I think it would be great to maintain the integrity of this wonderful 7-year old thread. IMO that would be accomplished by reviewing and discussing the straightforward simple method that Andy first presented back in 2007.
Not discussing how the concepts presented on the “other thread” “slots in efficiently alongside something like Andy’s 3 Ducks framework”.
I agree that concepts presented on the “Tech Template” threads can be used alongside the 3-ducks. But IMO, too much crossover discussion regarding concepts presented on the “other thread” derails, confuses and blurs the very simple straightforward method/concept Andy has been continually and successfully presenting since 2007.
If you and other folks want to discuss the concepts from the “other thread”, please do so @ 301 Moved Permanently I’m sure many of us would love to see that thread restarted.
I fear that little detour was my fault d-pip.
On hindsight I should have left out the question that prompted dancat’s posts.
We weren’t referencing the Technical Template threads either, but I take your point & will in future refrain from side tracking this excellent thread, be it unintentional or not.
To be fair both dancat & shadowline have quickly attempted to re-align the content back on track, so I’m sure it can now get back onto it’s usual quality line.
All of the above have offered 3 Ducks trend continuation entries (via early bird pullbacks for the spicier risk appetites amongst you) this week, tacking on between 70 & 95% of their weekly ranges into midweek trade. And that’s without eyeing the 3 Yen candidates you mentioned which have all yet again exceeded their weekly range boundaries into yesterday’s close & are now easing back slightly on profit taking.
Don’t post here much but quietly browse picking things up when I can. I just wanted to post these three curious looking ducks and wish everyone a very merry Christmas. Thanks to everyone for your continuing contributions.
Incidentally, I thought the posts referring to carll’s ‘stochastic hook’ entry technique were very interesting. Yes, it runs counter to the original system in terms of entry set-up. But on the first page Andy said: “…every trader will trade it their own way - stops, targets, entries, pairs etc.” Anyway sorry don’t want to open that can of worms again!
Just wanted to say thank you to Andy for starting this thread as well as the e-book and youtube videos. I’m lucky to have found this thread so early in my forex education.
Thanks to all the contributors as well for taking time to write and explaining over and over again to people like me as well as offering some different perspectives, insights and ideas. I’ve learned so much from everyone here. Will start my demo account after this.
How you deal with these sensitive announcements or data packs is personal & based on very differing factors, including but not exclusive to whether you’re already positioned leading into the event, your individual risk appetite & most importantly, your specific agenda for the trade you’re either currently live with or intending to instigate.
The market is currently speculating when the Fed are most likely to consider raising interest rates, so any data or comments from central bankers will be watched & analysed to death at the moment.
The slightest positive or negative wiggle from that data and/or any accompanying comments which offer clues as to the timing will be jumped all over by market participants & that will be reflected usually via knee-jerk price filtering. It generally settles quite quickly, particularly once the complete picture is fully digested by market players.
If you’re already positioned going into important or currently sensitive data/commentary & the resulting price action stops you out you’re simply going to have to re-appraise the action until you get a clearer picture of whether the knee-jerk merely confirms the current bias or is a likely game changer.
Sometimes it will be a damp squib & your positions will be immune from any reactions. Occasionally you’ll get taken out or won’t obtain the ideal entry price you desire due to the immediate uptick in volatility.
Widening stops or adjusting risk parameters isn’t usually a good idea because you just don’t know how much the game could change if the market doesn’t like the impending data/comments.
It can be very frustrating at times, but unfortunately it’s the nature of the beast.
Fortunately, there will always be opportunites to enter (either way) once the pricing gets aggregated & your individual set up criteria comes back into focus.
Guys, a very Merry Christmas to you and your family from me and my family here in Dublin.
Don’t go too wild over the holidays, you’ll need to save plenty of energy for Forex Trading in 2015 …
A special shout out goes to all who’ve posted on the 3 Ducks thread this year and donated their time answering questions, I’m really humbled by the generosity here on BabyPips!
Hi cator. I dont know about now as my pc has been off since this trade closed but when I entered it all 3 time frames showed the 60sma below the price and I waited for the previous high to be surpassed before entering
Then you need to either re-boot or change your charting program because price hasn’t traded above the 60SMA on the 4Hour chart since the middle of December.
I thought I had it set on 60sma but it was on the default of 7sma.
I just got lucky with that earlier trade.
Thanks for bringing that to my attention guys, much appreciated.
BTW, if this setup doesnt come along often, what sort of target profit/pips do you generally look for?
What gives you the impression set ups don’t come along too often?
Entry triggers will be directly influenced by your preferred objectives & the volatility/momentum of the regional currencies on your watch list.
If your preference is day trading, then some weeks will offer more opportunities than you can handle, other weeks, when things are slow, you’ll twiddle your thumbs.
Same with longer range set ups.
Experience, risk appetite, trading objectives & most importantly financial commitment will have a very direct influence on a persons potential & in that regard everyone’s different.
You’ll have to discover your own risk profile, comfort levels & objectives & then test run the profiles just like everyone else does.
There’s no one-size fits all with this or any other discretionary structure.
The fact that on 4hr the 60sma hadnt dropped below price for a few weeks. Have since realised that the 1hr and 5min charts may have crossed under/over in that period, so that may have provided opportunities to go short.
Thanks
