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TagsDay Trading Market (Economics) Investing
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Page 13

Here is a question I get asked a lot: If the current price
is above the sma on the 4 hour chart and above the sma on
the 1 hour chart, but the current candle is NOT CLOSED
above the sma on the 1 hour chart, would I wait for a closed
candle on the 1 hour chart before I drop down to the 5 min
chart to look for a buy entry?

My reply to that question would be: The 3 Duck’s
Trading System has a number of rules or “guidelines” as I
would prefer to call them. Rules are good, but sometimes
rules can get in the way of a good trading opportunity! If the
trading scenario in the above question was happening in
front of me I would certainly be prepared to bend one of the
rules if I thought the circumstances where right.

The same can be said for a lot of other trading dilemmas
and questions that may arise from trading this system. I like
to use this system as a guide in addition to my own market
knowledge i.e. what is happening around me today? Is there
economic news out today? What time in the day is it? Is it a
holiday today? Is the market stuck in a choppy range? etc
etc. The principal of this system is to trade in the direction of
the trend and to enter a trade at a price that offers you
some chance of success. Prices on all three timeframes
MUST be above/below their sma’s, this is the one rule I will
NOT bend!


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