rathcoole_exile
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why not ?
if it's too much for you, I don't think you're prepared for life as a trader ........
Best Thread The 3 Duck's Trading System
- Thread starter Captain Currency
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why not ?
if it's too much for you, I don't think you're prepared for life as a trader ........
neil
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is it FREE like the 3 ducks?:whistling
LittleKnown
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I did the course, no it's not free, Andy goes through charts and potential levels, and you get a few pdf documents on it after, and a twice weekly update by email
LittleKnown
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KISS is the three ducks definitely.
Would say market knowledge is a good thing to have whatever you do, don't think the three ducks is having a very good time at the min, that's why I say about market knowledge,and the more I read and trade the more I understand the need for the right mentality, (psychology)...
Would say market knowledge is a good thing to have whatever you do, don't think the three ducks is having a very good time at the min, that's why I say about market knowledge,and the more I read and trade the more I understand the need for the right mentality, (psychology)...
NVP
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Improve Your Trading By Looking For Clues In The Market
I’m always looking for clues in the market like, which currency pairs are bullish or which currency pairs are bearish and of course which currency pairs are neither bullish nor bearish.
If you like to trade the Eur.Usd and Gbp.Usd using the 3 ducks method we can gets clues as to which pair might currently be the best to trade.
If we have a closer look at the 240m charts for Eur.Usd, Gbp.Usd and Eur.Gbp we can figure out what they are doing.
Let’s look at the attached Eur.Usd 240m chart. We can see that the current price is below the 240m sma therefore we may be looking for selling opportunities when our ducks line up.
Let’s look at the attached Gbp.Usd 240m chart. We can see that the current price is below the 240m sma therefore we may be looking for selling opportunities when our ducks line up.
So now we are potentially looking for selling opportunities on both Eur.Usd and Gbp.Usd. As some traders may know the Eur.Usd and Gbp.Usd are highly correlated most of the time (they normally move in the same direction against the Usd). Therefore there is not much point selling the Eur.Usd and Gbp.Usd at the same time because all we are really doing is buying the Usd twice.
So which pair should we sell?
We can figure this out by looking at the attached Eur.Gbp 240m chart. We can see that the current price is above the 240m sma and the current price is bullish. What can this tell us? It can tell us the Euro is stronger than the Gbp (or that the Gbp is weaker than the Euro).
OK so let’s recap and see what each of the 3 different currency pairs are telling us.
Eur.Usd 240m chart – price has been moving lower and is below the sma which can indicate Eur weakness/Usd strength.
Gbp.Usd 240m chart - price has been moving lower and is below the sma which can indicate Gbp weakness/Usd strength.
Eur.Gbp 240m chart - price has been moving higher and is above the sma which can indicate Eur strength/Gbp weakness.
We know the Usd is strong and we should be looking to trade Usd against the weaker of Eur.Gbp. In this case it would be the Gbp, therefore we should be looking to sell Gbp.Usd (which is basically buying Usd/selling Gbp).
Hope that helps you,
Andy.
Hi Andy
you know I am a big fan of the 3 ducks and we do run it on my thread from time to time as it is brutally effective in its approach....
The post above prompted me to offer up my FXCorrelator as another way of identifying which currencies to trade......
heres the 3 currencies you mention above on the 3 charts....load my corrie at this link
(sorry re blurb.....people were trying to sell it on e-bay)
http://www.trade2win.com/boards/for...ing-basic-ideas-strategies-64.html#post993638
put the settings to 60ma and delta 1 and then hide any currencies you dont want.....it should help re what to go for in future......in example shown the GBP was weak on the higher TF's (no surprises there) and just after 1pm GMT yesterday it fell below the others on the 5min chart for a screaming sell signal....a Beautiful 3 ducks special !
Best regards
Neil
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gedward3
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Hi Andy
you know I am a big fan of the 3 ducks and we do run it on my thread from time to time as it is brutally effective in its approach....
The post above prompted me to offer up my FXCorrelator as another way of identifying which currencies to trade......
heres the 3 currencies you mention above on the 3 charts....load my corrie at this link
(sorry re blurb.....people were trying to sell it on e-bay)
http://www.trade2win.com/boards/for...ing-basic-ideas-strategies-64.html#post993638
put the settings to 60ma and delta 1 and then hide any currencies you dont want.....it should help re what to go for in future......in example shown the GBP was weak on the higher TF's (no surprises there) and just after 1pm GMT yesterday it fell below the others on the 5min chart for a screaming sell signal....a Beautiful 3 ducks special !
Best regards
Neil
Neil,
Just looks like a load of squiggly lines and takes away from what the 3 ducks is about.
3 Ducks is a KISS system and i really cant see how your system would add to it apart from making it difficult working out what all the lines are doing.
Ged
Tenapenny
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Agree, KISS is better for 3 Ducks although I have been using other strategies and looking at correlation and other methods. Found this site useful http://www.mataf.net/en/forex-charts/c-index
NVP
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hey mate...........no worries from me .......to each there own......:smart:
best wishes to CC and the 3 ducks team
NVP
Hi Andy and senior members,
Thanks for all the info in this thread. Can I have the E Book for this system inorder to read more before trading.
CC I have sent a mail to you for the ebook, however if others can provide the book then no need to trouble CC for the e book.
Seems fairly straight forward with discretion to avoid S&R lines, end of daily range, round numbers etc.....
Cheers
If you have emailed Andy, he will send you the eBook. As the eBook is his creation, I think we should not pass it about without his permission, so I encourage others not to pass it about without Andy's permission. Andy is pretty fast at emailing back, if you emailed him via his blog http://captaincurrency.blogspot.com...pdated-max=2011-01-01T00:00:00Z&max-results=1
He is not always on this forum.
I do enourage others (if they feel so inspired) to take his 3 hour mentoring.
I did so last week, and it really clarified a number of things.
Keith
what are the cost of mentoring 3 hour?
where can i find out more about this?
is the 3 hours over the internet or face to face?
thanks
As patience is a virtue in this game, I will wait patiently for the ebook from CC.
Cheers
Rugby Trader
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I agree, I took the course last week as well, I found it very helpful and illuminating.
Hi Traders,
I have come across the following situation and would request your guidance:-
GBP / CHF chart,
4 H TF the PA has cut above the 60 SMA. personally I would like to wait for this candle to close above 60 SMA.
1H TF and 5 M TF the PA is already above the respective 60 SMA. Therefore, when the 4H candle closes above the 60 SMA I will have all the Ducks in one line and as a result I should be entering long on the 5M TF based on the PA moving higher than the last high on the 5M TF which occurred about 4 to 5 bars earlier.
Is my understanding correct as stated above.
I have come across the following situation and would request your guidance:-
GBP / CHF chart,
4 H TF the PA has cut above the 60 SMA. personally I would like to wait for this candle to close above 60 SMA.
1H TF and 5 M TF the PA is already above the respective 60 SMA. Therefore, when the 4H candle closes above the 60 SMA I will have all the Ducks in one line and as a result I should be entering long on the 5M TF based on the PA moving higher than the last high on the 5M TF which occurred about 4 to 5 bars earlier.
Is my understanding correct as stated above.
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Hello, If my understanding of the set up is correct, the pair you have illustrated meets the criteria of the 3 Ducks system...all the ducks are lined up, price is above the 60 SMA on the 3 TF's...therefore as per the rules, a long trade is viable.
But IMHO, I personally would be wary of taking a long trade here, because of the fact the pair has been in a Down trend looking at the 4hr 60 SMA...this for me is where the discretionary part comes into play, maybe as you point out, a close of the 4hr bar above the 60 SMA, could be a deciding factor and confirmation for a long entry.
I have decided that any trades I will take using this system, will be in line with the major TF...therefore the 4hr trend..that would be rule no 1 for me.
But this is just me, a long trade here might turn out to be profitable for a few intraday pips.
Good luck.
But IMHO, I personally would be wary of taking a long trade here, because of the fact the pair has been in a Down trend looking at the 4hr 60 SMA...this for me is where the discretionary part comes into play, maybe as you point out, a close of the 4hr bar above the 60 SMA, could be a deciding factor and confirmation for a long entry.
I have decided that any trades I will take using this system, will be in line with the major TF...therefore the 4hr trend..that would be rule no 1 for me.
But this is just me, a long trade here might turn out to be profitable for a few intraday pips.
Good luck.
The Stockman
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Just one little amendment.
Me thinks the 4H needs to cross over first followed by the 1H, then lastly the 5M, so I'd be wary taking this trade, since the 1H as you said has been above for 12 hrs.
Indeed, as mentioned by Jimbo above, both SMAs are kinda falling indicating a Down trend.
You need to apply some TA to these signals when trading the.
The Pips be with you
The Stockman
Me thinks the 4H needs to cross over first followed by the 1H, then lastly the 5M, so I'd be wary taking this trade, since the 1H as you said has been above for 12 hrs.
Indeed, as mentioned by Jimbo above, both SMAs are kinda falling indicating a Down trend.
You need to apply some TA to these signals when trading the.
The Pips be with you
The Stockman
Thanks for the Analysis Jimbo. In other words we can say that maybe the PA retraced on the 4H TF for another downward moment at a later stage and as such we should not pull the long trigger. Ofcourse if the PA keeps going above the 60SMA on the 4H TF for a longer period we can start looking for a long trade provided the 3 duscks are aligned. We will have to keep in mind the previous S&R lines and ensure that we do not have any S&R line close above our long trigger point as it will limit the potential of the trade.
Hope to get it right with some more examples
Cheers
