BB
I took a monitor and made a radar screen from this indicator as shown
I took a monitor and made a radar screen from this indicator as shown
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The Daily Fozzy Method 2,814 replies
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DislikedHi BB~
I think this is what you are after. I will try and locate the explanation and post.
Found it: http://www.forexfactory.com/showthread.php?t=21105Ignored
DislikedWith this version you can change the settings considerably more..
JasonIgnored
DislikedIf this "theory" interests you, please backtest and try it on a demo account before you consider going any further. That's what I am going to do......Ignored
DislikedBeach - just noticed this thread and wanted to comment before taking a looong hot bath (it's the end of the day here)...
Firstly, we must not forget that one of the strengths of the Daily Fozzy, which from one perspective is the only Fozzy, is that it operates on a close of bar basis. That keeps it simple & clear - moving into the 4 hr zone is taking a walk on the wild side, relatively speaking.
That said, I base all my entries, which I would no longer call Fozzy (not even "my" version) off the 4 hour chart. I do use the Fozzy RSI on a daily chart, with this indicator set to update every tick, ie. it can cross and uncross itself before it closes. I scan my Radarscreen every morning to see which pairs are starting to cross and then switch to the 4hr charts. Btw, I only do this once a day, as even though I spend (too many) hours a day in front of the computer, I am trading & investing in other areas. I don't care if I miss a trade (actually I do care a lot, but I don't care that I do care, if you can understand that apparently contradictory, but actually very simple thinking... ).
On the 4hr charts I am no longer interested in the Fozzy indicator, but I am looking for classic momentum / price divergence at support / resistance. Each trader will have his own favourite indicators & methods of "seeing" this. I use MTPredictor's Decision Point (for support / resistance & target areas) and STF (for momentum / trend strength) indicators as I have previously described elsewhere. If I was not an MTP subscriber, I would use something else, I just happen to like MTP.
'Should post a chart really... too tired, gotta soak in the tub.... maybe tomorrow.... oh & one more thing, when you look at charts this way, you really see how correlated the fx markets are, ie. the charts often look SO similar, there is no point putting on masses of different trades, which are basically the same trade... I'm beginninig to ramble, dear Beach, so I'll shut up...
A presto, fellow Floyd fan and Italy lover.
J.Ignored
DislikedFirst: thanks to everyone who has posted here already......
As the title suggests, I think it is possible to use the 4 hour chart with a simple Fozzy system template attached to "get a jump" on the Daily chart signal. Having spent some time backtesting and doing a "little" forward testing, this is the conclusion I will try to support with a few examples beginning this week. First I'm going to let the NFP dust settle; so it will probably be Tuesday before I post some additional observations and charts.
I hope some of you will follow along as well as contribute to this thread. My goal is to make the Fozzy method even better and more profitable. Join me for the journey and let's see what we can accomplish..............Ignored