Gbp.Usd is currently shooting north fueled by news.
In fairness you’ll have spotted the Bulls always looked hungry for control over the past week or so. On the 4hr chart we where trading above the SMA which indicated that our Ducks would only favour the long set-ups - (see 4hr chart below).
1.5700 target has just been achieved for the Bulls, hope you’re managed to bag some pips on the way up. I’d be interested to see if the US Dollar will fight back in the coming sessions or will Bulls take it up to 1.58 without too much of a fight!
Hi all, new here for this thread,
Yes traded euro and cable, with 3 ducks, euro got 1.1356 for a small win with a dynamic stop, (still working on those), cable I took around same time at 1.5851, took 1/4 off at b even and let it run to target.
Couldve jumped in earlier on cable at 1.5830 (maybe half a position), but wanted to see it break resistance around the 1.5840s.
How do I subscribe to this thread?.
Cheers all
Im having the hardest time figuring a good TP with this system. Any suggestions? I am trying to use SUpport and resistance levels for TP and if it doesnt hit them wait it out until 4pm end of NYC session and TP from there. But im trying to see how do you guys let a winning trade run like for those 100-150 pips. Do you keep it open for more than one day or?
Guess this depends on how long you wish to hold the trades for.
If you are looking to take pieces out of the daily moves of the different pairs I would suggest you find the ATR of the currency pair you want to trade and set your target at abt 80%.
If you want to hold the trades longer I would suggest you use support/resistance and/or Fibonacci extensions and/or projections.
I trail every trade normally with donchian channels, take 1/4 or a 1/3 of at break even after it moves to profit equal to risk, then just let it go.
Probably not the best (raschke dosnt like any trail apparently), but its not the worst.
Cheers
Gbp.Usd & Eur.Usd, Howdy Duck Hunters, price pulling back in the last session, its gonna be interesting to see if these pairs can find support soon and trend north - for right now, it’s a sit on your hands job!
Selling Aud.Usd, looking like momentum wants to move south on the Aud.Usd, I’d be thinking some trend traders will be getting ready to sell-the-breakouts when the Ducks line up.
Target(s), Bears will want to drive price down lower towards the 0.7645 area of support and maybe even lower down to the 0.7600 area in the coming sessions, that would keep sellers happy!
I don’t use a TP, just SL. I trail my SL slightly below/above the 60 SMA on the 1Hr chart. That way I move to breakeven relatively fast and can let the trade run until a bigger retrace or reversal hits my SL. Or if a trend can not be established I get stopped out at what ever loss I set (1% of account). I have been doing well with that approach but I am very picky which entry I take as I don’t want to get stuck in too much choppiness. I do use an EA for this trailing stop loss, and it is based on an ATR calculation. So you can do it manually but have to check more often. You could trail the 60 SMA on the 4hour chart but have to adjust your money management. And I keep my trades open until Friday afternoon. And start again on Monday.
I try to be flexible about TP. If im going to be in front of my screen for a while I often wont set one, but if im going out for a length of time I’ll set one up, the actual size varying on how the market is moving at that time.
Hi
I haven´t read all the thread, just by reading the first post I know this system works, and can make a lot of money. I use a similar one of my own, using the 50SMA. For all the newbies, trading this kind of very simple systems, will save you years of frustration.
I will take a look when I have some time.Keep the good work
Hi duck hunters, I’m looking at the EURUSD for a short, possibly down to 1.1000, all 3 ducks lined up and coming out of 61.8% fib zone from earlier in the week! Lets see what happens
I begun to read this thread an week ago, today after make some reading about the 3Ducks i have pointed my first entry, and the problems start to grow, i make this entry to soon and get ****ed right now with -10pips.
H4 Price below the SMA 60
H1 Price below the SMA 60
M5 Price below the SMA 60
Think you’ve entered outside of London trading times so maybe not a good moment. Also it’s tried yesterday to break down but faltered. I was short yesterday but no follow through so I just got out.
Hi Braindead, you should have waited for it to break the 5 minute low, if you revert to the rules of the system, it is always safer to wait for that break of the 5 minute low/high
