The Daily Fozzy Method | Page 23 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The 4 Hour Fozzy Method 233 replies

FOZZY Method CROSSES 808 replies

Fozzy Alt... one more approach to the Daily Fozzy Method 40 replies

My Daily Fozzy Trades 337 replies

Monthly Fozzy Method 9 replies

Attachments: The Daily Fozzy Method
Exit Attachments

The Daily Fozzy Method

  • #441
  • Oct 16, 2006 6:58pm Oct 16, 2006 6:58pm
Aaagh!! This #$*@ kills me. I was just going by the new daily bar that starts on FXDD at 0000 which is 1700 EST....
  • #442
  • Oct 16, 2006 7:30pm Oct 16, 2006 7:30pm
Quoting Palmer
OK...let me clear up this can of worms. I'm not trying to modify anything, I'm just double checking that what I see coincides with the rules stated.

The RSI and its MA are below the middle BB.
I use FXDD and there day starts at 1700 EST USA which is 0000 GMT. With FXDD's data on 10/13 the RSI was at 27 and the MA was at 31 on the close.

On 10/16 the RSI was at 34 and the MA was at 32 on the close at 0000 GMT; the RSI crossed above the MA for a long signal.

On 10/17 (Today according to FXDD) you would enter long on the open of the 0000 GMT bar.

Just double checking...
Palmer, I am new with fozzy system. Here is my opinion upon my observation ( I am using FXDD Demo account to test this system too). For euro/usd, on 13 oct, the cross is void as price dropping upon news announcement and therefore, it wont have any cross. On 16 oct, I see a confirm MA/RSI cross as a buy signal. Thus, using this method, we will enter long position today on 17 oct, australian time @ opening candle price ie. 2532
  • #443
  • Oct 16, 2006 8:03pm Oct 16, 2006 8:03pm
stockwet:

I looked back and said that GMT to EST incorrectly, thanks for clearing that up for me. I've got a time chart
that that has the conversions and whad'ya know 0000GMT = 2000EST.

turin0107:

Since FXDD begins their daily bars at 0000 FXDD time which is 1700EST (2100GMT), I'm not sure how to go about
figuring out the time discrepency with FXDD being GMT + 3. It may not matter. It sounds like you are seeing
the same numbers that I am and looking back at the daily charts, Fozzy still looks like a good method to follow....
  • #444
  • Oct 16, 2006 9:13pm Oct 16, 2006 9:13pm
Quoting Palmer
stockwet:

I looked back and said that GMT to EST incorrectly, thanks for clearing that up for me. I've got a time chart
that that has the conversions and whad'ya know 0000GMT = 2000EST.

turin0107:

Since FXDD begins their daily bars at 0000 FXDD time which is 1700EST (2100GMT), I'm not sure how to go about
figuring out the time discrepency with FXDD being GMT + 3. It may not matter. It sounds like you are seeing
the same numbers that I am and looking back at the daily charts, Fozzy still looks like a good method to follow....
I always use StrategyBuilderFX's signal to get valid crosses. The new daily cross begins from their server at 6 p.m. EST. They don't have every pair, but you can get a better idea earlier of how things are setting up.

Here's their SRV file...you can just plug it into your MT4 config folder and open a demo account with them.
Attached File(s)
File Type: zip MoneyTec-Demo.zip   < 1 KB | 444 downloads
Is your SL my TP?
  • #445
  • Oct 16, 2006 9:33pm Oct 16, 2006 9:33pm
Thanks dude...
  • #446
  • Oct 16, 2006 10:22pm Oct 16, 2006 10:22pm
no charge...

Is your SL my TP?
  • #447
  • Oct 17, 2006 6:45am Oct 17, 2006 6:45am
Hello,

I just want to clarify that it is my understanding the StrategybuilderFX's is gmt+2 so a new daily candle in est in the u.s would form @ 5pm today.
All 4 1 and 1 4 All
  • #448
  • Oct 17, 2006 8:41am Oct 17, 2006 8:41am
Just a few observations based on recent posts:

stockwet reminds us that fozzy originally wrote he does not trade Monday AM because of possible gaps over the weekend. But he also said this was discretionary.

Fozzy also uses 00:00 GMT as the time for reviewing his charts and making trading decisions. This is the time he gets a new daily candle.

So if we want to adhere strictly to the "fozzy" method, we would do the same.

However, I have made it known I prefer to use charts from a broker whose platform is GMT +3. For me this is discretionary and personal. I've posted my trading results using this time frame as well as my approach to using ATR for setting my S/L. I'm pleased with the results.

Because we are not all on the same time frame with our charts, we are going to get different signals at different times. How this will impact using the "fozzy" method over a long period of time, remains to be seen. But I don't think it is difficult to set up the charts using fozzy's preferred indicators and then watching for the correct signals. Or, we can use one of the excellent Indicators prepared and provided for us by stockwet (see his thread for fozzy indicators).

4rex: GMT+2 is 6PM EST
  • #449
  • Oct 17, 2006 9:10am Oct 17, 2006 9:10am
I agree, whenever your daily bar begins your stuck with that unless you want to change brokers.


Trade on.
  • #450
  • Oct 17, 2006 9:24am Oct 17, 2006 9:24am
Quoting Palmer
stockwet:

I looked back and said that GMT to EST incorrectly, thanks for clearing that up for me. I've got a time chart
that that has the conversions and whad'ya know 0000GMT = 2000EST.
I know. This whole time conversion stuff is just painful for everyone. I still have to check my reference time site every once in a while.
  • #451
  • Oct 17, 2006 9:30am Oct 17, 2006 9:30am
Quoting BeachBum
Because we are not all on the same time frame with our charts, we are going to get different signals at different times. How this will impact using the "fozzy" method over a long period of time, remains to be seen. But I don't think it is difficult to set up the charts using fozzy's preferred indicators and then watching for the correct signals. Or, we can use one of the excellent Indicators prepared and provided for us by stockwet (see his thread for fozzy indicators).

4rex: GMT+2 is 6PM EST
BB,

You've done an excellent job on several occassions citing your "add-ons" to the system. Thanks for doing that. It's very helpful and does a lot to minimize confusion.

The EA works great. It kept me out of what I would call the "false" signals late last week and successfully entered trades yesterday. I'm up on all the pairs Fozzy got in on, though, I don't know if my EURUSD trade is going to pan out given the news.

For those who are interested, I'll be posting the most recent version (unless I already did - these things tend to merge together in my mind) which includes an option to receive alerts via email and to turn live trading off. So, you can run the EA and just get an alert that a cross occurred and input the trades yourself. It will be up on the Fozzy EA thread.

Regards,

stockwet
  • #452
  • Oct 17, 2006 9:33am Oct 17, 2006 9:33am
Here's what I am doing. I have four different MT4 platforms that I use because the charting is free and I can have four sets of charts on different time frames. (it's easy to copy indicators and templates and paste them in all four platforms). I trade with two different brokers who do not offer MT charts. This provides me great flexibility and variety. I like this not only for trading purposes but also for forward-testing.



Quoting Palmer
I agree, whenever your daily bar begins your stuck with that unless you want to change brokers.


Trade on.
  • #453
  • Oct 17, 2006 9:34am Oct 17, 2006 9:34am
Remember everyone...........this will change when we loose Daylight Savings Time here in the US later this month..............



Quoting stockwet
I know. This whole time conversion stuff is just painful for everyone. I still have to check my reference time site every once in a while.
  • #454
  • Oct 17, 2006 9:36am Oct 17, 2006 9:36am
stockwet..........

Thanks for the words of appreciation.

I like using your EAs, both for testing and live trading.........so I'm looking forward to the new one. Please keep up the good work!


Quoting stockwet
BB,

You've done an excellent job on several occassions citing your "add-ons" to the system. Thanks for doing that. It's very helpful and does a lot to minimize confusion.

The EA works great. It kept me out of what I would call the "false" signals late last week and successfully entered trades yesterday. I'm up on all the pairs Fozzy got in on, though, I don't know if my EURUSD trade is going to pan out given the news.

For those who are interested, I'll be posting the most recent version (unless I already did - these things tend to merge together in my mind) which includes an option to receive alerts via email and to turn live trading off. So, you can run the EA and just get an alert that a cross occurred and input the trades yourself. It will be up on the Fozzy EA thread.

Regards,

stockwet
  • #455
  • Oct 17, 2006 11:39am Oct 17, 2006 11:39am
Quoting BeachBum

Tues-Wed 10/10-11
eur/cad....................still open (currently +28)..............closed +100
eur/jpy.....................still open (currently +32)..............closed +100
gbp/jpy(F)................still open (currently -14)...............closed B/E
aud/nzd....................B/E

Wed-Thurs 10/11-12
cad/jpy.....................still open (currently even).............closed +100

Thurs-Fri 10/12-13
eur/usd.....................still open (currently -49)...............still open even
gbp/usd....................still open (currently -29)...............still open +25
usd/chf.....................still open (currently -49)...............still open +30
usd/jpy(F).................still open (currently -31)................still open +70
aud/usd(F)................still open (currently even)..............still open +25
usd/cad(F)................still open (currently -36)................still open -45
nzd/usd(F)................still open (currently -34).................still open +45

Booked for the week:...................132 pips
Open trades:..............................(-182 pips)

Week ending 9/30.................+202
Week ending 10/6.................+462
Week ending 10/13...............-50

Three week total:.................+614
I think the lesson here is self-evident. IF I closed all my trades from last week, the net result for that week would be a profit of 582 pips!

The new three week total would be +1246. ( Se[V]eN are you watching?)
  • #456
  • Edited 3:36pm Oct 17, 2006 1:13pm | Edited 3:36pm
Here is a quick copy and paste from the demo account that I've been trading with. The first few trades were when I was figuring out how to use MT4 and trade with Fozzy's indicators. That first $50 loss shouldn't be there. After I settled into a good routine, adjusted risk so that I was only in about 10% over all, I found that the results are pretty decent. I've posted charts for most all of these trades on my blog (see profile for link, no ads.) I'm convinced that with proper money management and a well rounded application of Fozzy's method, you can be profitable. Also note, that there were quite a few Fozzy setups that did in fact flop, and I set my stop losses too tight on a few of them which forced me to exit early for a loss and went on to move as was indicated.

It's too early to say for sure that this is a winning method, I'm happy with the results so far and I will probably try this in a live account ($500ish) for a while to see what happens.

My methods evolved over time. 10% total risk at any one time. I use the original fozzy way of picking entry's, however, I also look at fundamentals and news events to make sure it's a "good idea." I use ATR to help determine good stop losses when the high/low of the previous day doesn't "make sense." And I also close around half of my positions for a profit and set the rest to break even, hoping for it to run.

Picture removed. Please repost image in 600 x 600 format thanks Moderator
So far so good.
  • #457
  • Oct 17, 2006 1:33pm Oct 17, 2006 1:33pm
Nice work paul2, thanks for sharing!
  • #458
  • Oct 17, 2006 3:08pm Oct 17, 2006 3:08pm
Quoting stockwet
BB,

You've done an excellent job on several occassions citing your "add-ons" to the system. Thanks for doing that. It's very helpful and does a lot to minimize confusion.

The EA works great. It kept me out of what I would call the "false" signals late last week and successfully entered trades yesterday. I'm up on all the pairs Fozzy got in on, though, I don't know if my EURUSD trade is going to pan out given the news.

For those who are interested, I'll be posting the most recent version (unless I already did - these things tend to merge together in my mind) which includes an option to receive alerts via email and to turn live trading off. So, you can run the EA and just get an alert that a cross occurred and input the trades yourself. It will be up on the Fozzy EA thread.

Regards,

stockwet
Hi Stockwet

Keep up the good work and lookikg forward to the latest version of the EA

Regards

Howard
Regards
  • #459
  • Oct 17, 2006 3:18pm Oct 17, 2006 3:18pm
BBum,

Thanks for the heads up... so I guess StrategyBuilderFX must be GMT+1 because my new daily bar will start at 5:00pm Eastern Standard Time here in Naples, Florida. Please correct me if I am incorrect.

Thanks
All 4 1 and 1 4 All
  • #460
  • Oct 17, 2006 3:53pm Oct 17, 2006 3:53pm
OK my friend..................If you get a new daily candle from your broker at 5PM EDT (that's the time we are on right now), your broker's platform is on GMT+3 time, just like one of the platforms I use from FXDD. HTH!



Quoting 4rex
BBum,

Thanks for the heads up... so I guess StrategyBuilderFX must be GMT+1 because my new daily bar will start at 5:00pm Eastern Standard Time here in Naples, Florida. Please correct me if I am incorrect.

Thanks
0 traders viewing now