I suggest you only go with strong trends - might as well jump on board the gravy train and enjoy it while it lasts. As far as a ranging market is concerned: Who knows when it will turn into a breakout and subsequently, a trend…
All aboard!
That is a lot of pending orders for one day.
When you say your orders didnt get triggered do you mean you had a limit order and price went over it without triggering or do you mean price never got close to your order?
I only use stop orders and never use limit orders.
I did not have any pending orders on those pairs last night as I had open positions in USDJPY and GBPUSD.
Sorry yes i mean stop orders.
last night i had buy stop on CADJPY at 103.681 with a stoploss at 103.115. It got stopped out. Two other orders also got triggered, Sell stop on AUDNZD at 1.09650 with a SL of 1.10895. Also Buy stop on EURGBP at .80042 with a SL of .79482. What do you think of this?
You must have been long USDJPY and short GBPUSD?
It seems you are entering your trades at the breakouts at the extremes.
To put your trades into perspective take a look at the below trade I took earlier in the week.
I am personally a huge fan of fibonacci and I try to enter my trades after a pullback.
Take the screenshot above which is the 1h chart of GBPUSD.
Price had retraced to the 38.2% fib retracement and if you look on the 5min chart you will see price hits the retracement before going lower again, making a higher low, going back higher before breaking down below the previous higher low.
I had placed my sell order at 1.5711 with abt a 30 pip stop loss.
My point is if the price has made a large move in one direction I would want some sort of pullback before jumping in.
Price always moves in waves.
Currently sitting at 96% returns since end July.
Taking into consideration that I traded pretty much sideways for the first month while getting to know the system that is pretty damn nice.
Thanks again Captain.
Could you explain briefly how use heiken ashi candles mixed with 3 ducks system?
Thanks
I do believe that “Rindoan” has already explained that in his posts, such as Post #1700 and there has been a short discussion about it between a few posters such as “Terry Sneller” and myself on pages 171 and 172 of this thread.
I started using 3 Ducks about 3 weeks ago and added Heiken Ashi to the mix shortly thereafter and have now reached a 25% gain…in just 3 weeks! And, I might add, I’m a very conservative trader. I’m so pleased with this 3 Ducks approach and I’m very grateful to Captain Currency for sharing it.
Another 200 pips … currently at 118.00 but would love to see Usd.Jpy go even higher into next week, 120.00 would be really nice! First Duck (H4) favors the buying set-ups on the Usd.Jpy pair.
Safe trading Duck Hunters,
Andy
Captain Currency
Gracias Carnino
4 trades this week, 2 break even, one loser, one win. Up 9%. I’m sold. Thanks Captain!
Thats a rather small sample size to be ‘sold’ on a system though 
Just crossed over 100% returns on investment today.
I will consider that a success and as such have decided to increase my forex trading account by 150%.
Basically closed all my other investment products and moved the money over to the forex account (all my savings lol).
Captain/rindoan,
Great system. There is one thing I’m struggling with conceptually in regards to the overall approach for the 3 ducks. Say you have the following scenario:
-4 hour is below the MA but sitting on a support area
-1 hour is below the MA but sitting on a support area
-5 minute is below the MA and just broken a very recent low
In scenarios like this, is it enough that all 3 are below the MA plus the fact the 5 minute broke a recent low to enter short? Should you wait price as a whole on the 4 hour to break that perceived support area?
I guess what I’m asking is do you follow the rule on a black and white basis (i.e. 4 hour = below, 1 hour = below, 5 minute = below and break a recent low all equal automatically trade?) or do you defer to support and resistance principles first and foremost?
Hi Ace08
I used to look into support and resistance levels a lot on the higher time frames but not anymore.
If price keeps on moving with the trend as we are expecting then the support and resistance levels will get taken out.
To me the single most important thing when trading this system is to trade from a pullback and not trading from the extremes of a move that is about to pull back in your face.
If trading from a pull back is the single most important thing for me then using fibonacci retracements/extensions is the single most important tool I use to determine which areas to trade from and where price might be going.
I will give you an example from a trade I took in GBPCAD Friday. I put my pending order on before I went to bed with a short position at the break of the low on the 5min chart at abt 1.7729 with a 30 pip stop and I exited my position abt 10min before the market closed for the weekend with abt a 150 pip gain. That nettet me a RR of 5:1.
In the below screen shots you can see that the retracement level that was held for almost 24 hours in this pair was sitting at the 61.8% and 38.2% retracements respectively.
If price started to drop lower this was almost a text book setup and I was very confident to take this trade.
As you can see about London opening the price just went straight down.
To sum it up and go back to your question, look for strong trends on the 4h, look for pull backs on the 1h and 5min charts to fib retracement levels and enter basis the 5min chart breaks.
Disregard support and resistance levels as we are not range trading.
Rindoan,
Thanks for the awesome reply…I figured as much but I just wanted to be sure.
I totally agree with you about retracements…I’m also a big believer in trading with the trend but only after retracements so this system looks like it will fit me like a glove.
Just to make sure I’m thinking along the correct wavelength…to my untrained eye the following pairs look tradeable RIGHT NOW. Would you agree?
EUR/AUD
EUR/GBP
USD/CAD
USD/JPY also looks like it will be tradeable soon.
Thanks in advance
Ace08,
The objective is to identify, filter & bet on the strongest visible momentum moves when they begin stretching out & growing legs.
Over the past 4-6 weeks you could virtually have pulled up any of the Yen pairs on your primary watch list & kept them there at the exclusion of all else due to the strong fundamental theme driving that move.
Over the same time period gbp/usd has served as a decent back up.
Compare the current 4 hour price action around the moving average on any of the above mentioned pairs to that of the activity on usd/cad & eur/aud & decide which constitute the cleanest & strongest potential for continuation.
Whenever prices begin stretching out, particularly driven by strong fundamental themes, this simple & effective model will come into its own.
Thanks Double.
And yes I understand the underlying premise of the system…I was just wondering what others specifically thought in regards to the pairs I mentioned above and how they compared to, say for example, the 2 pairs you mentioned.
EURAUD has about a flat sma and if you look at the move it has made on the 4h chart there will have to be quite a big pull back before I think it is tradable.
EURGBP has an upwards sloping sma but price is currently below it.
If we see price moving up again next week it could be a pair to look into but not for the beginning of the week.
USDCAD and USDJPY are both looking really good and are the 2 pairs I will look to trade when the market opens.
Thanks for the insight…so bottom line keep an eye on the slope of the SMA and also factor that into the decision. I’ll apply that and hopefully have as much as success as you’re having.
Thanks again.