if ever there was a classic example of [I]lost in translation[/I], this is it! 
Yes, and the link to download?
To what link or download are you referring?
I have just finished the Captainās advanced course and am really impressed with the quality of the presentation and the material. I would recommend to any and all.
Steve,
Out of curiosity, does it differ much from the free ebook?
Greetings all. Iām a long time lurker but recently Iāve decided to start testing out this system as it seems much more in line with my trading style. In the past week when Iāve been able to log in (hard to do with work schedule) I have seen 5 setups. One of them I wasnāt too confident in, and lo and behold it was the one that didnāt hit for me. Iāve used Andyās advice of 20/30 pip SL/TP on my trades (all on test account). Iāll soon start trading with my live account.
One question I have, is that many users here have mentioned that the 20/30 āruleā shouldnāt be followed. I see some of that in that several of the winning trades iāve made could have won much more if i let them ride - however I like the rigidity of the rule in place. Would it make sense to simply open a new trade if the ducks are still aligned when the first takes profit? This way I could capture the larger movements as well while still keeping my R:R and money management rules in line?
Sorry for the book
Really just kind of fine tunes it a bit. Well worth the cost and effort.
You could, but its a potentially costly way of running your business. Not only will you be elevating your risk youāll also be paying increased spread & transaction costs.
The simpler & more cost efficient method would be to simply move your stop loss up to lock in your desired 30 pip profit when price has continued to move in the direction of your entry & perhaps continue to trail that profit stop up each time price breaks the previous higher high or lower low on your 5 or 60 minute timeframe.
With such a rigid stop loss in place at inception it wonāt work all the time but through testing & observation it will offer you a chance to see if itās a suitable alternative.
Youāve said you donāt have the luxury of observing the action due to work commitments, so youāre obviously at the mercy of time. Sometimes folks are forced into applying very rigid parameters even when it doesnāt suit their overall objectives, & unfortunately thatās something you just have to work with.
Itās difficult to advise a best fit when youāre restricted by time, finances or circumstances, but you could try the above to see how it suits your risk appetite & style.
I agree with āAltTabā but would like to add the following for ā[B]jparker36[/B]ā.
Since you cannot monitor your trade, should it be the case that you can leave you PC on with MetaTrader open and running (hopefully access locked, so no one at home can mess with it), then you can set the trailing stop active on the order. [B]It is not ideal, but it would be a compromise.[/B]
You could either set it to the 20 pips so as to be the same as the initial stop, or to 30 pips in line with your Take Profit. In other words, in the case of the 20 pips, when the profit reaches 20 pips your stop would be set to break even, when it reaches 40 pips the stop would then be at a 20 pip profit, etc.
However, please take note that the trailing stop on [I]MetaTrader[/I] is in āpointsā and not āpipsā. So, if you have a 3/5 digit broker, 200 points = 20 pips. On 2/4 digit broker, 20 points = 20 pips.
Hope that helps!
[B]PS! On [I]MetaTrader 4[/I], I think this only works on an open order, not a pending order. On [I]MetaTrader 5[/I] however, it does seem to work on both open and pending orders.[/B]
Captain Currencyā¦sorry Iām late to the party but Iām pretty new to Forex and stumbled across this thread. Been demoāing your system but would like to see the examples you mentioned in the first post. Do you have a link to your homepage?
One question I do haveā¦say you look at currency pair and price is below the 60 MA average on the 4 hour and on the 5 min but it slighly above on the 1 hour chartā¦can you enter as soon as price crosses under on the 1 hour TF or is the initial order (4H then 1H then 5 minute) crucial?
Alsoā¦do you only enter a trade when you catch the crossover on the 5 minute level happen liveā¦or do you enter even price is already below the 60 MA on all 3 time charts?
Thanks in advance.
Hello āAce08ā,
Not taking āAndyāsā place but since he sometimes is not able to answer questions quickly enough, I will try to help you out as best I can.
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To look up āCaptain Currencyāsā webpage just go to his profile here on the site and on the left column you will see a link entitled āHome pageā, which will take you to his blog.
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You should not even be looking at the āM5 Chart, aka 3rd Duckā if the āH1 Chart, aka 2nd Duckā has not aligned yet. The order is H4 -> H1 -> M5. If 1st and 2nd do not align, then STOP and look at another currency pair. Donāt try to force a trade. As Andy says, let the wind be at your back, helping you forward. Donāt try to go against it.
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Take a look again at the e-book and his first post with regard to the M5 entry. It has a second entry confirmation condition (I call it the āducklingā). First the price has to be on the same side of the SMA as on the H4 and H1 (3 Ducks), and second, it has to breakout of the previous High/Low swing (what I call the āducklingā). Andy also explains in other posts how to use the previous swing points to enter new trades (āStackingā or āScalingā) and adjust trailing stops on currently open trades. So if, you missed the first opportunity, and the āwindā is still in your favour, take the second but make sure to keep the āwind at your backā.
Well, I hope that helps and hope I did good by Andy and explained it correctly!
PS! The reason I called it the āducklingā was because, as a mneumonic, it helps you to remember it and not just enter the trade without contemplating it first. So remember that you need ā3 Ducksā and a āducklingā before you place the trade.
Just want to say, I took up Andyās 3 Ducks course in mid of 2012 and have been profitable using this system. Andyās a nice guy and willing to help. I recently also purchased his newer 3D course with the videos. Basically, what he teach is a general multi-timeframe trend confirmation system based on the simple basis that trending markets tend to continue in the direction. It is up to your discretion on the entry/exit and trade management. His system teaches a 30/50pip AL and hold for a day to remove the emotionl aspects of greed/fear, but if you have time, you can actually trade intraday and use different trade management systems. Iāll say combining this with price action for entry/exit is perfect - no headache.
Over the last 1.5 years, I have also incorporated other tools into his 3D system:
- his 3D system
- a reversal system based on divergence
- a retracement system using Fibs level
- combining his method to help in identifying bollinger bands trading with price action
This has allowed me to trade in a systematic way - in a typical day, this is what I can do using his system:
- I look for breakout at start of EUR session
- then a late EUR and early NY session, I look for retracement
- late NY session I look for reversal or trade consolidation
Iām not a full time trader, but just look at the charts level and set the necessary limit/stop orders, and practice more active management in late EUR/NY session (about 3-4 hours per day).
Incorporating trade management system (such as entering 2 orders (half position) and shifting SL to BE to lock in some profit and allow the other to run until the previous day high/low) provides a versatile system. Iām still experimenting with different things but the general basis is still MTF trend following.
Overall, a good course - and gives a basic structure to incorporate other trading styles which suits your unique trading system. For the small fee, itās worth checking out
KC
Hi KC where can we get more information about this? is on any videos we can watch?
I believe all the information about Andyās 1-on-1 Training is on his blog. Here is the direct URL to that section:
http://www.mylanderpages.com/captaincurrency/advanced-3-ducks-1-on-1
His blog is here: Captain Currency
PS! I hope I am not breaking any forum rules by placing these links here. If so, and they are deleted, then just go to his profile here on the site and follow the āHomePageā link on the left.
Trading the Ducks since yesterday. 24 hour set and forget. Target profit: when price close below 15 minutes duck. Stop Loss: 1 Hour Duck, so far is above break even. EURO/USD
Morning All,
was able to bag quite a number of pips trading this system last night. I am actually trying it out on a small live account. Traded the audjpy and nzdusd. Just jumped in a long trade on the gbpusd.
A very easy and simple system or guide to follow. You just have to apply some of your own rules and experience as to whether you take a trade or not and where to put your SL and TP. For me, its important that I trade in the direction of the 4hr trend.
My only āissueā is that I seem to be glued to the 5min charts. Wish I could just set and forget; but just not yet.
Thanks CC.
David
Thanks KC for sharing your 3 Ducks style of trading.
It got me thinking, which is not normally a good idea. However, what if you replaced the 60 SMA on the 5 min chart with a Bollinger band, with period set to 60 and 1 standard deviation. Then you could trade the breakout of the upper or lower Bollinger band dependant on the other two SMAās of the 1H and 4H charts.
To make the whole setup dead easy to visualise on one chart I used a 5min chart added a 60 period Bollinger with 1 std Dev set. Then I used the Color_MA indicator which is just a moving average indicator but the colour changes when it is going up, down or flat.
To mimic the 1H 60 period SMA I used a 720 period Color_MA indicator with green for up and red for down.
To mimic the 4H 60 period SMA I used a 2880 period Color_MA indicator set to Magenta for up and red for down.
If you want you can also add a 60 period Color_MA indicator using blue for up and red for down on top of the Bollinger band so that the centre Bollinger band goes blue and red in line with the 60 sma going up or down.
So to trade long all moving averages are Blue, Green and Magenta and the price action has broken out above the upper Bollinger band.
Exit would be a cross and close below the middle Bollinger band as the 3 Ducks would no longer be aligned Up. The stop could be trailed along the lower Bollinger band avoiding any spikes through the middle band that donāt close there.
To trade short all moving averages should be red and the price action has broken below the lower Bollinger band.
Exit would be a cross and close above the middle Bollinger band as the 3 Ducks would no longer be aligned Down. The stop could be trailed along the upper Bollinger band avoiding any spikes through the middle band that donāt close there.
Thats it, a colourful and visually stunning 3 Ducks chart with all the information you need to pull the trigger on your next duck (trade).
The Color_MA indicator is available on the MQ4 web site. Search on Colored MA - MQL4 Code Base to find the indicator and change the type from 1 (EMA) to 0 for SMA.
Happy duck hunting, Trader009.
Thank you for sharing Trader009, Iām still trying out something that works best for me. I would like to try out your suggestion but I get all the SMAs flat low on the EURUSD. I think I probably set it wrongly. Can you help list the settings here?
For info on the 3D system, you can go to his websiteā¦ I think the link was there alreadyā¦ do check it outā¦
If you want to display the actual higher time frame MAs in MT4 you can use this indicator Iām attaching here. Itās zipped due to Babypips uploading limitations on file types.
MTF_MovingAverage.zip (974 Bytes)
Hi KC.
Carry on doing your own thing, I was only suggesting a method of getting all your information on one chart.
There are no magic setting and all the normal 3 Duck rules apply. To keep things simple I only use a 5 min chart with a 60 period Bollinger band and 1 std deviation. The centre band therefore is the same as a 60 SMA. The 720 and 2880 SMAās show where the 1H and 4H 60 SMA would be when applied to the 5 min chart timeframe.
The colour change only makes it a bit easier to spot up and down trending and the upper and lower Bollinger bands just give you a suggested entry point.
At the moment the EURUSD is a mess due I guess to the world being in a mess. I was looking at the 4H EURUSD chart and I thought if I could find a system to trade volatility like that, I could be rich.
What I see 3 Duck wise is 4 H slightly down. The 1H flatlining from being up and the 5 min down first thing but now going up so no trades today until all SMAās went RED and price action broke out from the lower Bollinger band.
See how easy it is to see 3 Duck trades form this way, see attachment.
Regards, Trader009.
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