Best Thread The 3 Duck's Trading System

[clissold345]

My 3 Ducks trades for today. Oanda practice account.

April 6 07:12:27 2011 BST Sell Market USD/CAD 0.96140 90,000
April 6 10:00:06 2011 BST Close Trade USD/CAD 0.96128 90,000
Profit £6.93

April 6 07:27:38 2011 BST Buy Market EUR/USD 1.42799 50,000
April 6 09:47:12 2011 BST Close Trade EUR/USD 1.42898 50,000
Profit £30.39

 

[clissold345]

Hi Chris, thanks for the reply. I hope i can get started soon (with demo 1st of course). However, I m in the Asia timezone meaning that just before the European session I will be working . Have you consider taking up Capt's 1 on 1 course?

Seems like there are some bits and pieces of jig saw puzzle that i need to fill in.

Hi Piperman, yes, if you have specific questions for the Captain I think a one-to-one session could be good value. The Captain generously provides his ebook for free and I'm trying to work out some of the details of his system for myself. I'd be interested to hear how you get on with your demo trades. Good luck! Regards, Chris.

 

[clissold345]

I am still in all 3 trades
for the eurnzd trends well/... I got in at 2.3 I believe
will let them run we trading on the 4 hour chart really

I am looking for real trades demo guys are great as an add on
... but real money trades do trade a little differant

Hi Mark, thanks for your reply. Yes I'm just a demo guy (at present). You and I inhabit different time intervals, as it were, (you probably trade weeks, whereas I trade hours). I'm interested to hear how you get on, since if I can't get day trading to work I'll probably try longer term trading (trading more like your style).

Thanks for the tip that in your experience EUR/NZD trends well. Which other currency pairs trend well in your experience? Regards, Chris.

 

[Captain Currency]

Great Guidlines, Not To Be Automated.
The 3 Duck’s Trading System is a bit like the SatNav in a car.

The SatNav in my car tells me which direction to drive in, it does not control or drive the car for me, I do that bit.

The 3 Duck’s Trading System is a great set of guidelines to help you trade in the direction of trends and buy and sell at levels that confirm strength. The trader always needs to us their discretion and you should never attempt to automate this method, that is not it’s purpose. Just the same way as you would never let your SatNav drive your car for you.

Greeting Duck Hunters,

Here Is My Current View On Some Currency Pairs Using The 3 Ducks Trading System;
Eur.Usd – a little bit 50/50 recently but I would prefer to be looking for buying opportunities when my 3 ducks line up. A break and hold below 1.4300 is needed

Gbp.Usd – 50/50 at the moment so I’m on the sidelines with this pair for the moment until I see what it wants to do :whistling

Eur.Gbp – I'm still bullish on this pair so I would be looking for buying opportunities when my 3 ducks line up. All bets are off if it gets below 0.8713 :innocent:

Usd.Chf – Cautious at the moment, above 0.9300 would get me bullish and looking for buying opportunities when my 3 ducks line up. Below 0.9125 would get me bearish and looking for selling opportunities when my 3 ducks line up :whistling

Aud.Usd – Very straight forward, I would be looking for buying opportunities when my 3 ducks line up

Usd.Cad – I would be looking for selling opportunities when my 3 ducks line up

Usd.Jpy – I would be looking for buying opportunities when my 3 ducks line up

Eur.Jpy - I would be looking for buying opportunities when my 3 ducks line up

Hope that helps you, Keep it Simple, Keep it Logical, Keep Control, Keep Focus!​

Best wishes,
Andy.


These are not trade recommendations. The 3 Duck’s Trading System is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas.

 

[mfondren]

Hello Trucktrader,

Here are the instructions you should follow for installation:
1. Once downloaded, double click the "3 Ducks Setup.exe" file.
2. You will be prompted with a message explaining the that an indicator is going to be installed. You should click the "Next" button.
3. The next window will prompt you to locate your Metatrader folder where you would like the indicator installed. The most common location is "C:\Program File\MetaTrader ...". For example, if you are with Alpari your directory is probably located here: "C:\Program Files\MetaTrader - Alpari UK\". You can find your MetaTrader directory by clicking the "Browse" button inside the installer.
4. Navigate through your computers file system until you find the folder and select it.
5. Once you have found and selected your MetaTrader folder click the "Next" button.
6. Now click the "Install" button.
7. All required files will now be installed into your MetaTrader platform.
8. Once the installer is complete please click "Finish".
9. If you had MetaTrader running during installation please close the terminal then reopen it. If it was already closed you can simply open it.
10. Open any chart on any time frame and currency pair.
11. Select the Templates button on your MetaTrader toolbar. CLICK HERE to see what the templates button looks like.
12. Select the 3 Ducks template.

And that's it! You are setup up to monitor 17 different pairs from one chart.

Regards,
JonDgls

JonDgls - Just installed your indicator - worked perfectly the first time - have only
had it for several minutes so can not comment yet how well the signals work but install
went perfectly - am going to keep it up and monitor it
One comment - it doesn't enable you to change the pairs other than enable/disable
them - this was fine with me, all of the pairs I trade were in the list - might be an
issue for other people though
Thanks for a very professional looking product ! Will comment later when I have
used it for a while - if it is effective and alerts work it will be solid gold !
Mack

 

[TheBramble]

The 3 Duck’s Trading System is a great set of guidelines to help you trade in the direction of trends and buy and sell at levels that confirm strength. The trader always needs to us their discretion and you should never attempt to automate this method,

Andy, too late. The ones that don't need that caveat reiterated know. It's the ones that don't that do, and they ain't listening....

No blame.

Give 'em a 3 Ducks EA and make them happy. Sooner they're out the better - for them.

 

[Piperman]

Hi Piperman, yes, if you have specific questions for the Captain I think a one-to-one session could be good value. The Captain generously provides his ebook for free and I'm trying to work out some of the details of his system for myself. I'd be interested to hear how you get on with your demo trades. Good luck! Regards, Chris.

Hi Chris,

Took 3 trade ytd around GMT 6.00 - 8.00 hours

Buy USD/JPY at B/E
Buy EUR/JPY at +50 pips (70+ pips at its highest)
Buy EUR/USD at -30 pips (SL hit)

All RvR are based on 1:2

Conclusion -
1st time trading made a mistake by having correlated pairs. Should have dropped either EU or UJ pair. Well trading psychology, I am still not there yet. Am trainng up for that as I entered into USD/JPY again when I am out. Anyway, if you are interested to discuss more, pls PM me your email. Maybe we could discuss more and discover on this system.

 

[Piperman]

Andy, too late. The ones that don't need that caveat reiterated know. It's the ones that don't that do, and they ain't listening....

No blame.

Give 'em a 3 Ducks EA and make them happy. Sooner they're out the better - for them.

Totally agreed Bramble, despite Capt's repeated advise on this...

 

[clissold345]

My 3 Ducks trade for today. Oanda practice account.

April 7 07:52:39 2011 BST Sell Market EUR/AUD 1.36602 45,000
April 7 08:30:34 2011 BST Close Trade EUR/AUD 1.36386 45,000
Profit £62.48

 

[TheBramble]

clissold, how are you selecting your stops and calculating your position sizing?

 

[clissold345]

clissold, how are you selecting your stops and calculating your position sizing?

Hi Bramble, I put the stop loss somewhere sensible on the other side of the 5min line from my entry price. I make the position size as big as I can without risking more than £100 (2% of a notional £5000 capital). I move take profit out of the way, so it is unlikely to be hit. My current thinking is to close the trade if I have a profit over £50 and then watch for another 3 Ducks buy signal on the same currency pair (which I'll take). Today I had to go out, so I couldn't continue to watch EUR/AUD.

Please feel free to suggest different stops/sizing, etc, since what I'm currently doing may not be entirely sensible. Regards, Chris.

 

[TheBramble]

I know I don't know enough to guide anyone on such issues, but I also use a max 2% risk per trade so that sounds comfortable.

When you say ‘the other side of the 5 min line’ do you mean to SMA60 on the 5 min? If it works for you then great, but for me, the SMA is quite arbitrary as a SR level. I tend to use more ‘formal’ SR levels such as Pivots and S&R etc.

But if it works for you…

What’s your W:L like using the current stop and take profit criteria?

ISTR Andy suggests in his guide assessing the potential R:R ahead of taking the trade and if not ‘worthwhile’ then don’t. No idea what worthwhile is to you, but risking £100 for £50 is probably lower than many would go for. Not that that is an issue if the W:L looks good, which is why I asked

I also differ from you in that I’ll let price action determine when it’s time to exit. Absolute or relative profit targets (or even pip targets) just don’t work for me.

Still, good to see how others interpret stuff. I don’t actually trade the 3 Ducks as it stands, but obviously, the essence of what the Captain has based his system on is central to all sensible trend-based systems.

 

[clissold345]

I know I don't know enough to guide anyone on such issues, but I also use a max 2% risk per trade so that sounds comfortable.

When you say ‘the other side of the 5 min line’ do you mean to SMA60 on the 5 min? If it works for you then great, but for me, the SMA is quite arbitrary as a SR level. I tend to use more ‘formal’ SR levels such as Pivots and S&R etc.

But if it works for you…

What’s your W:L like using the current stop and take profit criteria?

ISTR Andy suggests in his guide assessing the potential R:R ahead of taking the trade and if not ‘worthwhile’ then don’t. No idea what worthwhile is to you, but risking £100 for £50 is probably lower than many would go for. Not that that is an issue if the W:L looks good, which is why I asked

I also differ from you in that I’ll let price action determine when it’s time to exit. Absolute or relative profit targets (or even pip targets) just don’t work for me.

Still, good to see how others interpret stuff. I don’t actually trade the 3 Ducks as it stands, but obviously, the essence of what the Captain has based his system on is central to all sensible trend-based systems.

Hi Bramble, thanks for your response. I'm basically a beginner at forex. I'll look up support and resistance levels (of which I know nothing at present). Thanks for mentioning them.

Yes I meant SMA 60 on the 5 min chart. At present I just use the stop loss as protection against sudden strong price movements against me. With the stop loss where I put it at present, if the price hits the stop loss, my ducks are certainly no longer lined up, and if I'd been watching the trade more closely, I would have closed it before then anyway.

My W:L ratio is very good at present. Of the last eight 3 Ducks buy signals that I've taken only two have quickly turned against me. But no I have no secret. It's just good luck, which will end soon. I agree with you: risking £100 to gain £50 is not going to get me a profit medium term or long term. In theory, in my current system, I close the first trade and I'm ready to trade again on the same currency pair in the same direction (my ducks are still lined up (I only closed the first trade because I got £50 profit) and I'm waiting for the price to break another high/low). I'll try this approach and see if I can make it work.

Regards,

Chris.

 

[TheBramble]

Well, maybe luck, maybe not. Perhaps limiting expectations of major pip wins will derive a better expectancy than another method.

If your W:L is 6:2 even with a R:R of 1:2 you have positive expectancy so I'd take it easy on how many things you change at any one time.

 

[clissold345]

My 3 Ducks trade for today. Oanda practice account.

April 8 07:09:13 2011 BST Sell Market EUR/AUD 1.36731 60,000
April 8 10:03:07 2011 BST Close Trade EUR/AUD 1.36954 60,000
Loss £85.27

 

[Captain Currency]

A very good morning Duck Hunters,

Here Is My Current View On Some Currency Pairs Using The 3 Ducks Trading System;

Eur.Usd – I would be looking for buying opportunities when my 3 ducks line up

Gbp.Usd – The GBP has had a hard few days recently but I would still prefer to be buying this pair if/when my 3 ducks line up. A break and hold of 1.6330 is needed

Eur.Gbp – The Eur is taking full advantage of the GBP weakness so I would be looking for buying opportunities when my 3 ducks line up :idea:

Usd.Chf – I would be looking for selling opportunities when my 3 ducks line up

Aud.Usd – I would be looking for buying opportunities when my 3 ducks line up

Usd.Cad – I would be looking for selling opportunities when my 3 ducks line up. A break and hold above 0.9660 would get me neutral on this pair :smart:

Usd.Jpy – It needs to get back above 84.40 to get me interested in buying opportunities when my 3 ducks line up. A break and hold below 83.44 would have me on the sidelines :smart:

Eur.Jpy - I would be looking for buying opportunities when my 3 ducks line up

Hope that helps you, Keep it Simple, Keep it Logical, Keep Control, Keep Focus!​

Best wishes,
Andy


These are not trade recommendations. The 3 Duck’s Trading System is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas.

 

[TheBramble]

Behead Captain Currency.

 

[Adamus]

What about NZD.ZAR? That's what I want to know. Those 3 Kiwis never seem to line up.

 

[clissold345]

My 3 Ducks trade for today. Oanda practice account.

April 13 12:46:23 2011 BST Order Filled USD/CHF 0.89650 70,000
April 13 13:45:09 2011 BST Close Trade USD/CHF 0.89828 70,000
Loss £85.78

 

[TheBramble]

clissold, what is your exit strategy?