So for my non-arithmetic mind, what would the 3 settings be on a H4 chart - 60 sma reflecting the H4 but what would the settings be for H1 & M5 on the H4 chart, ie 3 sma s on the H4. Thanks, d.
Howdy Juan, yep I think Jo asked a similar Q back in October.
Juan, Iâd give you the same advice Buddy âŚ
Not really related, watch out for Rates on Thursday the 6th.
Safe trading,
[B]Andy
Captain Currency[/B]
Whilst it might seem a tad harsh, & as much as I understand your mode of thinking, I didnât require reassurance before rolling up my sleeves & getting my hands dirty.
I identified something that made perfect & logical sense, scratched the surface a little deeper & set out my stall before discovering what was actually being presented was indeed what it said on the tin.
I doubt youâll be surprised to hear that 3 of the guys on your favourite thread didnât require any reassurance either before tackling their projects. I communicated with (& spoke a few times) with Carll on another forum early last year & the subject of self motivation & priority filtering came up on more than one occasion.
In fact he reminded me of a statement Jocelyn would sometimes post when they were in situ:
I quoteâŚ. âin this game there are those who wait & watch things happen whilst there are others who make things happenâ
Part of that quality is to quickly identify that which is pertinent & take appropriate action. Another attribute worth embracing is nurturing the ability to completely tune out the static.
If you can get both those key attributes on side youâll save yourself a whole world of pain.
I can only comment from my own personal observation, but when I look at guys like Carll & Kevan et al & snout around at their activity I wonât see any histrionics or bragging or bag fulls of posts. I also wonât see the butterfly effect, where they flit from thread to thread in search of the golden key & neither will I see them asking questions or wasting a lot of time answering them.
And of course theyâre long gone from here too & achieving exactly what they set out to do.
I am planning to make EA for 3 duck system. Can any suggest me what is the ideal Stop loss and take profit can i put in EA.
Regards
vijay
LOL
Good god almighty, you couldnât make it up could you.
pmsl
Hello to all!
My thanks go out to not only Andy for this effective trading approach but also to others who gave their time to post examples and answers to queries.
I have just finished reading this entire thread. It took me about a week but I thoroughly enjoyed every post. I also read the e-book and viewed all the videos here as well as some others on Captain Currencyâs YouTube profile.
[B]I have NO questions or queries![/B] Everything was very well explained. I just wanted to introduce myself and let other newcomers know that all the information that is needed, or will ever be needed, is right here, as long as you dedicate the time and effort and âdiveâ into the material provided.
During the week that I was reading this thread, I put the knowledge to the test on a live micro account and was very pleased with the results. I also did some manual back-testing for the year 2013, which offered me the opportunity to perfect my entry and exit strategies in a much shorter time-span than would have been possible trading on a demo account. This helps in giving a trader the confidence to then take things forward on a real account. I recommend it. It can be time consuming but it also offers great advantages.
I did however, sort-of break one side rule while live trading! Even though I manually select the pairs that have the 3 ducks in place, I do then enable an EA (with parameters set for that specific order) so as to place and manage the order for me. It aids me in calculating the lot size based on the initial stop-loss and risk I wish to use, as well as adjust the trailing stop according to the rules I set. It closes out half the order at a set Take-Profit level based on a specific Risk/Reward ratio and then sets the remainder to break even and lets it run with the profits until it is stopped out by the trailing-stop using a simple reverse breakout strategy (similar to the Turtle System).
This allows me to have the time and freedom to concentrate on analysing pairs and finding those that are most favourable and aligned with the 3 Ducks approach and then leaves the boring calculations of risk and stop-management to the EA. Obviously I can trust it to a certain degree because I wrote and tested it myself as opposed to using someone elseâs code, but I do keep an eye on it just to make sure.
Again, I would like to thank all here and Andy (aka Captain Currency) in particular.
To the newcomers, all I have to say is (using some of Andyâs words) â No need to ask questions, just âdive inâ and just âdo itâ â you will find the answers yourself and that in itself is very rewarding!
Best regards,
Carnino
The ability of picking out the worthwhile parts from all of the blind leading the blind that goes on all around these forums is certainly an essential skill. Those who lack it are doomed to move in circles until they give up altogether.
I completely agree with your quote from Joss, I find it applies everywhere in life.
Most people seem to lack a plan for what they want to get out of life, they live it as it happens to them. That attitude is something they take with them into trading. Those few of us who know exactly what we want have a major advantage over the rest.
I have already made it but need SL and tp for testing
Hi Vijay,
Going back a few pages you can see shadowline has suggested TP=30 and SL=20, see his quote below for reference. However, since you wonât be watching the trades I suggest you also write in a trailing SL that activates at around 18 pips closes the trade at around 2 to 5 pips. That way if the TP is not hit youâll still have broken even.
âAndy has repeatedly offered a couple of recommendations within the thread including 20 pips stop/30 pip take profit objectives for short duration based traders.
Alternatively, he has also advised you could configure your stop & profit placements on or around sub & hourly (5m + 1 and/or 4 hour) swing levels.â
Hi traders. Been following this thread for quite a few months. Would like to know for people trading it live⌠Would anybody mind sharing your results? For example how many winning trades % and whatâs the average R:R ? I know some of you donât like to share results, or like or âprotectâ a system. But you are going to help a lot of people who is hesitating about trading profitable and encourage them.
Hello folks,
It seems that these thread is very popular and lots of trader might be following these system called three ducks. Yesterday i have decided to developed and EA for these system and have made it. Trader can set their specific lot size and also TP and SL. With this EA there will be only 1 trade at a time. I am attaching EA here and awaiting feedback to see what is best result when changes are made in TP and SL.
Download Threeduck EA from here
ThreeduckEA-vijayparmar.ex4 download - 2shared
i will test itâŚ
thanks
I didnât suggest it zeber, quite the contrary. I merely repeated a comment Andy has made on several occasions to other thread enquirers. Obviously you, Vijay or anyone else will need to determine for yourselves whether or not that combination works for the type of style & objectives youâre looking to employ.
Iâm not going to comment any further regards the potential success of the above permutations because my style, risk appetite & objectives are, & will be very different to yours.
I will repeat however that this approach is a [B][U]discretionary model[/U][/B] & relies [B]heavily[/B] on maximising the potential of the various volatility & momentum phases presented during the course of a typical business quarter.
You might just as well have asked âhow long is a piece of stringâ for all the benefit it will offer you.
Iâve underlined discretionary model in the previous paragraph for a very good reason.
Your results trading this type of approach will be dependent on a number of criteria, the most critical being experience, your psychological maturity & your intuitive skills. Time & capital availability + risk appetite & trading style will also have a huge bearing on your results.
If 10 people replied to your request, all with different levels of experience & styles, 8 of them reported very disappointing returns over a decent sample of time, 1 reported average returns & the other exceptional returns, what would your conclusions be & how would that influence your decision to explore this approach?
- 176 pips today. 5 trades. 1:1. - 1:5. RR rate. Entering in stops. only. SL ALWAYS in the last swing high or swing low in H1 TF. Entry point ALWAYS in the last swinh high or swing low in H1 TF. Never trade if a critical release is about to happen in the next 6-8 hours. TP a few pips before the last swing high or swing low.
Most of the times I exit manually.
Hope this helps.
If youâve been following the thread for quite a few months you will already have compiled your own set of stats since inception. So what do they tell you?
Download this ea of three duck. I have set SL and TP but you can change it according to your needs. Please do post the result of backtesting with different combination of SL and TP.
regards
vijayparmar:32:
Hello cheva282,
I suggest you do as I did! Select a few pairs of interest and run a manual back-test for an entire year, such as 2013. Not only will it give you the metrics you are looking for, but it will also help you perfect your own style and identify what best works for you.
It will give you the extra confidence you may need in order to remove any doubts you may have about it or yourself. It will also highlight the importance of good record keeping and the metrics that can help you improve your trading!
Best regards,
Carnino
I too use my own semi-automatic EA but Andy has expressed that he wishes that his approach not be automated. So in order to keep to that spirit of things, I suggest that you start a separate thread in the âEA Sectionâ of the forum and let users discuss it there so as not to divert attention on this thread from what is really important.
If you wish, you can then place just a link here for that thread for those that are interested, but leave this thread as âcleanâ as possible so as to respect the authorâs wishes.
This is obviously my own opinion, but I am sure many will agree with it!
Regards,
Carnino
I can test your EA. And I have tools for making a Walk Forward test. But ONLY if you add the mq4 file. I need to change the SL and TP according to my trading style, that is, setting both limits above or below the last swings.
Do not hide the source code if you want to help the community.
Fixed SL and TPs do not work with this system.
Exactly.
And if he had bothered to conduct a search before taking the thread off topic with this nonsense he would have discovered there is already one in existence.