medisoft,
Best I can tell from looking at your USD/CHF chart/example, you marked the trades very well.
You won’t see great 3-ducks set-ups everyday on every pair. But when you do see the strong trend bias, the 240 minute 60ma & the 60 minute 60ma heading in the same direction, it’s duck season. Straightforward, easy to trigger high probability low risk set-ups. 
3 ducks aligned on audjpy (long) and on usdchf (long).
I’m placing a pending order on audjpy pair (demo account). The usdchf is not in in the begining of the 5m like my previous chart shows, so I think it is not a good trade, but the audjpy seems to be better can you confirm it?
Nice logical trading and thinking there Medi!
Good Trading for the week ahead to all the Duck Hunters,
[B]Andy
Captain Currency[/B]
I’m looking at charts. I think the best entry point is the first high/low after the sma60@5m penetrated the sma60@1h and is now looking out of that penetration. This way we can catch the possible trend from the begining.
Today the rate for AUD was hold still
I’m trading demo this way:
AUD/NZD long, I have one winner with about 110 pips profit with stop above the BE and a second trade just begining
AUD/USD long also, waiting for the results
CAD/JPY short. It has 1st and 2nd ducks for short and I entered when the 3rd duck signaled it. Still waiting to see the result.
CHF/JPY also short, same as CAD/JPY
EUR/GBP short with two trades, the first one with profit locked and second one waiting to the result
EUR/JPY short
EUR/USD short. Latest pairs are in in a channel, I suppose they are waiting for the rate report.
GBP/JPY short, same as GBP/USD
NZD/JPY and NZD/USD shorts, both in profit, but not locked profit yet.
USD/CAD long, same as USD/CHF. Because USD/CHF is almost the inverse of EUR/USD, it is normal and expected to have long here.
USD/JPY short, waiting to see what happens
And finally, because I’m Mexican, and my broker has the pair with very low spread (0.7 pips) I’m long on USD/MXN on profit, not yet locked
Note that I’m in demo account, and learning how to properly place stop loss and add to winners, so I’m trading this large list of pairs to have more practicing opportunities.
Nice day!
I now have 3 long positions on AUDNZD, with two of them with profit locked
I added this myfxbook to follow the stats.
HiHi Medisoft, what kind of stop loss and take profit are u currently using for the myfxbook acct? Cheers.
I’m testing and optimizing the stop loss. The take profit is the same, stop loss. I mean, I don’t set any take profit, but I move the stop loss every new order, so if I add to winners the stop of the new trade is the new stop for all the orders. That way I can let the winners run. If I have 3 open orders, two of them will finish on profit no mater what, and the third could be winner or could be not.
I think that the part of the Captain e-book that says that the best months are when I let my winners run all the trend is very important.
Right now the stop is the farthest of this (for long positions): 10 pips below the previous low, the current price minus the “stop level” value that my broker requires and the current price minus 4 times the 1H, 60 periods ATR.
But I don’t have enough testing to know what are the results for this stop placing method.
Thanks Medisoft…im also trying to optimise this…currently trying a 1:1.5 risk reward. lets see how it goes.
I think I’m learning to hunt ducks!! I now have a lot of positions, and the most of them are in profit, with profit locked!
I’m adding to the current positions once the ducks are aligned and the stop loss for the new trade is better than BE for all the current trades, so for every add to winners trade all the previous trades must be in profit.
[B]Captain[/B], may I ask you what do you do when you have positions open on the non farm pay roll day or on interest rate news?
Do you only move your stops to BE or better? or close the positions?
Thanks
Hope you like coffee Duck Hunters …
Enjoy your weekend,
[B]Andy
Captain Currency[/B]
I just recovered all the loss I had when started (demo) trading with the ducks. Now I’m on track to begin profiting, and I’m confident that I’m doing it well, because I see that my trades are on the line with Captain’s recommendations
3 ducks DEMO System | Myfxbook
Have long trades on AUDJPY, AUDUSD, EURGBP, EURUSD, EURJPY, GBPJPY, GBPUSD, NZDJPY and NZDUSD
Have short trades on AUDNZD and USDCHF
Its not a surprise that USDCHF is short and EURUSD is long, because they are inverted correlated. Also, its not a surprise that AUD/XXX and NZD/XXX pairs are long, because they are correlated, the same as EUR/XXX and GBP/XXX.
Some of the pairs have also 2 or more trades because I added to winners, and for me a winner is a trade that has it’s stop loss at BE or better, so when I have a 2 or more trades on a pair, then I have n-1 winners on that pair (n=number of trades). The best I had is 4 trades on a single pair.
[B]What I want to ask you, Captain[/B], is if you have correlated pairs, like EURUSD and GBPUSD and you have all the ducks aligned and all seems pretty good on both pairs, do you trade both? or only one of them?
Also, another question. Let suppose that on EU I have the three ducks aligned for a buy, but looking at SMA4H I see that it is pointing down while SMA1H is pointing up, do I consider it a valid entry or I should wait until both SMA4H and SMA1H are pointing up and also the 3 ducks aligned for a buy?
Thanks
Hi Medisoft, thats great to hear. just wondering if there’s any changes to how u stop loss? i recall u add to winners when positions go your way…are u still doing that? happy testing
Hi Since
no, no changes to stop loss, and yes, I add to winners when I can move my stop loss to at least BE.
hi Medi, thanks for sharing. will give it a shot. my 1:1.5 is not working too gd at the moment.
medisoft,
I’ll try to give you my 2 cents based on my experience with the ducks. When I’m looking for good 3-duck set-ups I pay a lot of attention to the angle of the 60 period moving average on the 4-hour chart.
I’m looking for the 4-hour 60 ma to be pointing toward 2:30 on the clock face or higher for an up trend and 3:30 or lower for a downtrend. If the 4-hour 60 ma is running flat, I’ll move on and try to find a pair showing a stronger trend.
When the 4-hour and 1-hour 60 moving averages are running in the same direction it indicates a market condition, a strong confirmed trend moving with conviction. When the moving averages are running flat or get all twisted back-and-forth, it is indicating to us that the market is not moving with any conviction or strength in a confirm direction. Or the market is undergoing a trend change and it might be best for us to wait until it gives us clear signals as to which way the next strong trend will be heading.
For me the hardest part of trading this method is waiting for and only trading when the market conditions are the best. I get impatient, start fudging the 3-ducks rules, trade mediocre set-ups, loose money and end up needing to drown my sorrow with my new best friend, a king-size Narragansett Porter or two. :56:
Looks like you’re doing well with the ducks, continued good luck!
PS Also, here’s a link to an old 3-ducks post regarding your correlated pair question.
http://forums.babypips.com/free-forex-trading-systems/6580-3-ducks-trading-system-4.html#post174994
