Hello Tdthomn1,
Just had a quick look at the USD.JPY chart, all your Ducks are lined up for a buy and your entry is about right
Kind Regards,
:clap: Thanks CC
Hello Tdthomn1,
Just had a quick look at the USD.JPY chart, all your Ducks are lined up for a buy and your entry is about right
Kind Regards,
Thanks shadowninja.
tdhomn1 - good work, how did you pick your take profit level?
Hi All.
Just been looking at the 3 Ducks system. Good work CC!
EURUSD looks like a buy.
4hr above 60 SMA
1hr above 60 SMA
5 min has also moved above in the last couple of hours on Friday.
Is this trade on?
Hello Ljr,
Yes everything is lined up, HOWEVER it's the weekend and you really want to be trading this system in peek trading times (european & US sessions).
Best thing to do is come back on Monday and see what is lining up
Kind Regards,
Watching CHF/JPY and waiting for 4H to close below the SMA.
Might be a good short, but on an exposure basis I will be very short the Swiss Franc considering I am already long USD/CHF.
We'll see
3 Ducks was looking good for the above trade, and was backed up by a resistance line on the hourly chart @ 19475. After dropping to 19455 for +20 it reversed and I stopped out for -20. Did anyone see a reason not to take the trade though as it looked a strong contender to me?
Would have been a good opportunity to exercise money management techniques: close half the position; let the other half run; stops to b/e.
Hello Kensitp,
Tuesday you mean?
The trade set-up was fine. I have'nt been trading cable this am. The only different thing I would have done would have been entering short at 1.9495, I would have put a 30 pip fixed stop-loss in place as the high at 1.9540 would have made this trade too expensive (55 pip stop-loss) for a day trade.
I would not have been too happy when prices crossed back above the 5 min sma at 1.9505 and I would have exited the position early to try and save some pips.
Prices did drop lower than our entry and our position would have been up a maximum of 40-45 pips. I think I would have been looking for a bit more than this
All in all I would have took a 15-20 pip loss, just like you.
Fair enough. I would just rather take a small initial profit and then let the other half run to see if there's anything else in the move; it's more a case of a lack of trading experience that means I don't really know if it's going to run and run or change direction and stop me out for a loss (everyone hates a dirty stop out ). Additionally, I'm also tired of seeing either:
1) a smallish (20 pip) profit head back to zero and beyond, resulting in yet another loss, or
2) a small profit, closing position at 20 pips, only for it to soar to new highs/lows, missing out on a major movement.
Yesterday is a classic example on EUR/USD. It went up 30-40 pips, dropped back 25(?), then buggered off up another 110 pips. So I am already in guaranteed profit from closing 50% and have a lot more to go, potentially (going to try an 80 pip stop).
It might not be maximising profits (yes, I've missed out on 50% of a 100 pip move) but it's getting more than I would as an amateur. To me, any profit is good, but now I have a method of earning a few more pips.
For what it's worth I don't think there is any right answer on this one. However I do think using a phased exit strategy does tend to give you a more steady return for want of a better term, rather than several zero returns offset by several big wins...