I think you will find it is not pair dependent ,but rather action dependent. It's best suited to price action in a trend rather than a range. Trying to focus on a "pair" then could lead you down the wrong road. For example , £/Eu was stuck in a range until very recently ,but then exploded into a trend ,but if you had decided this "pair" was system suitable then you would have blundered about in the range wouldn't you rather than waiting for a trend to recommence ?
Best Thread The 3 Duck's Trading System
- Thread starter Captain Currency
- Start date
- Watchers 258
montmorencyt2w
Senior member
- Messages
- 2,619
- Likes
- 294
Thanks Chump; yes, I see what you mean.
Regards,
M.
Regards,
M.
montmorencyt2w
Senior member
- Messages
- 2,619
- Likes
- 294
Coming in late here, but if this question is still relevant, I've been getting more interested in volume and on-balance-volume lately (mainly because I've only just recently got access to charting s/w and a feed that gives this information). I've also been coming to the conclusion that CCI is one of the more useful indicators. When CCI and on-balance-volume suddenly show a change in a particular direction, it often seems to be followed by a definite move in price. Not to be followed blindly, obviously. Watch it and wait for confirmation.
montmorencyt2w
Senior member
- Messages
- 2,619
- Likes
- 294
Hello Trader333,
Yes, Aussie dollar is looking good against the USD for a number of reason, espically Ampro's earlier observation about the interest rate differencial going in opposite ways. So yes fundamentals have been good for the Aussie for the last while - I think what I was trying to point out from my chart was how you could pick a clear entry and how the trend was strong with very few or little pullbacks. Guess this is fundamentals and technicalls lining up?
Fundamentals are your fourth duck! (or your first one, whichever way you look at it).
[sorry about this blast from the bast...]
Captain Currency
Experienced member
- Messages
- 1,092
- Likes
- 679
I couldn't have said it better myself!
Over the past few weeks I would say that Usd.Chf was the better pair to be trading with the 3 ducks.
Hello Captain,
We haven't seen you for long time here
How is your trading with 3 Ducks?
I am back and forward tested it with very promising results and quite like it.
The biggest challenge i faced is to decide where to put my stops as so many times it would have been too far.
The other question is how are you filter between the setups as the system generates quit e a few signals?
Thank you in advance,
Viktor
We haven't seen you for long time here
How is your trading with 3 Ducks?
I am back and forward tested it with very promising results and quite like it.
The biggest challenge i faced is to decide where to put my stops as so many times it would have been too far.
The other question is how are you filter between the setups as the system generates quit e a few signals?
Thank you in advance,
Viktor
Captain Currency
Experienced member
- Messages
- 1,092
- Likes
- 679
Captain....I am a complete beginner and would like to know how you pick which currencies to trade with the 3 Ducks System?
Currently I just look at the Majors and see if any conform to the rules, if they do, I have a go, If not I don't (I am thinking here must be a more scientific way of choosing the trades to get in to isn't there?)
Any help much appreciated although I realise you must be busy with a New Born! (Congratulations BTW)
Carl
Currently I just look at the Majors and see if any conform to the rules, if they do, I have a go, If not I don't (I am thinking here must be a more scientific way of choosing the trades to get in to isn't there?)
Any help much appreciated although I realise you must be busy with a New Born! (Congratulations BTW)
Carl
Captain Currency
Experienced member
- Messages
- 1,092
- Likes
- 679
Captain....I am a complete beginner and would like to know how you pick which currencies to trade with the 3 Ducks System?
Currently I just look at the Majors and see if any conform to the rules, if they do, I have a go, If not I don't (I am thinking here must be a more scientific way of choosing the trades to get in to isn't there?)
THATS PRETTY MUCH IT
HAVE A LOOK AT THE CAPTAIN CURRENCY BLOG AND YOU CAN READ MY THOUGHTS ON SOME OF THE PAIRS.
Any help much appreciated although I realise you must be busy with a New Born! (Congratulations BTW)
YEP, ALWAYS BUSY :whistling
Carl
Andy
Volume for forex is crap. But maybe you arent trading forex.
Yes, i also found CCI really good =)
montmorencyt2w
Senior member
- Messages
- 2,619
- Likes
- 294
Why is volume for Forex crap? (Not arguing - genuine question).
Yes, my main interests are Forex and also Crude. Been doing more studying than active trading just recently, and such trades as I've made have been much more cautious than they used to be, following a series of silly and avoidable losses, while I re-build my trading capital.
I'm having my doubts just now over what I thought was a magic combination of CCI and OBV. When looking at charts in hindsight (over short and long time-frames), it appeared that they were both showing some "predictive" ability. However, in real-time, it's much less convincing, since the line can sometimes be waggling about, and you aren't really sure which way it's going until it's gone, as it were. However, it does provide some confirmation. I tend to use them in combination with Stochastics (for cycle time) and MACD (for momentum), and moving averages for general trend and to some extent, S&R.
However, I've been looking into the possibility of a so-called "enhanced OBV" (see the Metatrader thread), which is supposed to counteract some of the obvious defects in OBV.
I've had periods of being totally "off" indicators, and going back "on" them....I seem to be back on them again, but hopefully in a more informed way than at one time.
Regards,
M.
There is no magic to indicators of any kind...when you can consistently recognise the characteristics of the market you are in ..ranging or trending then you will know how to interpret indicators. The paradox though is at that point you actually have very little need for indicators other than as a glancing confirmation as to how you should trade each type of market. Using indicators though in a systematic way under those circumstances coupled with risk management does enforce the edge implicit in recognising the market action.
montmorencyt2w
Senior member
- Messages
- 2,619
- Likes
- 294
I can understand if price-oriented indicators do not actually add any new information to what you could get (if you knew what to look for ) from just a price-versus-time candle or barchart.
However, isn't volume actually adding new information?
I thought that a trend that was not supported by at least constant, or increasing volume, was a weak trend (or a trend that is accompanied by falling volume was a weak trend).
Thanks,
M.
However, isn't volume actually adding new information?
I thought that a trend that was not supported by at least constant, or increasing volume, was a weak trend (or a trend that is accompanied by falling volume was a weak trend).
Thanks,
M.
montmorencyt2w
Senior member
- Messages
- 2,619
- Likes
- 294
I guess that's what Victor was also saying. However, my Metatrader feed is giving me some numbers under the volume heading.
Also this article refers to it in a currency context:
Forex Technical Analysis Articles - Volume based indicators - Volume - CMS Forex
e.g. "Volume measures the “worth” of a market move. If a currency pair has a strong price move either up or down, the perceived strength of that move depends on the amount of volume for that period. Moves backed by higher volume are more significant...."
However, it also says in:
Forex Technical Analysis Articles - Volume based indicators - Importance of Volume - CMS Forex
" Difference between Equity Volume and Forex Volume:
Volume is different in Forex than in equities. In equities every share traded is considered 1 volume, so selling 100 shares, and conversely someone buying those 100 shares counts as 100 in volume. In Forex the market is decentralized and it is impossible to keep track of all the amounts and sizes of contracts in a given day. Instead the way volume is measured is to count how many ticks or changes of price there are throughout the session. There needs to be a certain amount of contracts signed to move the price one way or the other, and each tick represents this amount. Therefore volume can still be measured, even though it’s a little bit of a roundabout way compared to equities. ....."
I must admit, I was not quite sure what to make of this, but perhaps it suggests that in Forex, it is really just another reflection of price moves.
It then goes on:
" * Volume should be used as a corroborative evidence of a trend, not as primary evidence.
* Volume can be used to confirm price changes. When a trend starts, and there is not a pick up in volume activity, that may mean that the trend is weak and does not have commitment.
* Secondly, if there is a pick up in volume, then that may mean that a change in price may be approaching. The direction of the movement during this increase in volume can be indicative of the upcoming action."
So I'm still left a bit puzzled, really
Regards,
M.
Also this article refers to it in a currency context:
Forex Technical Analysis Articles - Volume based indicators - Volume - CMS Forex
e.g. "Volume measures the “worth” of a market move. If a currency pair has a strong price move either up or down, the perceived strength of that move depends on the amount of volume for that period. Moves backed by higher volume are more significant...."
However, it also says in:
Forex Technical Analysis Articles - Volume based indicators - Importance of Volume - CMS Forex
" Difference between Equity Volume and Forex Volume:
Volume is different in Forex than in equities. In equities every share traded is considered 1 volume, so selling 100 shares, and conversely someone buying those 100 shares counts as 100 in volume. In Forex the market is decentralized and it is impossible to keep track of all the amounts and sizes of contracts in a given day. Instead the way volume is measured is to count how many ticks or changes of price there are throughout the session. There needs to be a certain amount of contracts signed to move the price one way or the other, and each tick represents this amount. Therefore volume can still be measured, even though it’s a little bit of a roundabout way compared to equities. ....."
I must admit, I was not quite sure what to make of this, but perhaps it suggests that in Forex, it is really just another reflection of price moves.
It then goes on:
" * Volume should be used as a corroborative evidence of a trend, not as primary evidence.
* Volume can be used to confirm price changes. When a trend starts, and there is not a pick up in volume activity, that may mean that the trend is weak and does not have commitment.
* Secondly, if there is a pick up in volume, then that may mean that a change in price may be approaching. The direction of the movement during this increase in volume can be indicative of the upcoming action."
So I'm still left a bit puzzled, really
Regards,
M.
CC
so to make sure i understand your sytem - I know you say about USD Europre pairs, however i am looking at the GBPJPY now - 1355GMT and see that 2 ducks line up and on 3rd chart the line to cross will be 146,89 based on previous high candle....after this go long!
Is this correct...
Cheers
and thanks for sharing
Stu
so to make sure i understand your sytem - I know you say about USD Europre pairs, however i am looking at the GBPJPY now - 1355GMT and see that 2 ducks line up and on 3rd chart the line to cross will be 146,89 based on previous high candle....after this go long!
Is this correct...
Cheers
and thanks for sharing
Stu
