The 3 Duck's Trading System

webguide · December 28, 2013, 1:36am

lodestarnz:

Hi Webguide, as I am also a newbie, I will try to answer your question, if I may. I am basing on what I would do and may not be inline with the gurus here.

I go to the H4 chart and look at the price whether it is above/below the 60 SMA. Also look at the slope/angle of the 60 SMA. If it is flat or the prices are rangeing, I will look for another pair.

Then I will go to the H1 chart and look at the price whether it is the same as the H4 chart i.e. above/below the 60 SMA.
Again I will look at the slope/angle of the 60 SMA. If it is flat or the prices are ranging, I will look for another pair.

If the H4 and H1 are on an angle or sloping, I will go to the M5 chart to see if the price is in tally with the H4 i.e above/below the 60 SMA. Otherwise I will wait for the cross over the 60 SMA to enter. The entry should be either above (if buystop) or below (sellstop) the previous high (if buystop) or low ( sellstop).

I will place my Stop Loss just below the M5 60 SMA ( with a minimum of 20 pips), to give some breathing space.

My Take Profit would be at the H1 chart to look for the Resistance / Support.

This is my personnal steps which may not be the best but I think it suits me. There is always areas of improvements and I welcome your guidance.

Hi Lodestarnz,

Thanks!!
This sounds very logical to me, will be interesting to see how well it works in the long run, as for now I believe I just need strategy polishing as the tip you just gave above to get this thing going in my direction!

Daeve31591 · December 30, 2013, 2:39am

Andy,
May I ask why you stated you will be neutral if the price broke 0.9900?
Don’t you ask us to follow the rule as if price still below MA60, then look for sell?

Captain_Currency · January 1, 2014, 9:30am

Howdy Daeve,

Wowser that’s an old post you’re quoting but it’s probably because a break back above the 0.9900 area would have put our 2nd duck on the wrong side of the sma on the 1 hour chart, hence me going a bit neutral.

Yep follow the rules for sure but use a bit of your [U]discretion[/U] too is my advice.

Hope that helps you and good trading to you in 2014.

[B]Andy
Captain Currency.[/B]

Captain_Currency · January 1, 2014, 9:35am

Greetings Duck Hunters,

Good trading to you all in 2014!

[B]Andy
Captain Currency[/B]

Benjoe · January 1, 2014, 5:46pm

Hi Captain and all,

I´m new here. I studied ebook and read entire thread. I want to test 3 Ducks on the small live account now.
Thanks Captain for your line and other users for their posts.

I wish all a lot of good trades in year 2014!

PS: I´m sorry for my English, it isn´t very good. But I´m learning…

Daeve31591 · January 1, 2014, 11:58pm

Hi captain,
Thanks for your reply.
Ya, it is quite an old post as I screen the posts one by one, afraid I wil missed out something important.

Btw, I tried the system few times, tried on Stop Lost 20 pips, Take Profit 30 pips…however i found that it is hard to set SL for 20 pips, my broker not allow me to do that! According to their condition, SL can only set at least 50 pips away from current price!!! I am using IronFx.com
As well as TP, same problem, I can only set 50 pips away from current price!

Is that normal in forex broker?

How did you all set it?

Will this affected the trading outcome?

Happy new year again to you, Andy and all members!

Daeve31591 · January 2, 2014, 12:15am

Hi andy,
Thanks for your reply.
That was really old old post and lucky you can still recall it!
I went through one by one afraid to miss any important message regarding this great system.

I tried the system with my demo account, however another problem I found.
I try to set SL 20 pips, TP 30 pips (as use by Andy…) but my broker didn’t allow me to do that!
I am with IronFx.com who only allow me to set SL at least 50 pips away from current price.
As well as TP…

May I know why your broker allows you that?

With that issue, will my trade affected?

My broker spread is higher than yours?

Thanks for listen to me.

Happy new year to Andy and others, again

anfearmor · January 2, 2014, 7:25am

Dobry Den a jak se mas

Vitame Vas na Babypips.

Jmenuje se Padraic a jsem z Irska ale mluvim trochu Cesky (rozumim lepsi).

Good luck for 2014 and welcome.

S Pozdravem,

Padraic

Captain_Currency · January 3, 2014, 5:31am

Well done Benjoe, always good to see a trader putting in the hard work!
[B]

Andy
Captain Currency[/B]

Captain_Currency · January 3, 2014, 5:35am

Can anybody offer Daeve some advice, what would you do?

Cheers,

Andy
Captain Currency

o990l6mh · January 3, 2014, 12:34pm

Quite likely you’re confusing pips and pipettes, in other words the 20pips you’re trying to set is actually 2.0 pips… I would advice you to use their demo account and set a 200 pip stop loss and see if that isn’t actually the 20.0 pip stop you want to use

bobcon · January 4, 2014, 7:13am

Hi all, and a happy new year.

It’s my first post on here and I like the overall look and feel of this strat. My aim this year is to become more of a plodder and less of a racing whippet and shall try and take Andy’s advice of quality over quantity as a prime consideration in my trading plan.

I’ll have a go at posting a couple of charts of my first trade in January on Friday. The eurusd 4h and 1h both looked good and seemed the logical choice over other pairs. I’m only looking to take a maximum of two setups each day, even if more present themselves, and no other pairs passed my filter. I’m only looking at the core and a couple of crosses.

Entry triggered early on and I took profit at around 17.00 GMt as it was a Friday. +42 for 25 risk seemed good to me

I could have made another 10 if I’d trailed the stop on the 5 min ma, but then if I’d been trailing all along it would have stopped out for a loss early on.

Benjoe · January 4, 2014, 10:49am

Hi Padraic,
thanks for the welcome, it’s nice. Your Czech is better than my English;)
The world is small…
Have a nice day,
Beno

Benjoe · January 4, 2014, 11:06am

Thank you Andy,

I work on simple approach, discipline and patience (all these are quite difficult)

Beno

webguide · January 4, 2014, 12:17pm

So, now I have been trying it out on a number of trades, both real and demo account, I´m trading at Etoro.
Thing is that after @lodestarnz answer I have nailed 100% of my trades, that’s a total of 14, not that many trades, but still 100% success rate, all with a profit of 10% or above. It almost get me a bit suspicious!

mithcd · January 5, 2014, 12:21pm

Webguide, this is real money that you’re trading, correct? Just a nice number, I mean 14 out of 14.

webguide · January 6, 2014, 3:02am

Yes, did another 3 during the night as well:
Sell EUR/USD - Open 1.3587 - Close 1.3579
Sell GBP/USD - Open 1.6403 - Close 1.6383

And the third one - Buy USD/JPY is not closed yet, its down 48.9% at the moment this is due to the fact that I set the T/P on 20% and then went to bed. I opened it on 104.87 and it reached 104.91 before it went down. I was a bit hesitating on this one and I should have followed my guts. But it seam to be picking up speed in the right direction so I believe it will be back on my side of the line during the day.

Captain_Currency · January 6, 2014, 4:31am

Duck Hunters, good trading to you for the week ahead (6 - 10 Jan).

[B]If all our 3 Ducks line up in the same direction, our Ducks would currently favor:[/B]

Eur.Usd - selling
Usd.Chf - buying
Gbp.Usd - selling
Eur.Gbp - selling
Aud.Usd - buying
Usd.Cad - selling
Usd.Jpy - selling
Eur.Jpy - selling

[B]Andy
Captain Currency[/B]

fartist · January 6, 2014, 7:01am

Euraud - Selling

bobcon · January 6, 2014, 12:49pm

Had one loss and one win today. Sold eurusd 1.36 but it reversed fairly quickly and out for -14. Also eurjpy at 142.31 and out for 50 pips, so r:r 2.5 on that one. The eurjpy was late on, but the move down seemed quite impulsive so I entered an order on a pullback.