LittleKnown
Active member
- Messages
- 160
- Likes
- 12
Hi tenapenny, just wondering what the good day was on? as my charts show nothing like a good day!
Best Thread The 3 Duck's Trading System
- Thread starter Captain Currency
- Start date
- Watchers 258
Hi tenapenny, just wondering what the good day was on? as my charts show nothing like a good day!
Tenapenny
Experienced member
- Messages
- 1,005
- Likes
- 46
Hi tenapenny, just wondering what the good day was on? as my charts show nothing like a good day!
GBP/JPY, it's a bit of a rollercoaster but can be very profitable if you use the 3 ducks to suit your style. :shuriken:
LittleKnown
Active member
- Messages
- 160
- Likes
- 12
Tenapenny
Experienced member
- Messages
- 1,005
- Likes
- 46
I'm either blind, stupid, or both, what am i missing here?
Look up yesterdays charts between about 1200-1700 GMT check all 3 time-frames.
LittleKnown
Active member
- Messages
- 160
- Likes
- 12
Cheers, can see now:idea: i assume you sold the pair, but the 240 min ma was pointing up so is that not against the 3 ducks, sorry if am annoying you, i am a trading baby, long way to go, so everything helps..
Tenapenny
Experienced member
- Messages
- 1,005
- Likes
- 46
Yes I sold. My MT4 charts had the 4hr candle just starting to go down then dropping to 147.18 when it closed at 16.00. Some wouldn't enter I know, but you just make the stratergy suit your style.
LittleKnown
Active member
- Messages
- 160
- Likes
- 12
MajorDutch
Established member
- Messages
- 865
- Likes
- 87
are people using the 3 ducks system on one instrument or is it best to use multiple pairs to look for opportunities?
Tenapenny
Experienced member
- Messages
- 1,005
- Likes
- 46
For me, when I have time to do a full days trading, I am watching 8 pairs.
tonybull21
Newbie
- Messages
- 7
- Likes
- 0
I've recently read the 3 ducks and new to trading so just wanted to see if i'm in the right direction or not.
Looking at the GBPUSD this morning
Up on 4h and 1h and waiting for the 5m to move above the recent high.
It didn't make the move (or look like it was going to) before I went to work but is this what we're looking for or am I miles off?
Also, is it possible to fit this around work 7.30am-6pm uk?
Or are triggers that early not acompanied by enough volume?
I've noticed a lot of trends bouncing off the 60sma daily chart like a support, sometimes for days/weeks so may have to try and find some longer term trades to work for me.
Loving the 60sma.
Looking at this after the event I would have entered long at about 9:10
Buy @ 1.6308 (above the recent high)
SL @ 1.6271 (below recent low, 36 pips which sounds reasonable)
Then the minute I get in the price plumets and I get stopped out.
This happens a lot to me, where am I going wrong? HELP!
Just read house rule regarding posts so here are the charts...
(I hope it works, not too good on the computer)
[/URL][/IMG]
Looking at the GBPUSD this morning
Up on 4h and 1h and waiting for the 5m to move above the recent high.
It didn't make the move (or look like it was going to) before I went to work but is this what we're looking for or am I miles off?
Also, is it possible to fit this around work 7.30am-6pm uk?
Or are triggers that early not acompanied by enough volume?
I've noticed a lot of trends bouncing off the 60sma daily chart like a support, sometimes for days/weeks so may have to try and find some longer term trades to work for me.
Loving the 60sma.
Looking at this after the event I would have entered long at about 9:10
Buy @ 1.6308 (above the recent high)
SL @ 1.6271 (below recent low, 36 pips which sounds reasonable)
Then the minute I get in the price plumets and I get stopped out.
This happens a lot to me, where am I going wrong? HELP!
Just read house rule regarding posts so here are the charts...
(I hope it works, not too good on the computer)
Hi Tony
I'm fairly new to the 3 ducks myself and I know how you feel. Don't take my word as gospel, or anything resembling it, but I'm pretty sure you get most of the moves from 6 am (GMT); liquidity tends to tail off from 5pm (GMT) onwards.
The hardest part I find is locating the best 4 hour chart to start with. I have checked through the ebook and this thread (also babypips and CC's blog) and have to say I struggle to see consistency in terms of what a favourable 4 hr chart would look like. I suppose this is the market knowledge to which CC refers.
If you are starting out like me I would be more than happy to try and post here as I go along; maybe others can can help us both out.
In terms of the GBP/USD this am, clearly a strong trend on the 4hr, 1 hr was looking sweet, would have had a break of previous high on 5 min around 9am GMT. Price did break previous low though before posting an up move early afternoon. Maybe best to wait a break above the 1.6315 before entering? I don't know. There were a few big news reports out today too, particularly concerning the Euro.
For my part I went long on GBP/JPY at 7.30 GMT at 149.55. Price rebounded off 150 (presumably psychological resistance) came back down and stopped me out. Possibly could have got out earlier in hindsight. I find I can always think of a thousand reasons why I shouldnt have got involved in a losing trade after the event! If it had have blasted through the 150 mark I would patted myself on the back for being such a Forex wizz.
I am going to try to post here regularly and you can all watch my journey with the three ducks to either margin call or handing in my notice!
By the way, don't anyone follow what I am doing; I am a complete novice. I'm going to learn how to post some charts of what I am doing too. When underway all comments/observations/maulings will be welcome.
NigelP
I'm fairly new to the 3 ducks myself and I know how you feel. Don't take my word as gospel, or anything resembling it, but I'm pretty sure you get most of the moves from 6 am (GMT); liquidity tends to tail off from 5pm (GMT) onwards.
The hardest part I find is locating the best 4 hour chart to start with. I have checked through the ebook and this thread (also babypips and CC's blog) and have to say I struggle to see consistency in terms of what a favourable 4 hr chart would look like. I suppose this is the market knowledge to which CC refers.
If you are starting out like me I would be more than happy to try and post here as I go along; maybe others can can help us both out.
In terms of the GBP/USD this am, clearly a strong trend on the 4hr, 1 hr was looking sweet, would have had a break of previous high on 5 min around 9am GMT. Price did break previous low though before posting an up move early afternoon. Maybe best to wait a break above the 1.6315 before entering? I don't know. There were a few big news reports out today too, particularly concerning the Euro.
For my part I went long on GBP/JPY at 7.30 GMT at 149.55. Price rebounded off 150 (presumably psychological resistance) came back down and stopped me out. Possibly could have got out earlier in hindsight. I find I can always think of a thousand reasons why I shouldnt have got involved in a losing trade after the event! If it had have blasted through the 150 mark I would patted myself on the back for being such a Forex wizz.
I am going to try to post here regularly and you can all watch my journey with the three ducks to either margin call or handing in my notice!
By the way, don't anyone follow what I am doing; I am a complete novice. I'm going to learn how to post some charts of what I am doing too. When underway all comments/observations/maulings will be welcome.
NigelP
tonybull21
Newbie
- Messages
- 7
- Likes
- 0
As no one else on the topic i'm guessing it's the blinds leading the blind.
I have looked at GBP/JPY (first of all checked USD/JPY as i only look at top 5 and thought what the fck are you talking about!)
I can see that all 3 timeframes are where they should be and can understand you taking the trade based on what i understand about the technique.
My only reservation would have been it has been snaking around the 60sma and not bouncing off it like i've seen in some of the strong trends I've seen.
Maybe someone who knows what they're talking about could comment?
Good luck
Tenapenny
Experienced member
- Messages
- 1,005
- Likes
- 46
I've recently read the 3 ducks and new to trading so just wanted to see if i'm in the right direction or not.
Looking at the GBPUSD this morning
Up on 4h and 1h and waiting for the 5m to move above the recent high.
It didn't make the move (or look like it was going to) before I went to work but is this what we're looking for or am I miles off?
Also, is it possible to fit this around work 7.30am-6pm uk?
Or are triggers that early not acompanied by enough volume?
I've noticed a lot of trends bouncing off the 60sma daily chart like a support, sometimes for days/weeks so may have to try and find some longer term trades to work for me.
Loving the 60sma.
Looking at this after the event I would have entered long at about 9:10
Buy @ 1.6308 (above the recent high)
SL @ 1.6271 (below recent low, 36 pips which sounds reasonable)
Then the minute I get in the price plumets and I get stopped out.
This happens a lot to me, where am I going wrong? HELP!
Just read house rule regarding posts so here are the charts...
(I hope it works, not too good on the computer)
[/URL][/IMG]
You just need to look at the bigger picture. For example, in your trade at 09.10 take a look at what the hourly chart would tell you. Since yesterday afternoon look at the support and resistance. You could have adjusted your S/L and target accordingly not forgetting to adjust your stake, money management is crucial. Best of luck.
Attachments
Thanks Tony
I have to admit I do look for opportunities outside of the majors. But I wouldnt exactly call myself "exotic".
From a look at the charts this morning I am keeping an eye on the 99.70 mark on the 4hr USD/JPY chart. It looks like it is trying to break through which to me would confirm a down trend. If it does I will be looking to sell in accordance with the guidelines.
There is some USD news out later so will be keeping a close eye from 1pm GMT onwards.
At work here but I do try to keep an eye on whats going on throughout the day. Its not eeasy sometimes!
Also if anyone can offer a few tips on how to post a chart it would be greatly appreciated. I take its print screen or something? Sorry for breaking the rules CC, am working on it!
Nigel P
I have to admit I do look for opportunities outside of the majors. But I wouldnt exactly call myself "exotic".
From a look at the charts this morning I am keeping an eye on the 99.70 mark on the 4hr USD/JPY chart. It looks like it is trying to break through which to me would confirm a down trend. If it does I will be looking to sell in accordance with the guidelines.
There is some USD news out later so will be keeping a close eye from 1pm GMT onwards.
At work here but I do try to keep an eye on whats going on throughout the day. Its not eeasy sometimes!
Also if anyone can offer a few tips on how to post a chart it would be greatly appreciated. I take its print screen or something? Sorry for breaking the rules CC, am working on it!
Nigel P
Do you mean 90.70 on the USD/JPY?
Morning Rainmaker
Yes, USD/JPY - 90.70
It looks to me that if this level broke it could open up some more downside. But for God's sake, nobody interpret this as a tip or anything, I don't know sh t about Forex. Just telling people what I am doing in the hope of some constructive comments from the pros around here! Would be careful around the 90.00 mark too.
Nigel P
Yes, USD/JPY - 90.70
It looks to me that if this level broke it could open up some more downside. But for God's sake, nobody interpret this as a tip or anything, I don't know sh t about Forex. Just telling people what I am doing in the hope of some constructive comments from the pros around here! Would be careful around the 90.00 mark too.
Nigel P
If you want the kiss of death, I'm watching exactly the same level. Looks as though we will get a few false breakouts to test the trigger happy and those without nerve.
If it breaks I am happy to put the full weight of my poncy little Oanda account behind it if that is of any comfort! Every little bit helps - sell sell sell...
(Strict adherence to sustainable and sensible risk management rules at all times of course)
(Strict adherence to sustainable and sensible risk management rules at all times of course)
Ok - despite a couple of attempts the 90.7 mark on USD/JPY didnt break today so I wasnt in the market.
I have been trading the 3 ducks for 2 full days now and I am, wait for it.... -0.4 pips. I pulled back the loss on the GBP/JPY referred to above with 37 pips on the EUR/AUD which I opened yesterday and closed this morning. Mainly because I noticed I was heading into support that was last tested in September 2007.
Im very happy with my breakeven.When I look back through the charts I see lots of good 3 ducks set ups with great risk v rewards. I just need to learn how to identify the ones which are most likely to turn into those epic moves; the ones that look like price is legging it away from the 60 sma and doesnt want to be caught. Having said that I would gladly settle for safe regular pips.
Im off to study ducks for the weekend - gonna see if I can learn how to post charts too. Will return Monday.
Have a good weekend.
Nigel P
I have been trading the 3 ducks for 2 full days now and I am, wait for it.... -0.4 pips. I pulled back the loss on the GBP/JPY referred to above with 37 pips on the EUR/AUD which I opened yesterday and closed this morning. Mainly because I noticed I was heading into support that was last tested in September 2007.
Im very happy with my breakeven.When I look back through the charts I see lots of good 3 ducks set ups with great risk v rewards. I just need to learn how to identify the ones which are most likely to turn into those epic moves; the ones that look like price is legging it away from the 60 sma and doesnt want to be caught. Having said that I would gladly settle for safe regular pips.
Im off to study ducks for the weekend - gonna see if I can learn how to post charts too. Will return Monday.
Have a good weekend.
Nigel P
