Awesome,
I have sent an email to Captain Currency Blog Email as his blog suggests. Hopefully the ebook is in my email sometime today.
Both my trades are looking a little sad right now :eek: but I will be happy if one makes profit!
Thanks!
I had a bad ducks day, EUR/USD long with a 50 SL that got stopped out. And AUD/USD long that I closed with a 40 pip loss. LOL!
Great on asking for the ebook, itâs clear and easy to understand, Andy is a nice guy!
Good morning traders,
New month:
A fresh trading month is here again and the start of every month gives us the opportunity to clear the slate and try to trade well and get a positive month.
Goal:
My goal every month is to try and make very few mistakes been disiplined, patient, using good judgement, not forcing a trade or forcing myself, looking and trading logically rather than emotionally, relaxing and taking my time in the market etc. You will be a much better trader if you can do these things.
You need a scalpel not an axe to trade;
Successful trading for me is about making the least amount of mistakes and playing for position.
Keep it simple,
Andy.
Just a quick update, I closed my previous positions:
EUR/CHF - Short - 3 ducks in a row
Entry - 1.2037
Trailing Stop Loss - 40 pips - 10 pip trail
Take Profit - 80 pips
After 24 hours of no real movement I closed out at Break Even
And
GBP/USD - Long - 3 Ducks
Entry: 1.57569
Trailing Stoploss - 40 pips with 10 pip trailing
Take Profit - 80 pips
After 24 hours of no real movement I closed with a 10pip loss
This morning I went into AUD/USD originally had 40pips set for profit but it rebounded on the resistance from Last year. I ended up taking 20pips.
I am now in GBP/USD and thatâs going well.
I think itâs important to note that between yesterday and today, I have incorporated the 3 ducks into my own technical strategy. This has prevented me from entering two setups that ended up going the wrong way and delayed my entry into GBP/USD until after it fell to my market order price yielding 10 pips already.
In conclusion, 3 ducks are really awesome at confirming your strategy 
I will keep refining my own strategy and update the good and the bad trades using the 3 Ducks.
I took a trade on AUDJPYâŚthe three ducks were lined up above the 60 smaâŚIm posting the trade images here. Do let me know if this was a right entry or not.
H4
H1
M5
If youâre trading the 3 Ducks to the letter then you would have waited for the price to break above the last high on the 5 min chart at 82.96 which was reached earlier today in the London session.
I have copied the explanation from page 1 of this thread where itâs covered in detail. The example is for a short trade entry, but you simply flip it on itâs head when preparing for a long trade set up.
There is an additional & alternative entry thatâs been discussed on here by DoubleEcho & kyle morgan which might interest you, & can be found by scrolling back through the thread.
Hello Duck Hunter,
Mind yourself with the EUR and GBP pairs because there will be a rate statement out from the ECB and the BoE this Thursday.
[B]
Thought for Today;[/B]
Your discipline and patience are going to be tested daily as a pro trader. Be aware of this side of trading, manage yourself and separate yourself from the armature trader. A small bit of patience and discipline can be worth more than lots of brains.
Below is my mid-week âSimple Market Scanâ using The 3 Ducks Trading System and my preference for the next few days.
[B]February 8th 2012 [/B]
[B]Eur.Usd[/B] â current spot price is 1.3274, I would be looking for buying opportunities when my 3 ducks line up.
[B]Gbp.Usd[/B] â current spot price is 1.5917, I would be looking for buying opportunities when my 3 ducks line up.
[B]Eur.Gbp[/B] â current spot price is 0.8340, the Eur and the Gbp are currently about the same strength so neither currency has a real advantage over the other at the moment. I would be sitting on my hands at the moment.
[B]Usd.Chf[/B] â current spot price is 0.9133, I would be looking for selling opportunities when my 3 ducks line up.
[B]Aud.Usd[/B] â current spot price is 1.0835, I would be looking for buying opportunities when my 3 ducks line up.
[B]Usd.Cad[/B] â current spot price is 0.9943, I would be looking for selling opportunities when my 3 ducks line up.
[B]Usd.Jpy[/B] â current spot price is 77.05, not a lot of action on this pair over the last couple of months so a safe bet would be to sit on your hands until your ducks look happier.
[B]Eur.Jpy[/B] â current spot price is 102.24, I would be looking for buying opportunities when my 3 ducks line up.
Hope that helps you.
Until next time, Keep it Simple
[I][B]Andy[/B][/I]
These are not trade recommendations. The 3 Ducks Trading System is best used as a set of guidelines with discretion in addition with your own judgement, market analysis and trading ideas. I do not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Why the trader is really the most important part of any trading system
Some traders focuses on long term results and accepts that they can have losing trades in the short term through no fault of their own.
On the other hand some traders concerned with short term results will change things if results are not going their way.
Good Idea
It may be a good idea to review your trades, your performance, your approach/method and yourself and makes changes only if the make logical sense.
Bad Idea
Itâs a bad idea to make changes to your approach just because of short term negative results. This seems to be a common error among some traders.
While they have a losing run they will panic or get emotionally involved and tinker or even jump ship with their approach in order to improve their result even though the approach or method maybe logically sound.
A good trader understands and accepts that their losses are a natural part of trading.
A good weekend to all the good traders and those who wish to become one.
Andy
what do i consider this method ? i mean is it related to price action or tehnical indicator (they say that indicators lag ) ?
gs888,
On your last post here you showed charts of the AUD/JPY, I donât usually watch & follow that pair but today if you used the 3 ducks and got long during the european open you should have had a very nice payday. And if you didnât get in on the european open you had 4 or 5 more nice entries throughout the EU and early US sessions.
Maybe we can help, what do you think youâre missing?
The important question you should be asking yourself is; does this setup suit my style, risk attitude & best fit my trading aims & objectives.
If you can confidently apply it consistently enough so that the rewards more than justify the risk, ensuring it delivers an overall positive outcome, then youâve answered your question.
If it fails to tick any of those essential boxes then your search continues.
This guy sums up exactly what this model represents.
The 5 minute chart entry is the final piece of the top down jigsaw, which means that the higher timeframe trending requirements necessary to trigger an entry will have automatically slotted into place.
Once that order sequence takes shape, you can begin preparing to lay down that final piece of the jigsaw.
The moving average indicator is simply a crutch. Itâs nothing more than a visual aid & comfort blanket confirmer that the price action sequence is clicking into gear.
Theyâre a complimentary asset.
Well, i took that trade and been profited almost 40 pipsâŚThat was a very nice trade.im using this method and to tell you this is just awesome.Im still learning and trying to improve my trades with this system.
I took a trade on USDJPY today and wanted to share it with you guys,
As you cann from the picture, My long has been triggered above the previous high, but still price went down( i have also confirmed that thereâs no news at the time i took the trade). Could you please let me know if this is a valid trade or not or am i missin out something.
Thnq.
In my opinion itâs a valid trade and your entry was correct. Unfortunately the market moved against you.
Sometime you will follow the entry rules perfectly, but the market doesnât follow through and you will get stopped out.
I think when youâre learning how to trade and trying a new trading method it can be frustrating, youâre not sure if you did something wrong or it was just the market behaving badly. In the case I think itâs the market just running out of gas.
Keep working on it, itâs not easy especially with all the Greek drama playing in the background!
Itâs certainly a valid trade from the mechanical set up aspect, but if youâre trading this from an intra-day angle I might suggest you consider re-assessing that objective given the average distance travelled over a typical 24 hour session.
If your preference is for day trades, you might receive better bang for your buck trading pairs with a slightly higher overall range potential.
Andy emphasizes the point that although the structure of the system is mechanical in itâs set up & execution, itâs still very much a discretionary model. You will still need to ensure youâre making best use of the low risk-high probability factors associated with this type & style of market execution.
For instance, are you aware of this pairs average daily range coverage?
If so, how much of that average range has already been covered at your point of entry?
If you plot the current weekly (3 month av) range on this pair, youâll discover that leading into todayâs highs it had completed 90% of itâs normal distribution coverage.
Although only a guide, youâll find this information very helpful when preparing & planning potential entry & exit levels.
I have checked the trend before executing the trade, the candle has broke the previous day high and it was a bullish trend, and with that point i have entered long. Do i need to shift to other pairs ?
gs8888,
Keep at it, may take a long time.Youâve got the entry correct. Now youâve got to put in the hours to get the discretion part right. Iâve been doing this FX trading craziness almost everyday for over three years and still missing 90% of it!
Iâve no idea. I merely offered up a suggestion that you might or might not be interested in pursuing.
Only you will know whether automatic execution of trades based on the criteria youâve just stated is sufficient enough to generate satisfactory ongoing results. If what youâre currently doing is returning acceptable numbers, then fine.
If there are any flaws or concerns that require addressing in your structure theyâll quickly show up in your record keeping & trade monitoring log.
There are different uses for average range numbers. Filtering of trades is but one benefit that might assist with prioritizing pair selection.
Hi all I am relatively new to this site & this trading methodologyâŚâŚ I have been trading a number of pairs (the ones the Capitan gives mid week updates about) for about 2 weeks now. I have found that any trade started before 10am has, so far, a 100% success rate.* With trades started after 19am my odds of a successful outcome drop to around 50/50âŚâŚ
2 points
1 Has anyone else experienced something similar?
2 Any thoughts why this could be?
- I am not foolish enough to think that this winning streak will continue indefinitely.
Any comments, thoughts or ideas welcome.
James
If youâre referring to the GMT timezone James then that represents the early stages of the London & European business session, which is where a noticeable increase of liquidty hits the market.
When currencies are trending nicely, pulling back in shallow dips & rallies & the momentum picks up with the increased liquidity, your success trading this type of strategy will be high & frequent. Itâs when prices begin experiencing chop due to a reduction in liquidity, or consolidation at certain levels on the chart that you will experience stop outs, false breaks & the frequency of the success rates will take a dip on certain pairs. Thatâs why itâs beneficial if you have a good spread of currency pairs on your watch list, to smooth out the tough periods & offer more potential opportunities.
Itâs essential that when you identify a potential change in the market conditions you reduce your exposure & perhaps stand aside until your moving averages kick back into gear again.
There are quite a few pairs displaying clear, smooth price action at the moment & all is well with the world, but things change pretty rapidly out there, especially when the fear/greed pendulum swings aggressively from one extreme to another. But until then, enjoy the ride & collect all that lovely lolly!
