hey, you must be right Sherlock Holmes…
it’s [B]not[/B] an “EA” by definition but an indicator (a signal provider?) or simply “a tool” - call it whatever you like.
NO, I have absolutely no plans to turn the 3Ducks into an automated trading system - it won’t work…
Instead, I just wanted to create a useful “tool” that scans multiple Forex pairs in the background for possible 3Ducks setups following the written rules provided by Andy aka Captain Currency. [B]Just to provide a “quick market overview” displayed on a single screen[/B].
For me, this tool greatly reduces the time needed in front of my screen!
I only open my charts once I get notified by e-mail to check if there is a real setup. All trades are entered manually and on my own discretion - after positive chart analysis (which is - and always will be - a manual process!!!).
It’s up to you if you prefer to spend your valuable time in front of your computer and watching charts and scanning for setups - no problem for me…
The 3 duck system is about the 3 ducks lining up with only the entry itself being part of the actual system.
The profit targets and stop loss is discretionary based on what you find to work best for yourself.
If you read back in this thread I have previously stated I aim for 1:3 to 1:5 in RR on my trades.
While you are correct that the EA will show you which pairs have all 3 ducks in line I don’t think it is very useful unfortunately.
A few issues:
The main thing on the 4h chart is to look for the slope and the length of the trend. Neither is shows on the EA.
If you find a good slope on the 4h chart you can still set a pending trade even if the 1h is currently not lined up correctly on the anticipation that it will line up at a later stage. Your EA would exclude these setups.
Not the tone I expected from someone posting “feedback appreciated”.
3 ducks doesnt require much time looking at your screen but no doubt some will go for your indicator. Personally (and forex is very personal) I prefer planning my trades well in advance so can often set up trades before the criteria is met.
Have you been using this long?
[QUOTE=“rindoan;676752”] While you are correct that the EA will show you which pairs have all 3 ducks in line I don’t think it is very useful unfortunately. A few issues: 1) The main thing on the 4h chart is to look for the slope and the length of the trend. Neither is shows on the EA. 2) If you find a good slope on the 4h chart you can still set a pending trade even if the 1h is currently not lined up correctly on the anticipation that it will line up at a later stage. Your EA would exclude these setups.[/QUOTE]
rindoan, I agree with you. this makes complete sense to me.
many thanks for this valuable input!
[QUOTE=“eddieb;676754”] Not the tone I expected from someone posting “feedback appreciated”. 3 ducks doesnt require much time looking at your screen but no doubt some will go for your indicator. Personally (and forex is very personal) I prefer planning my trades well in advance so can often set up trades before the criteria is met. Have you been using this long?[/QUOTE]
sorry, I did not want to offend!
anyway, many thanks for your input.
It is good to have forex pairs with good daily range, to catch big moves. Not good pair: EUR/CHF with 14 pips a day. Very good pair: EUR/AUD 149 pips a day.
If you are looking for forex pairs which move a lot during the day, here is a link how it looks like: http://goo.gl/fUxP5Q
Would just like to mention that just because something has a large daily pip variation doesn’t necessarily mean its a better pair to trade.
If you have a large pip variation your stop loss usually has to be a lot bigger as well not to be stopped out at a random whip saw.
If you are just looking for big variations look at something like EUR/NOK which has a daily variation of around 1750 pips.
To be its all about the daily pip variation compared to a stop loss that makes sense from a previous price structure point of view and most of the time if I have for example a 20-25 pip stop loss in EUR/USD I would have 30-40 SL in something with 50% more volatility.
This would pretty much cancel out the impact of trading something that has a higher pip variation as your RR would be abt the same.
I am by no mean saying all the pairs are equal just giving a general guideline.
On another note I am not sure how the heat map is meant to be interpreted or how it could benefit us trading the 3 duck strategy.
Well AUD unemployment rate just came out and price shot 65 pips in the opposite direction so trade is off.
Luckily I had a pending order on GBPAUD also which was executed as it went in the right direction.
Edit: holy sh… just saw I got executed with a 30 pip slippage so my initial stop was 2x my expected risk.
Luckily price has already moved 2x my position in my favor so I can move up my SL but damn that could have gone all wrong if I hadn’t been watching it.
I really need to remember to check when interest rate and unemployment numbers are out for the currencies I try to trade…
Hi Andy
Im not aware of any signal service that works, but it only takes 5 minutes to set up and save 3 Ducks on a trading template, then just pop in 3 or 4 times a day to see if the criteria for trading have been met
