Sorry, just one big bear candle after entry. Still good though.
Best Thread The 3 Duck's Trading System
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Sorry, just one big bear candle after entry. Still good though.
Usually after the first burst that triggers entry you will get some consolidation/retrace. Price often takes a breather until it decides what to do next. Things are looking quite healthy now on the four hour chart and so I think that it is more likely that price will continue down for a while rather than reversing. Of course nothing is certain however - just degrees of probabilities.
In fact, as I have posted before in this thread, it is very common for price to retrace back to test the area where you got in before continuing in the intended direction. This is an important characteristic of price that should always be borne in mind, particularly when setting stops.
While of course it would be much more preferable for price just to continue down in a straight line, a retrace to the red area would be perfectly normal. Anything above that level would tell me that the bulls might be a bit stronger than I would like and so I would consider taking a small loss.
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Retrace failed near entry as anticipated. Note the chart below. Want to see price challenge lows now and beyond over the next few hours. Certainly would not want to see price above this most recent high at 1.2951. This would mean that the bulls were getting stronger and we do not want to see that.
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Going to do some other work - have set a price alarm at 1.2953. If the alarm goes off I'll decide based on the price action whether to close or not. As a rule, big bull candles would mean a close, if I see wicks and exhaustion I might hold out to assess further. Depends. Hope a few readers at least have found some of these posts this morning of some use. Will update later.
Good trading!
Nigel
Good trading!
Nigel
Right so I stopped my trade at 1.2955. You can see below that there are two highs up near the entry resistance and price broke these highs. My entry order was 1.2947 so I am down 8 pips.
This is how I read/listen to what a chart is telling me. The chart communicates with the trader all the time, it's just that a lot of the time we choose not to listen. By the bulls overcoming that high I was told without any shadow of a doubt that the bears were in trouble. There is no need to let a trade go 30 or 40 pips in the red to tell me something the chart is screaming at me already.
Now the 4 hour chart is still looking quite healthy and so I may well re-enter again if the 3 ducks line up. But right now price is above the 1 hr SMA and the 5 min SMA so I will have to wait for a while to see. It could happen later today or maybe tomorrow.
As far as my loss is concerned, I am delighted with how my trading this morning went. I'll quite happily lose pips the way I lost them this morning all year long. Because as long as I keep the risk small, I know the next 100 pip/300 pip/500 pip trade will come sooner or later. Just so happened that it wasn't this morning.
Good trading!
Nigel
This is how I read/listen to what a chart is telling me. The chart communicates with the trader all the time, it's just that a lot of the time we choose not to listen. By the bulls overcoming that high I was told without any shadow of a doubt that the bears were in trouble. There is no need to let a trade go 30 or 40 pips in the red to tell me something the chart is screaming at me already.
Now the 4 hour chart is still looking quite healthy and so I may well re-enter again if the 3 ducks line up. But right now price is above the 1 hr SMA and the 5 min SMA so I will have to wait for a while to see. It could happen later today or maybe tomorrow.
As far as my loss is concerned, I am delighted with how my trading this morning went. I'll quite happily lose pips the way I lost them this morning all year long. Because as long as I keep the risk small, I know the next 100 pip/300 pip/500 pip trade will come sooner or later. Just so happened that it wasn't this morning.
Good trading!
Nigel
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bigdanny81136
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good morning
could anyone tell me how to set up the 3 charts as havent received ebook yet?
many thanks dan
could anyone tell me how to set up the 3 charts as havent received ebook yet?
many thanks dan
forexkunta
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I would suggest you wait for the e-book from Andy. There is quite a bit more than just the chart set-ups that you need to know, and those will be in the book as well.
Good Luck
Good Luck
neil
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Your point is ?
