The 3 Duck's Trading System

[rindoan]

I am looking at setting some pending orders on AUDJPY and USDNOK tonight if everything lines up.

[Rooster381]

Pending sell GBP/Aud at .8148 s/l above recent swing high on the 5m chart at .8192

[rindoan]

Pending sell GBP/Aud at .8148 s/l above recent swing high on the 5m chart at .8192

What is your thought process for going long gbpaud?

[Rooster381]

Triggered. Will check on it in 24 hrs

[Rooster381]

I’m short, not long

[Rooster381]

Rational for the trade was all three ducks lined up, on the 5m chart there was very little reaction to .8200 level. Price quickly dove below that level and made lower highs and lower lows.

[PipityPopityPo]

Are you daytrading the 3 duck strategy?

I am not sure how you can find it difficult to keep up with 4 pairs since you are only suppose to look at them once a day and then set your pending orders and forget about them for 24 hours.

Ha Ha - I was just being light-hearted! Just to take a little sting out of the thread.

Nothing to see here folks - move along!

[rindoan]

Rational for the trade was all three ducks lined up, on the 5m chart there was very little reaction to .8200 level. Price quickly dove below that level and made lower highs and lower lows.

Reason I was asking is the sma on the 4 hour chart is pointing mainly sideways with the end slightly upwards.
The first duck is to find a pair where the 4h sma is pointing preferably up or down (the steeper the better).

For example take a look at the 4h sma on any of the Yen pairs compared to GBPAUD.

[Rooster381]

Reason I was asking is the sma on the 4 hour chart is pointing mainly sideways with the end slightly upwards.
The first duck is to find a pair where the 4h sma is pointing preferably up or down (the steeper the better).

For example take a look at the 4h sma on any of the Yen pairs compared to GBPAUD.

Thanks, all the tips are appreciated.

[Jason_Rogers]

hmm I just made a rather startling discovery looking over my past trades and statement.

I the last 30 days I have paid around 900 usd in commission to FXCM (after their new pricing structure) which extrapolated to a full year would be 10800 usd in commissions.
If I made the prediction that I would have a 100% return on my capital per year (for calculation purposes) and my account started at 24000 usd then it would have ended at 48000 usd.

Hi Rindoan,

When you compare the commissions on your FXCM account to the commissions of another broker, it’s worth considering that FXCM charges a flat commission per lot regardless of whether you’re trading USD/JPY or GBP/USD. By contrast, most other brokers will charge you about 60% more in commissions for the GBP/USD trade because pounds are worth about 60% more than dollars.

Another factor to consider is that high volume traders can qualify for lower commissions through FXCM. Since you already have an account with us, I would be happy to explore this option further with you. If that interests you, please send me a private message with the email address we have on file for your account.

Thanks,
Jason

[cyris426]

Hello everyone. I’m rediscovering 3 ducks again, in the past I’ve overlooked it because the set and forget method had a lot of losses. Recently because of unemployment I’ve been paper trading 3 ducks. And loosely paper trading it at that. If I had followed the rules better the results would have been better. So I plan to be an active member of this thread. (Edit: I forgot to mention, some of the winning 3 ducks days are astounding! Best method I’ve paper traded yet.)

I just had an idea since this is happening to me also… Perhaps just switch any “buys” into “sells” and vice versa… Problem solved!:o

[PipityPopityPo]

The first duck is to find a pair where the 4h sma is pointing preferably up or down (the steeper the better).

Totally agree - strong trends are what to look for. SMA cross-overs won’t cut it.

[PipityPopityPo]

Hello everyone. I’m rediscovering 3 ducks again, in the past I’ve overlooked it because the set and forget method had a lot of losses.

Hi Rooster,

I couldn’t seem to catch a break with set and forget either. I tend to line up the first 2 ducks then actively wait for an opportunity on the 5 min (not all the time though; I have a life!) and seem to be doing a little better.

Good luck

[Rooster381]

Exit abt 150 pips

[PipityPopityPo]

Hi Rooster,

I couldn’t seem to catch a break with set and forget either. I tend to line up the first 2 ducks then actively wait for an opportunity on the 5 min (not all the time though; I have a life!) and seem to be doing a little better.

Good luck

Update on this - with my 4 pairs I have managed to sqeeze 400 points out of the market this week.

Granted, the trends were strong, but the key was holding on for the ride - I normally try to cash in my gains before I lose them again - but I held strong.

Next time I’m in Dublin, I’ll be buying the Captain a beer (as long as he doen’t come to the bar in his tights!)

Thanks everybody and have a great weekend.

[Jptex]

I am trying to come up with my trading plan by using this system. I understand the 3 duck system and I like using S/R to help with entries and exits. My question is when I am scanning through my charts I want to be looking for only strong trending charts and not range bound charts. Examples below
Strong trending

Range bound

We want to look for the strong trending only and skip over the range bound charts. Right? Or can we play the range bound but keep in mind where price will likely to turn around.

Thanks
Jason

[rindoan]

@Jptex

I am trying to come up with my trading plan by using this system. I understand the 3 duck system and I like using S/R to help with entries and exits. My question is when I am scanning through my charts I want to be looking for only strong trending charts and not range bound charts. Examples below
Strong trending

Range bound

We want to look for the strong trending only and skip over the range bound charts. Right? Or can we play the range bound but keep in mind where price will likely to turn around.

Thanks
Jason

I would trade both pairs in your screenshots if they show the 4h chart (cant see if they do), no need to complicate things.

Just look for the slope of the 60 sma and then go down on the 1h and 5min charts to find your trades.

[Jptex]

Ok thank you

[Captain_Currency]

@PipityPopityPo

… I have managed to sqeeze 400 points out of the market this week.

Next time I’m in Dublin, I’ll be buying the Captain a beer (as long as he doen’t come to the bar in his tights!)

Drinks are on you Pipity,

Good trading to you all for the week ahead,

Andy
Captain Currency

[cyris426]

@rindoan

I am located on the east coast of the US and for me I try to set my pending orders as late at night as possible (11pm etc). I can hopefully get them executed in the moves when the UK market opens and or later when the US market opens. By far the biggest moves happens at these point in time, as I see it, and I would prefer not to get executed in the asian session. Moves executed in the asian session however can follow through in the other sessions especially in the jpy, nzd and aud etc but I tend to get most of my losing trades there.

In terms of timing the market I would highly suggest you look at fibonacci extensions for your exits.
I personally tend to manually close out trades around the 1.000 fib extension if I can get out at that point.

As you can see in the example below sometimes price doesn’t stay there for long

Looking below you can see the green arrow was my entry, and this was taken of a secondary move after missing the first 80 pip move upwards.

PS: USDCAD is looking to setup nicely.

I am in a similar situation to you in that i am on the west coast of Canada and so am at a disadvantage as all the action happens mostly while im asleep. Last night i set four pending orders. Buy EURGBP at .80500, Sell EURCHF at 1.19978 & Sell GBPUSD at 1.55798, Buy AUDJPY at 102.444 However, none of these got triggered. Did something similar happen to you also?