Thanks so much @justshell. I’ll try to backtest over the weekend.
Hi @TradeViper. I can’t seem to find a good trade for EUR/USD using 3 Ducks. I was able to open one last Monday though. Closed it today.
Hey @CoinLady, your trading is looking good! What is this 3 Ducks thing?
Just click on the link in the first post, above, and all will be explained
I don’t have any open trades right now but hopefully I get some good trades this coming week.
Thanks for the explanation, CoinLady!
It’s great to see people documenting their progress like that, I hope all is going well!
Thanks @dianajs. I haven’t had good trades lately so I’m using the time to look into studying price action and reading on factors that influence it.
I hope that will help. I have studied pure price action too, but I confess that I still use some indicators.
Looks like the 3 ducks are all lined up so I’ll be opening a trade for this.
The D1 chart is also showing that USDJPY has been moving in an ascending channel. I feel like it’s a good time to go long adding that it’s above the 60MA then I’ll be closing my trade as it goes near the top.
I’ll be putting my SL below the lower trendline.
I’m also seeing a trade for EURUSD. Going short for this pair.
On a higher timeframe, EURUSD is still below the 60MA.
Yeah I sure hope it does. What indicators do you usually use?
I usually use RSI (I find the RSI divergencies to be very useful signals) and Bollinger Bands, which is a good way to figure out trend and possible support and resistance levels.
Obviously there can always be a breakout, but I pay special attention to those support and resistance levels, especially when combined without various candle formations.
Last Monday I opened a long position at 112.85 because I was thinking that it was going to bounce off of the lower trendline. Well it did but then I put my SL too tight at 112.0 so I was stopped out. One thing I learned from this trade is to wait for price to bounce instead of going in while it’s still going down. Then I remembered something I learned from crypto trading before that going in while price is going down is like catching a falling knife.
it’s good to place your sl a little below the previous support or a little above the previous resistance, stop losses can be tricky
Thanks @justshell. Yeah, I’m still having problems with placing the appropriate stop loss. I’ll keep your advice in mind for my next trade.
I planned to enter again (on the candle where there’s a blue arrow pointing upwards) after I was stopped out. I thought that I’d enter after price has bounced off of the lower trendline. This is where I was able to use 3 Ducks. Using 3 Ducks I saw that for H4, H1, and M5, the ducks were lined up for a short. I didn’t take the trade but at least I didn’t make another mistake of going long because I was thinking that price would bounce.
I’m going to observe USDJPY further in the coming week together with EURUSD. Hopefully I get a good trade.