikey G,

I got your question in relation to entering a 3 ducks trade. What I would say to you is that the 3 ducks method is a set of guidlines, it does not give buy/sell “signals”. You still need to be using your discretion in addition with your own market analysis.

Hopefully the 3 ducks e-book will help you a bit more.

Hope that helps,
Andy

[Captain_Currency]

Greetings All,

Don’t forget this Friday is Non Farm Payrolls, I will be not be trading this Friday I will be playing golf instead.

[B][I]Here Is My Current View On Some Currency Pairs Using The 3 Ducks Method;[/I][/B]

Eur.Usd – Some nice moves and same as last week, I would be looking for buying opportunities when my 3 ducks line up.

Gbp.Usd - I would be looking for buying opportunities when my 3 ducks line up.

Usd.Chf - I would be looking for selling opportunities when my 3 ducks line up.

Aud.Usd - You gotta love the Aussie when its trendy, I would be looking for buying opportunities when my 3 ducks line up.

Usd.Cad - ummmmm a bit 50/50 and I’m not interested in this pair for the moment.

Aud.Cad - would prefer to be looking for buying opportunities if/when my 3 ducks line up.

Eur.Aud - Just going to wait and see how things develop on this pair over the next few sessions.

Eur.Cad - I would be looking for buying opportunities when my 3 ducks line up.

Eur.Gbp - I would be looking for buying opportunities when my 3 ducks line up.

Usd.Jpy - Not interested in doing business with the Jpy pairs at the moment.

[B][I]Hope that helps you, keep it simple, keep it logical![/I][/B]

Best wishes,
[B]Andy[/B]

These are not trade recommendations. The 3 Ducks Method is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas.

[Scuba_Stan]

Thanks for all your input Cap!!!

Stan

[stagecrew]

EUR/CAD

4HR chart - price>60 SMA
1HR chart - price>60 SMA

5 min chart - price at 60 SMA. Swing high it would need to pass is @ 1.4157

TP = 1.4183 (Swing high at 10:30 EDT Friday Oct. 15th)

SL = 1.4120 (1.4126 has been the support since Sunday open)

Let’s see how this pans out…

[stagecrew]

EUR/CAD

Trade triggered at 4:35 am EDT when price hit 1.4157

Trade closed when TP of 1.4183 hit at 6:25 am EDT

Profit = 26 pips

EUR/CAD

4HR chart - price>60 SMA
1HR chart - price>60 SMA

5 min chart - price at 60 SMA. Swing high it would need to pass is @ 1.4157

TP = 1.4183 (Swing high at 10:30 EDT Friday Oct. 15th)

SL = 1.4120 (1.4126 has been the support since Sunday open)

Let’s see how this pans out…

[stagecrew]

CHF/JPY

As of 21:54 EDT on Monday Oct. 18th:

4HR Chart: Price < 60 SMA
1HR Chart: Price < 60 SMA
5 min Chart: Price < 60 SMA

Waiting for Price to Cross last swing Low @ 84.57

Will Enter Short @ 84.55
TP = 84.37 (Previous Support)
SL = 84.75 (Last Swing High & Previous Resistance)

Will post results if the entry is triggered before 8:00 am EDT on Oct 19th

[stagecrew]

As of 7:00 am EDT, pending order canceled. Reason: Price broke through 60 SMA overnight, therefore, 3 Ducks System entry no longer valid.

CHF/JPY

As of 21:54 EDT on Monday Oct. 18th:

4HR Chart: Price < 60 SMA
1HR Chart: Price < 60 SMA
5 min Chart: Price < 60 SMA

Waiting for Price to Cross last swing Low @ 84.57

Will Enter Short @ 84.55
TP = 84.37 (Previous Support)
SL = 84.75 (Last Swing High & Previous Resistance)

Will post results if the entry is triggered before 8:00 am EDT on Oct 19th

[stagecrew]

EUR/CHF - 3 Ducks System Set-Up
Time is now: 21:41 EDT, Tuesday Oct. 19

4HR Chart: Price < 60 SMA
1HR Chart: Price < 60 SMA
5 min chart: Price > 60 SMA by 5 pips.

Entry: If Price crosses BELOW 1.3300 (support is at 1.3310, so to be safe, should need to break through closest round #), enter SHORT.

1st TP Level: 1.3275 (next support level)
2nd TP Level: 1.3240 (Weekly Pivot Support 1 Level)

Stop-Loss: 1.3340 (current resistance level)

I will post results if the entry is triggered before 8:00am EDT on Oct. 20th.

[stagecrew]

Oct. 20, 2010

7:14am EDT
Canceling Pending Short Order due to the fact that entry no longer valid for reasons of: Candle broke up through the 60 SMA on the 1HR Chart around 4:00 am EDT

Some notes: Good thing I didn’t enter short AT the support of 1.3310, because overnight the price hit this price and bounced-off it a couple of times. Better to be conservative and let price make a bold decision to break through a near-by round number. Saved pips on this trade because of this.

EUR/CHF - 3 Ducks System Set-Up
Time is now: 21:41 EDT, Tuesday Oct. 19

4HR Chart: Price < 60 SMA
1HR Chart: Price < 60 SMA
5 min chart: Price > 60 SMA by 5 pips.

Entry: If Price crosses BELOW 1.3300 (support is at 1.3310, so to be safe, should need to break through closest round #), enter SHORT.

1st TP Level: 1.3275 (next support level)
2nd TP Level: 1.3240 (Weekly Pivot Support 1 Level)

Stop-Loss: 1.3340 (current resistance level)

I will post results if the entry is triggered before 8:00am EDT on Oct. 20th.

[Captain_Currency]

Greetings All,

The USD strength over the past few session has slowed down the one way movement which some currency pairs where enjoying against the USD. It will be interesting to see how things develop over the coming sessions. During uncertain times remember to keep the ducks on your side as this [I][B]can help keep you out of a lot of trouble[/B][/I].

[B][I]Here Is My Current View On Some Currency Pairs Using The 3 Ducks Method;[/I][/B]

[B]Eur.Usd [/B]– The USD is fighting back but I would still prefer to be looking for buying opportunities if/when my 3 ducks line up.

[B]Gbp.Usd[/B] - A little bit uncertain at the moment so the safest thing to do would sit on your hands and see how things develop.

[B]Eur.Gbp[/B] - I would be looking for buying opportunities when my 3 ducks line up.

[B]Usd.Chf[/B] - I would prefer to be looking for selling opportunities if/when my 3 ducks line up.

[B]Aud.Usd[/B] - Aussie taking a break? I would prefer to be looking for buying opportunities if/when my 3 ducks line up.

[B]Usd.Cad[/B] - a bit 50/50 and I’m not interested in this pair for the moment.

[B]Aud.Cad[/B] - I would be looking for buying opportunities when my 3 ducks line up.

[B]Eur.Aud[/B] - Same as last week, two bullish currency pairs going head to head at the moment, a bit 50/50. Not interested in this pair at the moment.

[B]Eur.Cad[/B] - I would be looking for buying opportunities when my 3 ducks line up.

[B]Usd.Jpy[/B] - I would be looking for selling opportunities when my 3 ducks line up.

[B][I]Hope that helps you, keep it simple, keep it logical![/I][/B]

Best wishes,
[B]Andy[/B]

These are not trade recommendations. The 3 Ducks Method is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas.