Unless the original material has been updated or upgraded Glenn I’m not aware that support & resistance is discussed as a prime addition to the basic structure. Utilizing support & resistance or any other technical indicator will be at the discretion of the individual.
He sets out the basic framework of the multi-timeframe charts + the moving average as a guide in prompting the reader to observe & identify the trending behavior & rhythm of the currency pair[s], & he also offers a couple of possible entry & trade management options to get you used to the approach.
Because it’s a discretionary approach with a couple of suggested rules, each individual will need to explore their own preferred style when choosing entry, trade management & exit criteria.
Everyone’s risk profile, experience levels & trade objectives will be different & of course this particular strategy won’t suit everybody.
Some people, especially newbies, will require more structure or definitive rules.
Those trading 3 Ducks will use the complete process, including the 5 minute entry technique, to trade it & some will merely use the 4 & 1 hour guides & develop their own entry & trade management specifics.
It’s not a one size fits all approach. You’re still going to need to wrap your own identity around this framework if you want to cultivate your own edge. That’s why discretionary strategies are often extremely frustrating & very very difficult for newcomers to trade.
[QUOTE=“banteka;597597”]+ 94 pips today…I feel I have found my own way to consistency… Thanks again CC for sharing this.[/QUOTE]
how long have you been trading the system?
I would suggest you do yourself a favor, invest the time necessary and start reading & studying the first post of the thread and slowly go through to the most current.
Study the charts that folks have posted, get a notebook and take notes. When you finish going through the thread, turn around, start at the beginning and go through it again. And don’t be afraid to go at it a third or fourth time.
PS Even if folks don’t end up trading the 3-ducks, reading, studying and understanding the basics of this multi-time-frame concept can be educational and helpful. Multi-time-frame AKA “Triple Screen” methods have been around for a long time.
You might find because of your work schedule that the 4-h, 1-h & 5m time frames aren’t workable, so maybe use the same concepts but on the weekly, daily & 4-hour time frame instead. Or you’d like more trades & action, play around with the 15m, 5m & 1m time frames, see if you can come up with something that works.
IMO, the best part of this thread is, once you have a working knowledge of the multi-time-frame / triple screen concepts presented here, you can use this style of trading with whatever time frame fits your schedule. And whatever type of tech analysis floats your boat.
I like to think of the 3-ducks as the T-6 Texan trainer equivalent for traders!
Have you tried popping these questions into a generic search engine?
The internet is a mine of information. All you need do is play around with combinations of words & it will spit out endless variations of answers.
Just reading, but I think it is not so difficult to answer an easy and concrete question.
(you could have avoided bold letters, I can understand you, even english is not my mother language)
Have a nice day
If this is simply a hobby then there’s no problem with casually strolling through the process & speed reading the material. If however you’re harboring ambitions to extract money from this endeavor you’re going to need to up your games considerably right off the bat because even in the retail sector you’re competing with some very savvy people who are as sharp as tacks.
Right from the learning through to the application phase you’ll have to be extremely well organized, focused & prepared to solve these simple, basic problems yourselves & quickly, otherwise you’re on a hiding to nothing.
Virtually all of the questions ever asked by thread newcomers have been addressed multiple times throughout these pages, quite a few with accompanying chart examples. If you’re having to ask them at this stage of the process having (presumably) perused & digested the content, then you’re going to struggle out there, because this model is one of the most simple, basic, logically applied approaches going.
I share your findings. And thank you for it.
Not too much time on BP reading and learning. I was impressed for the exquisite kindness that everybody have with newbies (I was asking some other simple&stupid questions in other threads) and I have never had an excessive answer or out of tune.
I suspect you think there’s a simple yes or no answer to your question and I’m just being a prick not giving it to you.
So let me try again. [B]Is the slope of the SMA important? [/B] Depends on your individual preference and how you decide to trade the method.
Some folks do well with the method without paying any attention to the angle of the SMAs. On the other hand, some other folks pay a lot of attention to the angle of the 4-H 60 SMA and won’t trade unless the SMA is at strong angle. It’s part of the discretion each trader decides to use for their own trading set-ups.
As you go through the thread and you’ll read about and see examples of how different folks apply their own discretion in regards to the angle of the SMAs.
Apart from stroking my own ego it was pointing out that not everyone who diligently records & maintains an accurate log of their activity feels the need to wave it around on a public forum like some ridiculous badge of honour simply to prove some method or approach actually works.
Some folks have other reasons for such meticulous record keeping.
I’ve kept my own detailed records since early 2010 and I don’t share them either. I just reacted because it’s not the first time I’ve seen answers in the style of, don’t ask others for a shortcut to what you should do yourself. And while it’s a valid point I can’t help but feel that it’s a bit harsh. I imagine that many who ask are not trying to be lazy but rather asking for some reassurance that it doesn’t just look good but that there are actually people trading it successfully.
it was pointing out that not everyone who diligently records & maintains an accurate log of their activity feels the need to wave it around on a public forum like some ridiculous badge of honour simply to prove some method or approach actually works.