Best Thread The 3 Duck's Trading System

[davechilde]

Well, not sure what has had the effect on the market this morning, but Cable has made a new low in the 4H, 1H and 5M charts, so I took a short at 1.6540. Next support in the Hourly seems to be at 1.6475, so that's my intraday target.

 

[Tullibody]

Hello Duck herding people. I took a small cable short also a bit below davechilde (28). Unconfident of big success tho as this is Bank of England day and cable tends to be very circumspect ahead of rate decision. Only expected about 10 out of it (recent low at about 17) but just took a couple and left. Dont like hanging about entry point for ages to no avail.

 

[Claudia123]

Hi Duck people I been following this thread with interest. I trade cable and went short this morning at 75 - from what I understand of your system that is around where you would enter? Sorry for interrupting the thread just trying to understand the system a bit better.

 

[Tullibody]

Also thot briefly of long AUD at north of 0.9352 but upside limited.
Not ignoring Claudia123 just dont know the answer but she's doing okay so far.

 

[HawkTrader]

Hi Claudia, I too went short on Cable this morning but @ 61. I don't use the 3 Duck's system (although it looks great!) however I just slapped on a 60sma and it seems that yes, your short @ 75 is in relation to this system. Although I reckon the 4H could have been a bit lower under the 60sma rather than just holding around it. Maybe a close under?

 

[davechilde]

Yes Hawk, I agree. I would have preferred a solid close below in the 4H, but the 1H anf 5m looked pretty decisive. I suppose I could be accused of interpreting the chart to read what I want to see, but I took the view that although the 4H was only just crossing the SMA, it was doing so in continuation of a move downward that started after the high above 1.684 yesterday AM.

 

[cambridgedon]

Morning Quackers! (sorry about that),
Well, I got stopped out of my USD/JPY short for -12 points. Dave you were right.
Tullibody, don't think it's BOE day today. Infact, pretty quiet until 1330 gmt.
Looking at cable to see what all you guys (and gals) have done.

Good trading, now back to the farmyard!

 

[Claudia123]

Hi Claudia, I too went short on Cable this morning but @ 61. I don't use the 3 Duck's system (although it looks great!) however I just slapped on a 60sma and it seems that yes, your short @ 75 is in relation to this system. Although I reckon the 4H could have been a bit lower under the 60sma rather than just holding around it. Maybe a close under?

Hi - I don't use the duck system just trying to figure it out. My sell was just a break out from last night. Its funny as I hate indicators, but the only one I have on chart is 60 sma.

Gives great buy/sell signals on the daily. Not often but when it does it does.

 

[cambridgedon]

Annoyingly, my USD/JPY short would now be in profit. That's trading!!

 

[Tullibody]

"Tullibody, don't think it's BOE day today"....quite correct. My mistake.

 

[cambridgedon]

Looking at cable. The 5m sma has now been broken on the upside. Is the trade invalidated?

 

[davechilde]

A choppy day so far, I've now been stopped out of Four 3 Ducks trades, latterly Cable when it closed the last 5M candle above the 60SMA.
I suspect today is one of those days where alot could be lost trying toc hase trades, as EUR/USD, USD/CHF, USD/JPY and to a degree Cable, all see to be ranging. So I'm going to leave it alone for the rest of the day. I've still had a pretty good week so far and don't want to give it all back.

 

[cambridgedon]

Dave, Sorry to hear about your losing trades. Went short on cable @16556. 30 pip SL. Not very confident but we'll see. Where did others put their stops?

 

[cambridgedon]

Cable trade. Stopped out already. worst trade of the week. I must be stupid after pointing out the breach of 5M SMA and then pressing the button!! (going for a lie down in darkened room).

 

[davechilde]

Dave, Sorry to hear about your losing trades. Went short on cable @16556. 30 pip SL. Not very confident but we'll see. Where did others put their stops?

I was short at 1.6537 and stopped out at 1.6567. That wasn't however a predetermined 30 pip S/L, it was when a candle closed above the 5m 60SMA (the 9.40am candle).

 

[cambridgedon]

Just picked up 55 pips on EUR/USD short. Held for minutes and closed out a profit at 14876. May miss a bigger move but don't want to give it back (as I often seem to do).

 

[davechilde]

Just picked up 55 pips on EUR/USD short. Held for minutes and closed out a profit at 14876. May miss a bigger move but don't want to give it back (as I often seem to do).

Good for you, but frustrating for me, I was short EUR/USD, but stopped out when it crossed back over the 5M SMA, likewise I was long USD/CHF and was similarly stopped out.

If however I had applied the other stop strategy of using the last swing, I notice neither breached the last swing and I would have not only joined you on the EUR/USD profit, but doubled it with my USD/CHF long.

As for today, I've taken a long on Cable on the recent pullback at 1.6607, long on Gold at 1107 and short on USD/CAD at 1.0526.

 

[davechilde]

It may well be a weakness in my trading psychology, but once I saw cable show me 30 pips to the good I had to take it, after such a bad day yesterday.

USD/CAD looking good for a drop in the short term, but Gold not shaping so well. Gold however was more of a longer term trade (2-3 days) but I suspect I may ahve got in too early and should have followed the rules more closely and waited for it to pull back over the 60SMA and not trying to second guess it.

 

[davechilde]

I missed it but there was a classic 3 Ducks trade on GBP/CHF this morning. 4H and 1H were lined up and the 5M made a new high over the 60SMA in the 7.30 candle. Taking a long at circa 1.6685 would now be showing an easy 35 pips.

 

[cambridgedon]

Well done on cable. Fancy USD/CAN but have to go out all day and there's loads (as ever) of market-moving data out on both currencies. So what to do?

Re:stops. Yes, in many ways choosing the right stop is even harder than finding the trade and the entry. Yesterday was a classic. Must have had 5 trades between us which would have shown profits during the day IF we'd still been in 'em!