I also like your graphics in addition to the system.
3 ducks are killing it in EURUSD and USDJPY in the last few days.
Indeed it has.
I have had multiple success trades on those two pairs since last week. As always, the trend is your friend and the 3 ducks is a perfect example of this.
Once again, thanks Captain Currency!
A crackin TREND over on Usd.Jpy Duck Hunters …
Tell us if you had any success this week!
Andy
Captain Currency
I need your advise guys!
A trader has hit a brick wall and has a trading dilemma right now, I’m not too sure what way to advise him I have a bit of brain freeze at the moment but maybe you can suggest or say what you might do if you where in his trading shoes …
Here’s his Dilemma, with less than 24 hours until voting in Scotland - Scottish Referendum, he has an open position on Eur.Gbp and is currently up +30 pips in profit. No doubt the Scottish Referendum voting this Thursday and the results on Friday will have some impact on GBP pairs either positive or negative.
What action(s) would you recommend this trader take now with his open short position on Eur.Gbp;
A. Move stop to B/E and hope for more profits in the coming days.
B. Exit trade now and bank the profit.
C. Take half the profit off now and let the other half run.
D. Something else (let us know).
Cheers Guys,
Andy
Captain Currency
I would select (B) & (D):
For (B): I would suggest closing the order completely and bank the profits!
For (D): However, in order to make some more pips, prepare a setup to gain some good money on the reaction to the upcoming news. In other words define a high and low for a breakout long or short, depending on which way the reaction will produce a price change.
This way, which ever way it goes, you can make some extra pips independently of the Duck Hunting!
I’m inclined to bank profit and wait a week for the dust to settle.
No trends here I’m afraid…
I forgot to mention that he should go play golf (true scotch game) or go waterskiiing or do whatever tickles his fancy.
Bank half, set a Stop at BE and then set a tight Trailing Stop just before the election results are announced.
Agreed.
That pair has been netting & squaring off for the past 3 or 4 weeks.
There are, & have been cleaner trending opportunities than eur/gbp to play recently that’s for sure.
I think anyone holding onto GBP trades into tomorrow would have to be bonkers.Definite potential there to wreck accounts.It hasn’t happened very often but it has been known under extremely high impact news, for price to fire both ways a range of 500 - 1000 pips within a few minutes failing to trigger any orders,stop or pending.
It depends on the trader
If he is already happy with the profits gained - Close and take profit
If he will kick himself for missing more profit do either
A.Set the trade to break even, and hope it moves his way
B.Split the trade into 2, with one half at break even and the other move the SL to a position around half the value of his already +ive pips, ensuring some profit whatever happens.
C. Move the SL on the whole position to say 10+ pips ,if he is already at +30 ,more if the position has moved in his favour
Personally ,I Would pick C ,as I believe the pair will move further to the downside.
He has all day to close the trade as the first results won’t be in until around 02:00 tomorrow morning
Hi guys, when big news like this is released there is no way of knowing which way the market will go. This all depends on your risk for appetite. I would bank the profits myself. However, if things were to go short, excellent, if the market goes the other way then we are looking at loss. In forex you try to make as little mistakes as possible
Oodles of well-thought out guidance from the following Trading Wizards, thanks for sharing Guys!
Here was the Trading Dilemma …
D. Stick to your plan, if you have one.
Personally I would have moved my stop loss to break even and let the trade run so it becomes a risk free trade as trading for me now is all about risk management > protection of capital > growth of capital.
I have been trading this system exclusively for 2 months now and so far I am up 30.08%
So far so good, will see how it goes from here.
Well done on your results, I’ve only been following for a couple of weeks and it seems to be an excellent and straightforward system.
Can I ask what % of your bank you risk on each trade and what % of your trades are profitable.
Thanks
risk 2% per trade and have abt a 40% win rate
I have had some stupid trades in that period so learning my my mistakes think that will improve
Learning from Mistakes over Time, just like Rindoan!
Trade like a Monk and not a Monkey …
You’re probably in a mad rush to be “successful” but trust me, use time to fine-tune your trading. Even if you’re a MEGA HYPED UP DEMO TRADING CHIMP it could be better to take the unhurried no-nonsense approach to trading.
Plan your trades then study your trading journal when the week or month ends, investigate what you need to stop doing in order for you to progressing beyond break-even.
Keep up the good work Duck Hunters!
Andy
Captain Currency.
up and down it goes but so far overall up 42.02%