:42: NFP
Awesome moves…Well played 3 Ducks.
Great week and have a nice weekend.
:59:
Raaz
I’ve just read on fxstreet that some big player are starting to short usd…what to do?
Howdy apfrezza,
What I would do is trade the chart rather than trying to make trading decisions based loosely on what others are saying. Thanks very much for your opinion, but let me see the chart now …
Would like to hear others comments on apfrezza question.
[B]Andy,
Captain Currency. [/B]
As you quite rightly say, when the short term momentum & sentiment on the dollar changes it will be reflected in the technicals & the first signs of that, for 3 ducks traders anyway, will be the formation of lower highs & lows on the 4 & 1hour charts which takes price below the 60 simple moving average on that first 4 hour duck on & below the 83.0 figure.
Until then the smart option is to continue trading with the stronger momentum & remain long the dollar (buying dips) trading it via the popular pairs such as (short) eur/usd, gbp/usd & long usd/jpy, usd/chf etc.
I concur Andy, the big players will show their hand eventually if there is any truth to this. Then you can trade based on the chart and your entry rules
If you are thinking about those Big Players (whatever), then you should not try this system. This is simply nice system to follow. Place your stop loss according to 3 Duck rules. Your trade and your decision - all is yours. Play safe.
By the way, I am going to try Long on UJ right now @ 101.40 area. :53:
Good Luck.
Raaz
Hi All,
Thanks for your replies!
As I already wrote I have still open 4 lots of usdjpy since a week now from 97,75. Last Thursday I decided to open 4 more lots but on Friday morning after a nice move up I decided to place a stop loss at breakeven. As usual, the SL was hit and after a few minutes it startd again to move up…very up indeed!
Today I thought to open some more lots but I chose to go long on eurjpy (opened 4 lots at 130,04). I placed a stop loss at 129,64…let’s see what will happen…
Hi guys! just started following this thread a few days back.
I want to ask if after more than 100 pages of thread, the rules are the same as in the beggining, this means 60 SMA in 4H, 1H and 5M.
If that’s the case, are you guys shorting EURJPY right now? There have been very bad news for the euro lately, but I think going long for the JPY is quite risky?
I know the SL and TP in the original system are meant to be set according to trading style, but I would like to know from your experience if this system has worked better with SR levels of smaller timeframe like M5 or higher timeframes??
Thanks!
Yes, the rules don’t change.
No. Way too choppy.
Compare hourly charts of USD/CHF, GBP/USD or EUR/USD to EUR/JPY & ask yourself which offer the cleaner, smoother trending activity.
Try & get into the habit of making life as easy for yourself as possible by applying strict discipline to your identification, preparation & execution processes by avoiding or waiting a little longer for the lower probability opportunities to stretch out a little more before getting involved.
Today I shorted 5 lots euraud @ 1,388. It seems to be a perfect 3 ducks move…I really hope it will work. Otherwise I will soon have to stop trading forex…
[QUOTE=“apfrezza;507800”]Today I shorted 5 lots euraud @ 1,388. It seems to be a perfect 3 ducks move…I really hope it will work. Otherwise I will soon have to stop trading forex…[/QUOTE]
Hehe. I’ve nearly stopped trading forex several times!
That looked a good trade to me. You could/should have made some pips on that 6:05 candle?
[QUOTE=“apfrezza;507800”]Today I shorted 5 lots euraud @ 1,388. It seems to be a perfect 3 ducks move…I really hope it will work. Otherwise I will soon have to stop trading forex…[/QUOTE]
Oh boy you went short against bullish pin bars on the 1 & 4 hr and got slaughtered. If you are trading with real money do yourself a favour and stop before your cash is all gone. I suggest you then trade demo and learn about money management unless you have a massive account and also look at incorporating some price action with 3 ducks. This should help filter out some losing trades.
Hi Darmic11, that pinbar is a pinbar only when it has been completely formed. Now if I look at that I say yes it’s for sure a pin bar!
However when I entered the trade it was a nice bar and I entered with 5 min as 3 ducks manual say.
It’s really crazy how forex works.
With 3 Ducks I have made some nice profit but, unfortunately loose have been higher than profit.
Price Action I think is a theory only valid when you look at the past. I can demonstrate that it doesn’t mean anything!
Hi guys,
I’m new on the forex market, trying out a demo account for the moment with a bit of success. I’m planning to try this system tomorrow at the first opportunity but there’s one question thats been eating me : why a 60 sma ? It may sound ridiculous but is it some kind of a moving average reference ? Thanks for enlightening me !
Posted back on 03-28-2012
http://forums.babypips.com/free-forex-trading-systems/6580-3-ducks-trading-system-19.html#post336385
It’s nothing more than a mid-range eyeball reference. The same kind of reference professionals use the 100 or 200 sma’s for when compiling technical notes.
You could swap it for the more conventional 50sma if you like, it offers the same information.
It’s designed to focus your attention onto the momentum cycles driven by the sentiment that fuels market movement. By utilizing a top down approach (240 to 60 to 5m) you’re seeking to align yourself with continued trend biased momentum.
If you observe the price action as it begins to merge with the moving average on the 240min chart you will often notice the exhaustive behavior as the higher high-higher low or lower high-lower low swing sequence begins to slow, consolidate and/or show signs of reversing.
Once you notice bid or offer strength at a failed trend continuation swing (such as higher lows/lower highs etc) & price begins trading the other side of the mid-range average, that’s the time to begin working down your timeframe sequence (from 240 to 60 to 5 etc) & preparing for a trade entry.
You’ll also notice the price action quite often hugs or shadows a moving average when it’s in transit flowing in orderly swing steps back & forth on the ladder. Again, it simply focuses you in to observe the important swing high or low points on the hourly charts that confirm (or not) the trend momentum continuation potential.
Today has been the worst day ever on forex. I lost almost 800€.
For some reason has been totally my fault (too emotional) and for some reason I have been very unlucky!
I think I will soon end my career in forex…it’s too difficult.
[QUOTE=“apfrezza;508100”]Today has been the worst day ever on forex. I lost almost 800€.
For some reason has been totally my fault (too emotional) and for some reason I have been very unlucky!
I think I will soon end my career in forex…it’s too difficult.[/QUOTE]
Apfrezza, don’t give up, anything worthwhile does not come easily. If emotions are high take a break then come back with a clear mind.
Thank you all for your quick answers, and especially altab for the detailed explanation, thats what I need ! I’ll try out the system and let you know