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The Daily Fozzy Method

  • #41
  • Sep 14, 2006 9:17pm Sep 14, 2006 9:17pm
I have been working on a daily system too. I find that, when I try to trade the intraday charts, I rush too much and make bad trades. I much prefer to check the charts at the end of the day and make a trade then. I've been using combination of the SHI Silvertrend and the Aroon Oscillator. Interesting thing is the SHI seems to appear at the same time as the RSI crossover. The Aroon provides confirmation that the current trend has begun to turn.
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  • #42
  • Sep 14, 2006 10:08pm Sep 14, 2006 10:08pm
Quoting fozzy
Hi brainjt,
The cross did not occur until the 14 sep. I only trade on the open of the next bar after the cross. So, I would go long on the open of 15 Sep. You might not get every available pip this way but you will find the chance of a successful trade is much higher. On a daily system it is very difficult to pick exact tops and bottoms. As diallist said on another thread, the top 20 pips and bottom 20 pips in every 100 pip move is "fat". Like him, I'd rather trade on "lean" pips.
The attached chart should show what I mean.

Cheers

Fozzy
I thought as long as the RSI cross 8MA below middle band is valid.... i went long GU when i saw RSI crossed 8MA... if i dont enter market, i would have missed 150 pip trade....what a miss!
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  • #43
  • Sep 14, 2006 10:48pm Sep 14, 2006 10:48pm
Quoting kenari05
I thought as long as the RSI cross 8MA below middle band is valid.... i went long GU when i saw RSI crossed 8MA... if i dont enter market, i would have missed 150 pip trade....what a miss!
If you look at the chart you posted above for the daily candle on 13 Sep the RSI has not crossed the MA. During the day on 14 Sep the cross occurs. If you feel comfortable entering when you see the cross then go for it. The way I trade it is to wait until the open of the next bar AFTER the cross. If that means missing a 150 pip trade then so be it. I found that when I start to be too hard on myself for missing the maximum amount of pips I tend to rush my trades. It's like I'm always trying to make up for the pips I "should" have got. I am happy to take what I get. There'll be more opportunities. Patience is the key to my style of trading. Each trader has to do what they are most comfortable with.

Cheers

Fozzy
  • #44
  • Sep 14, 2006 11:04pm Sep 14, 2006 11:04pm
Quoting fozzy
If you look at the chart you posted above for the daily candle on 13 Sep the RSI has not crossed the MA. During the day on 14 Sep the cross occurs. If you feel comfortable entering when you see the cross then go for it. The way I trade it is to wait until the open of the next bar AFTER the cross. If that means missing a 150 pip trade then so be it. I found that when I start to be too hard on myself for missing the maximum amount of pips I tend to rush my trades. It's like I'm always trying to make up for the pips I "should" have got. I am happy to take what I get. There'll be more opportunities. Patience is the key to my style of trading. Each trader has to do what they are most comfortable with.

Cheers

Fozzy
ok fine... the cross should occur between high and low bolinger bands or can be outside?
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  • #45
  • Sep 14, 2006 11:38pm Sep 14, 2006 11:38pm
Can anyone help me set up the charting for this system?

It would appear to be very easy, with just an RSI, a moving average (is it an SMA) and Bollinger Bands. I am using MT3 and it refuses to let me put them together. Every time I try I end up with the MA and BB on the chart itself and the RSI on a separate panel below. What am I doing wrong? How do I get all 3 indicators on the same panel?
  • #46
  • Sep 14, 2006 11:53pm Sep 14, 2006 11:53pm
Quoting moonchild
Can anyone help me set up the charting for this system?

It would appear to be very easy, with just an RSI, a moving average (is it an SMA) and Bollinger Bands. I am using MT3 and it refuses to let me put them together. Every time I try I end up with the MA and BB on the chart itself and the RSI on a separate panel below. What am I doing wrong? How do I get all 3 indicators on the same panel?
this is explained for MT4 earlier in the thread, I tried it on MT3 and it didn't work the same way. So maybe you do nothing wrong, just the program you have. there must be a good reason why you don't have MT4, but if possible it is better.
  • #47
  • Sep 14, 2006 11:53pm Sep 14, 2006 11:53pm
Quoting kenari05
ok fine... the cross should occur between high and low bolinger bands or can be outside?
Long cross can be anywhere below middle BB and short cross anywhere above middle BB. You'll find that the MA only rarely goes outside the high and low BBs and it tends to happen on the more volatile pairs like GBP/USD. Crosses outside the BBs would certainly be valid.

Best of luck in your trading.

Cheers

Fozzy
  • #48
  • Sep 15, 2006 12:33am Sep 15, 2006 12:33am
Thanks Fozzy. The chart below is a beautiful thing!
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Trade what you see - Not what you think
  • #49
  • Sep 15, 2006 12:39am Sep 15, 2006 12:39am
Quoting summitfx
Thanks Fozzy. The chart below is a beautiful thing!
Hi Summitfx,

I haven't traded this pair but it looks from your chart that there was a good short trade at the beginning of Sep as well. I may have to expand my horizons a bit.

Cheers

Fozzy
  • #50
  • Sep 15, 2006 12:42am Sep 15, 2006 12:42am
Quoting summitfx
Thanks Fozzy. The chart below is a beautiful thing!
Did you get in on that trade? Not a huge number of pips but well worth getting.

I may have to chage platforms and get MT4 since my broker now has it for live accounts, not just demos any more.
  • #51
  • Sep 15, 2006 12:52am Sep 15, 2006 12:52am
Thx for your reply, its like very nice- its important that you need only a short time for enter trade a than monitor it,
thx bj
P.S. your pictures are very instructive,
BJ
  • #52
  • Sep 15, 2006 12:56am Sep 15, 2006 12:56am
kenari05,

The following chart should show what I was trying to say earlier. I missed a few pips but I'm still in the trade.

Cheers

Fozzy
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  • #53
  • Sep 15, 2006 1:13am Sep 15, 2006 1:13am
No, I just set up my charts last night. Small amount of pips?/ Looks like each run would have yielded about 400 pips each- not bad for 2 weeks- 1 pair


Quoting moonchild
Did you get in on that trade? Not a huge number of pips but well worth getting.

I may have to chage platforms and get MT4 since my broker now has it for live accounts, not just demos any more.
Trade what you see - Not what you think
  • #54
  • Sep 15, 2006 1:21am Sep 15, 2006 1:21am
Quoting summitfx
No, I just set up my charts last night. Small amount of pips?/ Looks like each run would have yielded about 400 pips each- not bad for 2 weeks- 1 pair
Sorry Kent. That comment was not supposed to be taken literally, I guess it was not obvious that it was facetious.
  • #55
  • Sep 15, 2006 1:24am Sep 15, 2006 1:24am
No worries- It's past my bedtime! each time I see your namesake it reminds me of a Van Morrisson Song- It's a marvelous night for a moondance with the stars up.....lol
Ken T

Quoting moonchild
Sorry Kent. That comment was not supposed to be taken literally, I guess it was not obvious that it was facetious.
Trade what you see - Not what you think
  • #56
  • Sep 15, 2006 1:29am Sep 15, 2006 1:29am
A couple bedtime snacks on the 30 minute FuzzyLogic method
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Trade what you see - Not what you think
  • #57
  • Sep 15, 2006 2:18am Sep 15, 2006 2:18am
Hi Fozzy!

Your method looks quit promising. Thanks for sharing!

I have one question. In your description you say that you move to Break Even after a 40 pip gain but later you say that you use a trailing stop of 25 pip after a 40 pip gain.

Can you please clarify?

Many thanks!
  • #58
  • Sep 15, 2006 2:37am Sep 15, 2006 2:37am
Quoting parabolic
Hi Fozzy!

Your method looks quit promising. Thanks for sharing!

I have one question. In your description you say that you move to Break Even after a 40 pip gain but later you say that you use a trailing stop of 25 pip after a 40 pip gain.

Can you please clarify?

Many thanks!
Hi parabolic,

I move my stop to break even after 40 pip gain. If the move continues another 25 pips (so 65 in total) I trail the stop. So, for example, if the move has gone 100 pips my stop/loss would be 75 pips. If the move only goes 50 pips and reverses I would get out at break even. However, if the move gets as far as 70 pips my stop/loss would be 45 pips. This is just something I'm playing around with as I've found that this method is slow to take off at times and needs to be given room to move. One thing I'm now looking at is this suggestion from HAGeek.

Quoting HAGeek
looks very interesting..

have you tried trading with 2 lots. 1st lot TP at 50pips. 2nd lot trailing 50pips?

looks pretty good on those 4 pairs in last month or so.
Sorry my explanation wasn't very clear. The most difficult part I find in my trading is knowing when to get out without giving back too many pips.

Cheers

Fozzy
  • #59
  • Sep 15, 2006 10:44am Sep 15, 2006 10:44am
Hi Fozzy,

Quick question, do you monitor your trade and move your stops as price moves, or do you adjust stops at 0000 GMT after seeing how much the trade has moved.

Yellow
  • #60
  • Sep 15, 2006 11:46am Sep 15, 2006 11:46am
Crosses outside the BBs would certainly be valid- POsT 47
LOOK et eurusd cross outside, but again down, I think in forex nthing is certainly, entry 2723 SL previous bar lows- failure,
but I think its no very often,
do you look for trend on weekly charts? was this trade ok key taken ?
Bj
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BJ
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