Aussie Dollar is a decent currency at the moment and the Aud.Usd pair is well worth sticking on your shortlist if you are thinking about trading over the next couple of days. Hopefully you’ll be able to bag a decent winner or two.
If you need a bit of direction for the rest of the trading week (27 - 28 March) it looks like our Ducks would favor:
[B]buying set-ups on these major pairs:[/B]
Usd.Chf (price currently above 4hr sma)
Usd.Jpy (price currently above 4hr sma)
Aud.Usd (price currently above 4hr sma)
[B]selling set-ups on these major pairs:[/B]
Eur.Usd (price currently below 4hr sma)
Gbp.Usd (price just below 4hr sma)
Usd.Cad (price currently below 4hr sma)
[B]selling set-ups on these cross pairs:[/B]
Eur.Gbp (price currently below 4hr sma)
Eur.Jpy (price currently below 4hr sma)
Chat soon Duck Hunters,
[B]Andy
Captain Currency[/B]
These are not trade recommendations. The 3 Ducks Trading System is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas. I do not accept liability for any loss or damage, including without limitation to any loss of profit which may arise directly or indirectly from use or reliance on such information.
The Three Ducks system is a trend trading system and therefore you want to be trading the best trending pairs.
The trend is identified by all three ducks being either above their 60 period SMA which is moving higher for a long trades or all three ducks being below their 60 period SMA which is moving lower for short trades.
Unfortunately the forex market is fairly volatile at the moment due to all the problems in the world.
So the answer is if the three ducks system gives you a signal to make a trade you take it. However, be mindful that not all pairs act the same EURGPB only moves on average 46 pips a day so don’t expect to make 50 pips or more on this pair in a day.
Currently EURUSD has a daily range of 80, GBPUSD 77, USDJPY 65, AUDUSD 67 and my personnel favourite EURJPY 115.
I suggest you plan on a profit target of half the daily move and trail your stop on the 5min 60 period SMA as a move below this negates the trade as your three ducks no longer align.
If you cant see at least a 2:1 profit ratio between profit and risk don’t take the trade. This means that on EURGBP (not a pair I like) your profit target would be 23 pips and your stop only 11-12 pips. Why, because you can expect to lose on at least 50% of your trades.
Money management of only risking a small percentage of your account is a prudent measure. I suggest 1-2% until you are fully confident in trading a new system. Also a total account risk on all open trades not more than 5%.
I prefer the USDJPY and EURJPY as I think they trend better than the other pairs.
Should be an interesting few sessions for Eur.Usd, I’ll be gripped to see if the price can remain below the 4hr sma and push even further south into next week, go bears!
Our Ducks would favor the selling set-ups on Eur.Usd but don’t forget today is Non Farm Payroll Friday.
Hello Captain and everone,
I am new to this forum as well as forex trading.
After losing money consistently I decided to learn more before I send an order.
I think 3 Duck’s Trading System is very simple and interesting method and I will definitely give it a try.
Best regards.
Hi Sevenpips,
This is a good set of guidelines for keeping on the right side of the market and being patient. Entry and exit are completely up to you and it also looks to work well if you can only use 2 ducks, 4hr & 1hr, with wider stops using it as an end of day swing trading system.
Don’t be afraid to chip in to this thread, every now and again let us know what pairs you’re looking to trade with the 3 Ducks approach and declare your winning trades and losers :15: too.
Good trading to you for the rest of this week Buddy,
I see things are quiet in here for some reason? I thought I would share a couple of my recent trades to show you that there are plenty of ducks lining up.
Hello I am confused in the 5min time frame if prices are above in my h4,h1 & 5min timeframe already than should I go for the buy or a proper move will be to wait till the 5min timefframe price goes down the 5min price and than go back again above it?
Open your chart to the 4hr chart…
Check Trend is it Bullish or Bearish
Open your chart to the 1hr chart
confirm price is confirming with 4h trend i.e if its bearish on 4h u want bearish on 1h and price on the right side of the MA
Finally move to 5 min chart
If price is above MA you can look for the days previous low and set a pending order (because we know price will be back on the right side of the MA at this point), if Price is below the MA already (for this example were looking to sell), you can look for either the days low, or wait for price to retrace, or just enter as all your ducks are lined up!
I personally like looking to break out of the days lows, but you can make the system your own somewhat on entries/exits.
Hopefully that makes sense, if not I can post some charts illustrating what I mean.
Hi,
I am new here and in the Forex. I wanted at first take the time to thank Andy for starting this thread and the Ebook and sharing his knowledge and endless patience with us. The work you put into this is amazing. Also a shout out to all the other contributors like d-dip, Trader009, Medisoft, Elaine…I know I am forgetting some but you all know who you are!
So, as a beginner the world of currency trading is extremely confusing and overwhelming. There is simply too much information out there. I am currently going through the Babypips school topic by topic, I also trade on an Oanda demo account and I read every thing I can get my hands on from news to blogs to books etc. And although I know the odds are stacked against me I am fascinated by the forex and want to learn this!
After initially just placing trades and looking at a confusing mix of technical and fundamental analyses I am now working on implementing the 3 ducks “religiously”. I would like to share one of my successful trades I just closed on the EUR/GBP pair. All 3 ducks were lined up (good upward angle on the 1H) when I entered the pair yesterday for a buy. The 3rd duck on the 5M chart had just cleared upwards but I waited until price cleared the previous high, which was somewhat recent. That almost stopped me from entering as I wanted to make sure there was enough upwards momentum and the last high was very recent. I then set my SL and TP on by Fib lines and waited. Price at first ended up below a little bit but then throughout the night (I live on the US East Coast) went steadily up. Low and behold a minute before the London close (not sure if that really matters but I like to look at those things and see if there is a correlation) my TP was hit right on my resistance line. The price is now below my fib line and since it’s Friday afternoon I don’t anticipate any more movement up or down.
Going forward I would like to approach the 3 ducks like this: Before a trading week analyze possible pairs for a 3D line up. Also chart down on my calendar any relevant news for the upcoming week. Also on a daily TF reevaluate my SwingLows and SwingsHighs and retrace my Fib lines. (I know it is not strictly part of this approach and I have to learn alot more about this and I will study the according forum as well). Then analyze the charts daily for a good set up. Here is where is gets muddy: How many trades should I really be in? How do I know if I am looking at the “best” pair? For that I look at a strength meter but there is not always a clear trend I can see. I also look at the ATR but just to find my daily pip ranges for my TP i.e if the pair only averages 50 pips a day I don’t need to set my TP for 100. Also applies to stop loss. I have many more questions and concerns but I feel like I can start with this and in the meantime keep studying. So feel free to tell me if that is a reasonable path for a beginner and what I should change or any other suggestions you might have. I will be back. Have a nice weekend! Angela
PS: I also followed the system for another trade and got stopped out early on. Looking back it was the right thing as the trend did not resume. I will also not include a chart from a “revenge” trade I took earlier in the week that cost me a lot of pips.
Has anyone tried a lower timeframe with the 3 ducks. Perhaps 1hr-30min-5min time frames? Same 60 ma for all 3. I think this would reveal more opportunities. Has anyone tested this?
eur usd and usd chf. EST nice nice system
