TheBramble
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No, the MAs would not be accurate.
A 60 SMA on an hourly chart will not necessarily give you the same profile as a 240 SMA on a 15 min chart or a 720 SMA on a 5 min chart.
Best Thread The 3 Duck's Trading System
- Thread starter Captain Currency
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A 60 SMA on an hourly chart will not necessarily give you the same profile as a 240 SMA on a 15 min chart or a 720 SMA on a 5 min chart.
hornblower
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It qualified for the system, that is what counts. If it qualified why is it "weak"?
The S&P and Dax are both trending more strongly, which is what I said was required in the same post.
Therefore the rules of the system can be tweaked to make it a better system
Can you say what time you took the trades on the DAX and S&P.
The S&P didn't qualify until after 8:00am, and then the 5 min never crossed the SMA60 after the qualification?
Same with the DAX
The S&P and Dax are both trending more strongly, which is what I said was required in the same post.
Therefore the rules of the system can be tweaked to make it a better system
Can you say what time you took the trades on the DAX and S&P.
The S&P didn't qualify until after 8:00am, and then the 5 min never crossed the SMA60 after the qualification?
Same with the DAX
trendie
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seemed a good call.
the 5-mins was showing a number of Higher-Lows/Lower-Lows into the 5-min trigger.
But, I think the ideal Stop-Loss was at the previous Higher-Low, which was around the 1.0235 mark.
Additionally, you want it to breach the previous Lower-Low of 1.0180 to verify the move down.
Ultimately your call, but seeing the price action would have given you a chart derived stop-loss rather than an arbitrary 10 pips.
I dont trade USDCAD, but again, good call.
Trendie Thanks. The stop was part of my Money Management. To go out to the 10235 mark with a RR of 3:1 would have meant looking for an exit nearer 10091 which I couldn't see happening. Went for a smaller stop/limit.
Your short entry is about to be hit though?
Your short entry is about to be hit though?
Paper trading today as still not sure what I am doing. Got up at 5:45, studied charts, all ducks where lined up on EUR/GBP (BUY) ,
Bought at 7937.7 -
Target 7955 (high of 13:30 yesterday) -
stop at 7928 (low of 04:30 ) on 5 min charts.
GBP/USD (SELL)
Sell at 19530
target 19497
stop 19541
Does this look right?
thanks
Mike
Bought at 7937.7 -
Target 7955 (high of 13:30 yesterday) -
stop at 7928 (low of 04:30 ) on 5 min charts.
GBP/USD (SELL)
Sell at 19530
target 19497
stop 19541
Does this look right?
thanks
Mike
The EUR/GBP looks right to me so does the other one. It isn't a full proof system. Bloody unlucky on the GBP/USD, the entry was exactly the lowest point it hit. Still if you play the right risk/reward you should be fine. Your EUR/GBP has been hit and it looking good.
EUR/GBP not looking good at all. I'm getting turned off by these short term systems. I'm sure they give you an edge, but how much i don't know.
GBP/USD, by the system would say go short from 19512. I think i'd go for the safer option of 19503 although the way they are trading today who knows!!
GBP/USD, by the system would say go short from 19512. I think i'd go for the safer option of 19503 although the way they are trading today who knows!!
Captain Currency
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Hello Mike,
You might want to look at your stop-losses, they are way too tight in these market conditions
The direction of both your trades where correct but your tight stop losses are getting you killed.
Kind Regards,
TheBramble
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CC - I know you've always maintained your system is an aid to trading decisions and not a system in its own right. But it's clear some are trading it 'as is' and without, it would seem, due diligence being carried out for current market and instrument dynamics (especially with regard to stops and targets and change of market/instrument mood).
Maybe we could kick around some basic and fundamental considerations for the benefit of those who perhaps haven't either considered them, or haven't taken this thread from post #1 where these issues were first covered. I'm happy to kick this off, but as it's your baby...(arf!).
[On which note, given the nature of the membership, we really should be running some kind of Book on the July 10 target date].
Maybe we could kick around some basic and fundamental considerations for the benefit of those who perhaps haven't either considered them, or haven't taken this thread from post #1 where these issues were first covered. I'm happy to kick this off, but as it's your baby...(arf!).
[On which note, given the nature of the membership, we really should be running some kind of Book on the July 10 target date].
