I'd like to add myself to the previous question and also to ask what was your exit (or SL?) rule?
For example I don't understand your AUDUSD@5/8/2007 trade. Why did you take 16p only? May be you can show a chart?
Thank you anyway!
The Daily Fozzy Method 2,814 replies
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Fozzy Alt... one more approach to the Daily Fozzy Method 40 replies
Monthly Fozzy Method 9 replies
DislikedHi and thanks for your research!
I'd like to add myself to the previous question and also to ask what was your exit (or SL?) rule?
For example I don't understand your AUDUSD@5/8/2007 trade. Why did you take 16p only? May be you can show a chart?
Thank you anyway!Ignored
DislikedMy stop lose is always the high/low of the previous day....which is why some of my trades are down 80+ pips.
Still figuring out my TP......any help is always appreciated
Last night I traded the eur/cad and went to bed with out a trailing stopIgnored
DislikedExcellent job!!!
You seem to have the hang of it ...but a couple of questions if thats alright..
1. are you taking all crosses what criteria do you use for rejecting trades I take most crosses but will be careful if it has crossed and uncrossed several times close together. I also watch for S/R
2. do you use filters of any kind No
3. i use dynamic zone rsi , but when others are getting crosses mine aren't registering...any ideas I also use Dynamic set to 8,20,8 ....what are your settings?
Also( sorry ) i am just about to go live can you tell me what account type you use ( i only want to play with 250 for now ..so small ) I use Interbankfx and I trade with real money using micro lots. eg 1 cent per lot...I have built up enough confidence in the Fozzy Method that I now trade with 20 cent lots....Once I have had a longer period of time trading this method I will use mini lots to trade eg 1 dollar 2 dollar
IBFX has Sunday candles which according to some folks are not good with this method.....
also if you now of a good broker....blah ...blah ...
good results mate Thank you and best of luck to you
speak soon
RyeIgnored
DislikedThanks for your answer!
I use near idea of SL - H/L of previous "wave". Some times it's fractal, some times it's previous day's candle.
How do you think, is B/E after 40p then Trailing with 40p is normal for day method? I'm still figuring this part of the trade out for my self. Anyhow taking profit is up to the individual. Personally I think it would depend on the pair you are trading as to the BE and trailing stop.
And... is Trailing Stop - the only exit tactic you use? May be some calculating ideas like a %ofATR? (Does some one still use it for SL or TP?) The same is about Vegas Tunnels. Are they already not in use? Last night on 3 trades I placed a TP at what looked like Resistance lines. But normally I like to place a trailing stop just because I don't know any better and once I figure out which works best either S/R or trailing then that is what I will end up doing..
Thank you!Ignored
DislikedI have the following pairs on the watchlist for tomorrow's new daily open:
GU short - stop at 1.8900
GY short - stop at 241.50
EY short - stop 164.20
UY short - stop 122.
Any ideas or comments from more seasoned traders using fozzy would be greatly appreciatedIgnored
DislikedLast night I traded the eur/cad and went to bed with out a trailing stop or TP. It went up 100+ pips then down to my SL of the previous day's low...Bugger....But like I said still learning.
How is everyone else doing with the Fozzy Method?Ignored
DislikedI've only been trading the fozzy for a few weeks, but my results have not been nearly as impressive:
http://forexfactory.com/showthread.php?t=29443&page=7
I have perused your attached PDF files with great interest because there is such a discrepancy between our performance. I know that it is not fruitful to attempt to simply copy another trader's methods, but that doesn't mean that you can't constantly review your results against the results of others to expose any flaws in your own method. Likewise, I have been puzzling over the difference between my approach and yours.
There are a number of minor factors involved: You are using Dynamic RSI and I am using a manual RSI/MA combo. My RSI keys on median price, whereas yours keys on closing price. I use a PSAR filter while you do not. But after reviewing these factors for a while today, they don't seem to define any major difference between your trades and mine.
However, I do think I've found one major difference between your approach and mine - your use of trailing stops. I have constantly flip-flopped between loving/hating trailing stops. Most recently, I was in the "hate them" camp, but your results are forcing me to re-evaluate that approach. I think that my problem in the past is that I have set trailing stops that were entirely too tight, thus taking me out of otherwise profitable positions after brief spikes.
I'm going to post more thoughts on this topic in my own trade journal...Ignored
DislikedWow, took the GBP/JPY short, moved to breakeven after it went in the 30's and walked away for 10 minutes and was stopped out.
That was a nasty reversal.Ignored
DislikedI believe this was all tied to Australian news and it was a very bizarre market response. I was watching the market at 9:30 (I have 3 different AUD-short positions) and I watched my open positions go up by +$100 in a matter of minutes - only to watch them slip right back down minutes later. The main piece of news was supposed to be retail sales - which came out below expectations - but I think the market was whipsawed by the fact that a "lesser" release - construction work done q/q - was better than expected.Ignored
DislikedI believe this was all tied to Australian news and it was a very bizarre market response. I was watching the market at 9:30 (I have 3 different AUD-short positions) and I watched my open positions go up by +$100 in a matter of minutes - only to watch them slip right back down minutes later. The main piece of news was supposed to be retail sales - which came out below expectations - but I think the market was whipsawed by the fact that a "lesser" release - construction work done q/q - was better than expected.Ignored