DislikedGood morning, Mr & Mrs V,
I see the old Fozzy cross survives & remains on your charts through thick & thin. The question is.... do you really use it !?
I'm asking because I like it too, although not on faster charts, but I have finally got round to gettnig an H4 series going & guess what, it's based around Fozzy + some special sauce !
J.Ignored
Its on our D, 4hr and 1hr charts, not on 5 min anymore. We do not use it on the basis of 1hr fozzy crossed so its a trade. Its a help with decision on direction and for divergence. SR is obviously more important.
Could we do without it, yes of course as our main source of trade determination is follow the D (looking for SR levels, is the daily itself on a hl/lh, had an engulfing close etc etc).
We try and determine if in our humble opinion its a poss buy only or sell only day or a day when we would consider buying and selling.
So a positive close D candle that is in itself a hl not banging up against an obvious R area would be buy only the following day. If D rsi crossed up and above 50 level all the better.
If D has a positive close candle in a downtrend we may consider buy and sell trades (repeat may) the next day as you never know when the market is going to really turn. Until proven otherwise the view would be its a counter trend rally and we'd view more as a chance to sell rally in downtrend.
The market turn would be daily double tops/bottoms, hl/lh's, rsi crossed its ma, rsi crossed 50%, TL break.