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.
Thank you once again, Captain.