Far be it from me to comment but (nevertheless): A 30-point profit is well worth booking . You can't tell what happens next. I've handed back 30 points while hoping for a bounce to 40 endless times. Never ever let a profit become a loss is the mantra I try to chant while (like last week twice) not acting on it. Just for the debate, I keep pretty tight stops but (apart from Monday for some reason) don't usually go to the full count. If I'm not in business after (say) four 5 min plots I leave it. The $-Y short was a case this morning, about half 8. It messed about without ever showing much for 20-25 minutes then hopped up over the last top. I quit losing about 5-6. After another 20-25 minutes of dithering it crashed. usually it's the reverse, if you stick, it burns you. Actually this was not a bona fide duck trade I realised after I was in it.
Best Thread The 3 Duck's Trading System
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davechilde
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Tenapenny,
excuse my ignorance as I'm not a big follower of fundamental news, but why would you not normally trade today? Is the US trade balance one of the reports that causes big volatility around release?
Thanks
Dave
TheBramble
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Anyone have any idea why this system seems predominantly biased toward down?
Tenapenny
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Hi Dave,
Far more basic than that I'm afraid. It's Friday the 13th.
I know, I know, before the comments come in, it's superstitious nonsense.Seriously though, I wouldn't trade around the release of those figures anyway and on NFP days I just take the day off now.
Ken
Tenapenny
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Swings both ways for me!
To be honest, I haven't analyzed it that much. Just use it both ways when I think I see the trade.
Ken
TheBramble
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Doesn't that rather cancel out?
Tenapenny
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Sorry, not explaining myself properly. I meant that I have no problem using it to short or long if I see one or the other trade setup.
Ken
davechilde
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I think he means that if the 3 Ducks shows a short, he takes a short and if a long he takes the long. I do much the same and haven't really analysed the long/short ratio and relative success of each.
TheBramble
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It's Friday.
davechilde
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Got out of the gold trade for -25, which would now have been level. It was no doubt the wrong thing to do, but had my USD/CAD trade still open when the Trade balance figure was released, so managed to get on the right side with that to bag 34.
Whilst +39 for the day and +143 for the week should be satisfying, it's not because 2 great trades (+88 on Cable and +116 on USD/CAD) mask otherwise poor performance.
Must try harder next week...................
Whilst +39 for the day and +143 for the week should be satisfying, it's not because 2 great trades (+88 on Cable and +116 on USD/CAD) mask otherwise poor performance.
Must try harder next week...................
davechilde
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Didn't take it because I'm done for today, but there was a short set up on EUR/USD just now. It's trading under the 60SMA in the 4H, seems to be trending lower in the 1H and has just made a new low in the 5M. (the 2.00pm candle passed the previous low of 1.4855 made in the 1pm.) You could argue that the 1.00pm candle in itself was an entry in making a new 5M low, but I don't think just nicking the 4H would qualify?
Similar set up in reverse for a USD/CHF long.
(But I personally wouldn't enter a new trade at 2.30 on a Friday afternoon)
Similar set up in reverse for a USD/CHF long.
(But I personally wouldn't enter a new trade at 2.30 on a Friday afternoon)
TheBramble
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I found out about this system on the web. While it’s great of Andy to provide it for free, I think there is always going to be the unavoidable issue of the bill. And while it’s good in its current rather featherweight release, what can we do to soup it up?
Claudia123
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Could try changing the colours of the indicators? Maybe orange???
TheBramble
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I did try that when I was in Bombay and the result was absolutely terrible. Having discussed this with Donald on the other side of the Pond, I came to the conclusion it’s all going to be according to individual taste. I guess I’m looking for some tweak that will have traders flocking to it.
Claudia123
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They all be quackers thats the problem.
Tenapenny
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Bombay ducks! Now there's a thought. Seems all bit fishy to me. :whistling
TheBramble
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The Three Fish?
Are you saying you have an even more responsive system that you’ve based on the Three Ducks?
Does it utilise the fact that price action has a fatter tail than Black-Shoals currently models? If this is the case, we could batter the markets with it and net some serious profits.
Are you saying you have an even more responsive system that you’ve based on the Three Ducks?
Does it utilise the fact that price action has a fatter tail than Black-Shoals currently models? If this is the case, we could batter the markets with it and net some serious profits.
davechilde
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Set ups this morning on CAble EUR/USD, USD/CAD and USD/CHF. All went into profit, but reversed to hit stops before reaching any kind of sensible target. (i was aiming for circa 25 pips per pair).
Any one else suffered the same?
Any one else suffered the same?
