hi all, the ebook says to zoom in on 5 min timeframe and go in when the highest/lowest point is breached. I’m just wondering if anyone trades if H4 MA60 is breached from below? assuming price is now above M5 and H1’s MA60? is this considered 3 ducks still?
It’s been said before on here, but you really just need to think logically about what it is you’re trying to achieve with this approach.
The 5 min is the [U]final piece[/U] of the top-down jigsaw. It only slots into place when the 4 & 1 hour pieces are already in sync.
3 ducks is a simple top-down, multi timeframe directional approach. Therefore in order for a potential 5 minute entry to be considered, the 4 & 1 hour timeframes have to be displaying clear higher high-higher low behavior in an uptrend or lower high-lower low behavior in a downtrend.
The moving average is present just to give you a very quick & visual heads up.
Good Morning Earlier Rising Duck Hunters,
Good trading to you for the week ahead.
Gbp.Usd
Your Ducks still favor selling Gbp.Usd when they line up. Price would need to get back below the 1.5670 area first for your 2nd Duck (price confirmation) to line up.
Andy
Hello Brilliant Ducks,
Adding To Your Winning Positions
There are potentially a few entry levels or highs on the chart attached and you could be adding a second position to your first winning position. Maybe move your stop-loss to break even on your first (previous) position before adding additional positions. If you can add to some of your winning positions you are reaching the level of “Brilliant Trader”.
Profitable Months
Some of your most profitable months will be when you added to your winners. On your next 3 Ducks trade have a think about where you might be able to add to a winning position.
Gbp.Usd
Over the next few days keep an eye on Gbp.Usd because your Ducks still favor selling this pair when they line up. This pair has had some decent downward movements over the past 4 weeks and there could be some great opportunities for you to add to your winning positions.
Best wishes with your 3 Ducks trading,
Andy
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 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.
Until now, 3 winners and a loser. The loser is due to my greed. I was too hasty.
I was thinking these setups as a set-and-forget-setup to use. But I always look on the screen. :31:
What about trailing stops. Recommendations, experiences?
Those are two nice, very typical entries salty.
I’d stick to what you’re already doing until it tells you otherwise. You can’t really go far wrong in trailing the stop up & down as the market moves away from your entry.
I’m experimenting with moving my stop to breakeven first, then trying to place it behind technical levels on the 5 & 15 minute charts as the price continues away from my entry point.
Above & below previous day & week highs & lows are good levels to watch out for, failing that the obvious mini swing highs & lows are the next logical area’s. Sooner or later the trailing stop will get trashed no matter where it’s placed, so I’m tending to use common sense & trying to arrive at a compromise between not giving too much back to market, whilst maximising the potential of a really good trending run.
Won’t they eventually become naturally grouped together as the most recent trailing stop moves up to the next technical high or low level Matt?
If price obliges by continuing to move steadily away from the first & add in entries & the initial stop loss gets moved to breakeven, eventually the second entry stop loss will be moved up & located behind a natural swing point, which I imagine would also be hiding the original stop loss entry.
It might take half a day, or a full day’s worth of price action, but sooner or later there will be a common technical level from which to aggregate both or all trailing stops.
It’s unbelievable but everytime my trade is going in the right direction and i move the stoploss to breakeven…immediately the trade change and hit the sl!
Today, i tried to use the 3 Ducks in other markets. Why not. And they work. Look image.
Maybe you’re too quick with your stops. A little bit of the trade must be able to breathe. Please show your charts. Then we can discuss it.
salty,
I’ve only used the ducks with FX pairs but read on other threads & forums about traders successfully using the method with other instruments, stocks, metals, etc.
Here’s my latest short cut. I have the 60ma and the 15ma on the 4-hour chart. The value of the 15ma seems to be close to the 60ma on the 1-hour, at least close enough for government work. LOL!
A quick review & scan of the angle of the two moving averages and in a few seconds I can decide whether to keep my eye on a pair for an entry or take a pass on it. Right now I have 12 pairs on my MT4 screen and I can do my “top down” analysis from across the room, and without my reading glasses! :39:
It would have been wise to close the trade yesterday, but I fell asleep. Trading can be so boring. :rolleyes:
You’re right. I’ll do it.
what is everyones success rate with this? how many trades is everyone in general winning out of lets say 10?
It can tell no one. It depends too much on the individual trader. The 3 Ducks are not a system with fixed setups. It is an approach to increase the probability of a profit in the trade.
As Salty says, this is not a system but an approach. Or a set of guides. All I can tell you is that I downloaded the pdf document from its creator, ingested it and started putting it into practice 24 days ago. In that time I have had many positive and negative results with an overall average of 25 points gain per day or 610 overall.
Now I must qualify this; in that I have occasionally strayed from the good path and fallen into my old ways so I cannot promise this is all 3 Ducks. Interestingly my positive results from my “gut based gambling” pretty much balance out my negative ones - which I guess makes me luckier, or more informed, than I was before I read about 3 Ducks. 3 Ducks trades have been the main process for my recent positive outcome.
For me this has been a 5 week learning curve. I ignored the advice to use a virtual account as I felt I needed to really care and concentrate on the outcome I was looking for, but that was a personal decision and one where I was happy to take the investment risk.
I also set myself a plan and objective for the period of time. And have tracked every daily outcome - with notes on whether I was true to the ducks or not.
I also have a feeling that the past few weeks may have been an easier period to trade in; but others with more experience and knowledge of past trading patterns would be better to comment on that.
Good duck hunting if you decide to use it but be aware it is not a foolproof system like some others promise. This still requires one to understand what the markets are doing and most of all have the courage not to trade when conditions are not right (please, please tell me that I have learnt this now!!).
Hope this is helpful for you.
Good trading to you all for the week ahead.
Ducks Hunt
Your Ducks favor buying the Eur.Usd when they line up but do you think the Euro is out of jail yet?
Don’t forget this Wednesday there is an Interest Rate Statement out of the USA - Federal Open Market Committee (FOMC).
Andy
got a shot on this with USD/JPY today, looking to close my first duck hunting with at least a 15 pips profit…
