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].
Hello The Brambles,
To all the newbie Ducksters on this thread, as The Brambles and all the other old pros know, I use The 3 Duck's Trading System as a GUIDE in addition to my own market knowledge ie what else is happening in the markets, news, time of the day, sentiment, etc.
The 3 Duck's Trading System is
not a black box, EA or auto system. For the record I hate EA's. I dont take every "signal" from the system because it may go against what im thinking. I must prefer to read and watch what is happening in the markets then flip open a chart and see what the ducks are up to. I may prefer to be buying Euro against the US Dollar, if the ducks line up on this pair im on the trade.
Stop losses and targets can also be deciced on market conditions too. If the market is a bit up and down like it has been lately then a wider stop loss may be needed. Previous daily highs or lows are always a decent area for stops and targets. Risk versus reward is not going to be as good in these conditions as it would be in a nice trending market.
In a trending market you can be a bit more agressive with your stop loss placement (30 pip minimum) and in these market conditions you shoul be nailing your risk versus reward ratio.
My view on the market today 18th of June '08 is its flat as a pancake!
There is not much in the way of news today and there does not seem to be much comittment on any currency pairs. (scalpers will do well today :-0 I dont scalp)
The Brambles, sure start the ball rolling with your views on current basics and fundamental considerations.
I'le give you one of mine: I am only looking for selling ops in cable (gbp.usd). I think GBP is going to struggle in the comming months against the USD. I know the 3 ducks gave a signal to sell GBP.USD earlier but it was around the lows and with commitment thin today I didnt think it was worth a punt.
PS: Me and my Mrs are having our first child in a few weeks. For a bit of fun we are going to have a "guess the weight" poll. I reckon the baby with be a bit on the heavy side like the daddy
I reckon the baby will come in a
7lb 2ounces
Feel free to guess the weight in your next post.
Kind Regards,