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The Daily Fozzy Method

  • #201
  • Sep 26, 2006 4:02pm Sep 26, 2006 4:02pm
Quote
Yeah, you're right. I didn't know it either until stockwet used it in the first version of FOZZY EA. It doesn't say in the doc. :/. it works, though.

I lucked out on that one. I saw it discreetly referenced on some site somewhere and thought I would try it. It worked, so, I kept it.
  • #202
  • Sep 26, 2006 4:11pm Sep 26, 2006 4:11pm
I am "experimenting" with using a S/L that equals either the current ATR (10 day period) or the previous day's high or low, whichever is less. I have learned from using a trading strategy with Vantage Point software that most days the ATR plays a large part in what price will do the 24 hours after the NY close. Most days and most currencies are at the median price (or very close to it) for the next 24 hours at 5 PM EST. If the price moves more than the ATR from this price level, you are in a loosing trade. I put the current ATR on my chart by dragging this indicator onto the "fozzy indicator" window and choosing none for the color of the ATR line, leaving me with the ATR value in the upper left corner of the window. I'm going to test this out and post the outcome.


Quoting tradeigel
Hi BeachBum,

how do you exactly use ATR for setting your S/L's ? Could you post a screenshot? The only idea I had is that you might use the 'ATR levels' indicator which is drawing like 3 lines - one could use that as S/L.

BTW, don't get too excited about the EA...we still have to change a lot for making it profitable on the long run :/
  • #203
  • Sep 26, 2006 4:13pm Sep 26, 2006 4:13pm
I've been trying this with very mixed results.................something like 10 trades producing 30 pips on a 4 hour eur/usd chart. Not very impressive when compared with daily chart results.



Quoting tihomir
Great work guys!

Is it possible to trade this system on smaller time frame?.

Thanks !

Happy Trading!
  • #204
  • Sep 26, 2006 4:19pm Sep 26, 2006 4:19pm
IF you want, you can choose a broker whose charts correspond to the time you want a new daily candle to open (see my previous post). I don't think it will matter very much if you get a new daily candle between 5 PM and 8PM EST because most days not very much happens during this period. Fozzy uses GMT open charts, I'm working three hours before that and doing very well.



Quoting stockwet
Hey,

I probably missed this somewhere, but, does timezone matter with this system? Fozzy mentioned that he checks his chart at 00 GMT. However, my candles are not on GMT time, but GMT +3. Is the system valid with these minor hour differences, or, do we need to do some sort of time adjustment to get it to 00 GMT?

stockwet
  • #205
  • Sep 26, 2006 4:56pm Sep 26, 2006 4:56pm
miscon777........

Thanks very much for the indicators!

How can I change the AO_FozzySignal to show ALL trades regardless of where the cross is in relationship to the BB center line? I would like to modify this and the BT indicator because I am trading and testing all trades when the RSI crosses the MA.

Thanks!


Quoting miscon777
Great thread... been testing various daily trading systems since I got a day job, and this one looks to have some good potential.

I've attached a zip with three indicators I built for this system:

AO_Fozzy shows the same information that the template posted earlier in this thread does, but does so an indicator rather than a complete template.

AO_FozzySignal adds a Signal line (green by default) that shows when to enter trades, and in which direction. If it spikes up to 100, enter long at the open of the following day. If it spikes down to 0, enter short at the open of the following day.

AO_FozzySignal_BT is the same as AO_FozzySignal, but the spikes appear on the day you should enter the trade rather than the day before. This can be handy for backtesting, and works just as well as AO_FozzySignal if you can wait for the 0:00gmt bar to set your trades.

I've also attached an image to show the three indicators, plus the original template version at the top so they can be compared. If values look slightly different between them it is only due to the difference in vertical scaling - I've checked the exact values being produced by all, and they line up perfectly (as far as I have seen, anyway).

I've got a few points to make regarding this system, but I'll make those comments in a separate post.

Enjoy!
  • #206
  • Sep 26, 2006 5:33pm Sep 26, 2006 5:33pm
Hello guys,

How about shorting GBP/USD? Looks good.
  • #207
  • Sep 26, 2006 5:38pm Sep 26, 2006 5:38pm
I entered at 5PM EST.

Quoting JBB
Hello guys,

How about shorting GBP/USD? Looks good.
  • #208
  • Sep 26, 2006 5:43pm Sep 26, 2006 5:43pm
So did I
  • #209
  • Sep 26, 2006 6:40pm Sep 26, 2006 6:40pm
Quoting BeachBum
I entered at 5PM EST.
I entered at 6PM EST short EUR/USD 1.2684.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #210
  • Sep 26, 2006 6:46pm Sep 26, 2006 6:46pm
Quoting jarroo
I entered at 6PM EST short EUR/USD 1.2684.

Jim
The only thing that concerns me is how much resistance the daily and weekly trend lines (demand lines) will give me. It will be interesting to see what has more strength the trend lines or the Fossy indicator.
Indicators show the past. Price Action "Indicates" the future.
  • #211
  • Sep 26, 2006 6:53pm Sep 26, 2006 6:53pm
Quoting jarroo
The only thing that concerns me is how much resistance the daily and weekly trend lines (demand lines) will give me. It will be interesting to see what has more strength the trend lines or the Fossy indicator.
Same concerns with the (shorting) GBP/USD. 4 hour and Daily trend lines (demand lines) show resistance.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #212
  • Sep 26, 2006 9:23pm Sep 26, 2006 9:23pm
Quoting BeachBum
How can I change the AO_FozzySignal to show ALL trades regardless of where the cross is in relationship to the BB center line? I would like to modify this and the BT indicator because I am trading and testing all trades when the RSI crosses the MA.

The attached indicator should do it for you, BeachBum... Enjoy.
Attached File(s)
File Type: zip AO_fozzyALL.zip   < 1 KB | 1,232 downloads
Et ecce equus pallidus...
  • #213
  • Sep 26, 2006 9:26pm Sep 26, 2006 9:26pm
Oops... forgot the BT version that gives signals for all trades.... attached.
Attached File(s)
File Type: zip AO_fozzyALL_BT.zip   < 1 KB | 1,217 downloads
Et ecce equus pallidus...
  • #214
  • Sep 26, 2006 10:46pm Sep 26, 2006 10:46pm
I use settings of :

RSIperiod = 8
BandPeriod=34
MAperiod=13

Can someone create an MQ4 file & add following:
MA_type
Band_deviation

Thanks.
Attached File(s)
File Type: zip Dynamic Zone RSI.zip   67 KB | 1,060 downloads
CCI decipherer
  • #215
  • Sep 27, 2006 8:51am Sep 27, 2006 8:51am
My AO_Fozzy* indicators allow for controlling band deviation.

I assume you want to control MA type on the RSI, not the middle BB line? Please clarify, and I should be able to do this for you.
Et ecce equus pallidus...
  • #216
  • Sep 27, 2006 9:11am Sep 27, 2006 9:11am
miscon777.....

Thank you very much for both indicators !!!


Quoting miscon777
The attached indicator should do it for you, BeachBum... Enjoy.
  • #217
  • Sep 27, 2006 9:16am Sep 27, 2006 9:16am
The gbp/usd trade is up 80 pips for me right now while the eur/usd is flat.

I currently have 9 "fozzy" trades open for a total of 295 pips in profit.

eur/usd, gbp/usd, usd/jpy, gbp/jpy, aud/jpy, nzd/usd, aud/nzd, aud/usd, cad/jpy

Good results from the "fozzy"


Quoting jarroo
The only thing that concerns me is how much resistance the daily and weekly trend lines (demand lines) will give me. It will be interesting to see what has more strength the trend lines or the Fossy indicator.
  • #218
  • Sep 27, 2006 12:17pm Sep 27, 2006 12:17pm
i was reading about the dynamic zone rsi, and it says that another way to gauge if the RSI and MVA cross is valid is to wait for RSI to be > 50 for buy or <50 for sell. I think the MVA 20 acts the same way in that it filters false signals.
  • #219
  • Sep 27, 2006 12:30pm Sep 27, 2006 12:30pm
yeah sure is alot friendly, seems like this littel fozzi system is doing well for you, what stop are you using, stock fozzi stop or something else.

oh and how do you find fxdd as a broker, still searching for a decent broker,
I was about to open with ibfx.


Quoting BeachBum
Hello stricko.............I remember you too. It's a lot friendlier here at FF!

I have been using FXDD's MT4 platform which is GMT +3. I get a new "daily" candle at 5 PM EST, which is very convenient for me (and it corresponds to the NY close) and so far seems to work well. Stay tuned!
  • #220
  • Sep 27, 2006 1:09pm Sep 27, 2006 1:09pm
Hi stricko.......

Right now I am using either "standard" fozzy stop or the ATR (10), whichever is smaller, but I am experimenting with this. I will probably decide on some kind of an average of the two, using MM and my own comfort level. HTH!

I'm not using FXDD as my broker, only data feed for MT4 because the new "daily" opens at 5PM EST (good time for me). They are GMT+3.

I trade with Oanda.


Quoting stricko108
yeah sure is alot friendly, seems like this littel fozzi system is doing well for you, what stop are you using, stock fozzi stop or something else.

oh and how do you find fxdd as a broker, still searching for a decent broker,
I was about to open with ibfx.
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