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The Daily Fozzy Method

  • #461
  • Oct 17, 2006 6:45pm Oct 17, 2006 6:45pm
Quoting BeachBum
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?)
I searched for your ATR settings/indicator without success. Would you please post it and any other nuances you find helpful? Thanks.
"Loss and failure are inevitable but misery is optional"
  • #462
  • Oct 17, 2006 10:42pm Oct 17, 2006 10:42pm
Beachbum,

Can you provide a succinct summary of how you are trading this method now? I know, I know, I promise to get you the excel sheets with the backtesting!

The reason I am asking is because in my backtesting I would be up hundreds of pips too, but those would often disappear quickly as I wasn't clear on how to take profits (or set stop losses for that matter). It didn't do me any good to be up loads of pips on paper, what mattered was how I closed those trades. Can you share with us your method? Also your method for stop losses?



Quoting BeachBum
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?)
  • #463
  • Oct 18, 2006 2:59am Oct 18, 2006 2:59am
Hi all,

Just dropping in to this thread after returning from 2 weeks vacation. Gee you guys have been busy. The thread has almost doubled in the last couple of weeks.

BeachBum,

Fantastic work with your modifications to the system and your many enlightened comments in this thread. I'm sure I speak for many here when I say "thanks".

Cheers

Fozzy
  • #464
  • Oct 18, 2006 6:35am Oct 18, 2006 6:35am
He talked previously about using a percentage of ATR, suggested maybe 70%, for determining stop losses. He also reitterated the fact that you have to use discretion, a raw hard cut number for everything won't work, especially on say slow trending currencies.

My suggestion to you for exiting is scaling out. Once you have a profit, usually I do this in the morning, is close half of your position and then set the rest to break even. As soon as you see a number and start getting greedy, close half of your remaining position, and then increase the stop loss on what is left. Of course you are going to have to scale down so you can do this. Instead of using 1 mini lot, use 10 micro lots, etc.

Your exit strategy should be part of your over all money management plan. Remember, your main goal is to NOT LOOSE MONEY. Making money comes naturally with good trading.


Quoting mikejody
Beachbum,

Can you provide a succinct summary of how you are trading this method now? I know, I know, I promise to get you the excel sheets with the backtesting!

The reason I am asking is because in my backtesting I would be up hundreds of pips too, but those would often disappear quickly as I wasn't clear on how to take profits (or set stop losses for that matter). It didn't do me any good to be up loads of pips on paper, what mattered was how I closed those trades. Can you share with us your method? Also your method for stop losses?

So far so good.
  • #465
  • Oct 18, 2006 6:36am Oct 18, 2006 6:36am
Fozzy- Thank's for your insight. Your method seems to have taken me from wasting time and money on intraday charts to something that fits my 'style' much better. Your work is appreciated. Hope you had a good vacation!

Quoting fozzy
Hi all,

Just dropping in to this thread after returning from 2 weeks vacation. Gee you guys have been busy. The thread has almost doubled in the last couple of weeks.

BeachBum,

Fantastic work with your modifications to the system and your many enlightened comments in this thread. I'm sure I speak for many here when I say "thanks".

Cheers

Fozzy
So far so good.
  • #466
  • Oct 18, 2006 8:42am Oct 18, 2006 8:42am
Welcome back fozzy!

We may have posted a lot while you were on holiday, but we always remember that you are the one who got us going and pointed in the right direction.

Thank you very much!

PS........have you really been gone two weeks? Time flies!


Quoting fozzy
Hi all,

Just dropping in to this thread after returning from 2 weeks vacation. Gee you guys have been busy. The thread has almost doubled in the last couple of weeks.

BeachBum,

Fantastic work with your modifications to the system and your many enlightened comments in this thread. I'm sure I speak for many here when I say "thanks".

Cheers

Fozzy
  • #467
  • Oct 18, 2006 8:46am Oct 18, 2006 8:46am
Yes Mike, where are those spreadsheets?. All you have to do is email them to me and I'll do the rest. Doesn't get any easier now does it?.......

I'll post some comments about trading technique a little later today.


Quoting mikejody
Beachbum,

Can you provide a succinct summary of how you are trading this method now? I know, I know, I promise to get you the excel sheets with the backtesting!

The reason I am asking is because in my backtesting I would be up hundreds of pips too, but those would often disappear quickly as I wasn't clear on how to take profits (or set stop losses for that matter). It didn't do me any good to be up loads of pips on paper, what mattered was how I closed those trades. Can you share with us your method? Also your method for stop losses?

  • #468
  • Oct 18, 2006 11:30am Oct 18, 2006 11:30am
paul2 has expressed it very nicely, well said.

I am using 100% ATR(10) plus broker spread as a S/L for most of my trades. This is very discretionary, but it's working well for me. In the past week and a half this amount has kept me in trades that turned a profit after some price adjustment and I only had one loss that was the full ATR amount. The R/R is very good. Which leads me to T/P decisions. I have the Vegas Daily Indicator on my charts. So I am looking at the tunnel and fib levels. Each pair has it's own characteristics in relation to these indicators. Experience has taught me to learn from the history displayed on the charts. I am trading either toward or away from one of these and when I sense the price is stalling near one of these, I will probably get out, move S/L or take some other action to preserve profit. I've exited some trades earlier than perhaps I should have, but I made a profit and reduced the risk. Like paul2 said: our goal is NOT LOOSE MONEY! paul2 explained using multiple lots and then exiting gradually. I don't do this because it's not my style, but it should work nicely as he described it. Another thing I have done is wait past the opening of a new daily candle until the price retraces before moving in my direction. It may bounce off the tunnel or a fib (this happened last night with gbp/jpy as it bounced off the tunnel and put me in a trade with an extra 64 pips....sweet!).

I like to think of the "fozzy" system as "low maintenance". He only looks at the charts a couple times a day............I may do it more often because I like to "manage" my trades more closely, but I don't really have to, I just enjoy squeezing out extra pips. I set my trades before 6 PM ET, check them about 12 hours later, then around noon ET and finally just before my daily close at 5 PM ET, moving S/L where appropriate and closing if prudent. And don't forget MM.

Please take this for what it's worth...........just the ramblings of a guy who looks at his monitor waaaaaaaayyyyyyyy too much.........


Quoting paul2
He talked previously about using a percentage of ATR, suggested maybe 70%, for determining stop losses. He also reitterated the fact that you have to use discretion, a raw hard cut number for everything won't work, especially on say slow trending currencies.

My suggestion to you for exiting is scaling out. Once you have a profit, usually I do this in the morning, is close half of your position and then set the rest to break even. As soon as you see a number and start getting greedy, close half of your remaining position, and then increase the stop loss on what is left. Of course you are going to have to scale down so you can do this. Instead of using 1 mini lot, use 10 micro lots, etc.

Your exit strategy should be part of your over all money management plan. Remember, your main goal is to NOT LOOSE MONEY. Making money comes naturally with good trading.
  • #469
  • Oct 18, 2006 12:10pm Oct 18, 2006 12:10pm
mikejody emailed me his backtest Excel spreadsheets, I zipped them and they are attached. I took a quick look............very impressive. Thanks Mike!
Attached File(s)
File Type: zip fozzy_stats.zip   75 KB | 869 downloads
  • #470
  • Oct 18, 2006 4:08pm Oct 18, 2006 4:08pm
can someone post the indicators used for this strategy..thanks
  • #471
  • Oct 18, 2006 4:27pm Oct 18, 2006 4:27pm
Please take the time to read this thread. Post #1 by fozzy explains the basic initial set-up. Since then some of us have modified fozzy's system a little.



Quoting traderjane
can someone post the indicators used for this strategy..thanks
  • #472
  • Oct 18, 2006 11:57pm Oct 18, 2006 11:57pm
Quoting minute
First set RSI as usual, then drag MA from navigator window into the window of the RSI. Then select apply to first indicators data.

Repeat for bollinger bands.
Why I can't put the MA into the RSI window?? and there is no option available to select (as u said apply). Help me please!!
  • #473
  • Oct 19, 2006 12:09am Oct 19, 2006 12:09am
Hi Ciro,

On a MT4 Chart, place the RSI on your chart. Then drag the Moving Average box over the RSI chart. Open it and chose the type and time period of the MA. Open the box that says "Apply" under the "Parameters" tab and choose the line that says "First Indicator Data". Now the MA will be overlaid onto the RSI indicator!
"Loss and failure are inevitable but misery is optional"
  • #474
  • Oct 19, 2006 12:58pm Oct 19, 2006 12:58pm
All,

Attached is a report of my demo account using Fozzy. This account uses the Fozzy expert exclusively with the default settings.

There is one trade that was incorrectly entered because I accidentally had the expert attached to a chart with a lower timeframe - usdchf (-44.05). Otherwise, this last week showed fantastic results.

I'm convinced that the EA is more effective at notifying valid trades than "eye-balling" it, so to speak. I believe that just eye balling the charts could potentially lead to false signals if your are late or early at looking at the chart.

Anyway, I'm very excited by this. It's looking really good.

stockwet
Attached File(s)
File Type: zip fozzy10-10.zip   7 KB | 845 downloads
  • #475
  • Oct 19, 2006 1:07pm Oct 19, 2006 1:07pm
These results are impressive! Which EA are you using? Thanks.



Quoting stockwet
All,

Attached is a report of my demo account using Fozzy. This account uses the Fozzy expert exclusively with the default settings.

There is one trade that was incorrectly entered because I accidentally had the expert attached to a chart with a lower timeframe - usdchf (-44.05). Otherwise, this last week showed fantastic results.

I'm convinced that the EA is more effective at notifying valid trades than "eye-balling" it, so to speak. I believe that just eye balling the charts could potentially lead to false signals if your are late or early at looking at the chart.

Anyway, I'm very excited by this. It's looking really good.

stockwet
"Loss and failure are inevitable but misery is optional"
  • #476
  • Oct 19, 2006 1:16pm Oct 19, 2006 1:16pm
stockwet...........

Well done! Your results are very encouraging. Thanks.


Quoting stockwet
All,

Attached is a report of my demo account using Fozzy. This account uses the Fozzy expert exclusively with the default settings.

There is one trade that was incorrectly entered because I accidentally had the expert attached to a chart with a lower timeframe - usdchf (-44.05). Otherwise, this last week showed fantastic results.

I'm convinced that the EA is more effective at notifying valid trades than "eye-balling" it, so to speak. I believe that just eye balling the charts could potentially lead to false signals if your are late or early at looking at the chart.

Anyway, I'm very excited by this. It's looking really good.

stockwet
  • #477
  • Oct 19, 2006 1:18pm Oct 19, 2006 1:18pm
This one:


http://www.forexfactory.com/forexfor...37&postcount=1


Quoting carmel
These results are impressive! Which EA are you using? Thanks.
  • #478
  • Oct 19, 2006 1:37pm Oct 19, 2006 1:37pm
Your results are FANTASTIC! Are y ou using the EA on the Daily charts?

Thanks,
Eureka


Quoting stockwet
All,

Attached is a report of my demo account using Fozzy. This account uses the Fozzy expert exclusively with the default settings.

There is one trade that was incorrectly entered because I accidentally had the expert attached to a chart with a lower timeframe - usdchf (-44.05). Otherwise, this last week showed fantastic results.

I'm convinced that the EA is more effective at notifying valid trades than "eye-balling" it, so to speak. I believe that just eye balling the charts could potentially lead to false signals if your are late or early at looking at the chart.

Anyway, I'm very excited by this. It's looking really good.

stockwet
  • #479
  • Oct 19, 2006 1:40pm Oct 19, 2006 1:40pm
I'm only monitoring 8 currency pairs. I've narrowed my pairs down due to small ATR's or high spreads. Anyway I've just closed my last trade. I did 6 trades this week and had a net win of 313 pips. In hindsight, I got out way too early on some trades. Since this my first try at daily charts I'm very pleased. I always felt like if you could average 100 pips a week, in the long run with good money management that you'd do well. This is fun!
Hi, my name is Barry and you can keep your doctor...
  • #480
  • Oct 19, 2006 1:52pm Oct 19, 2006 1:52pm
How is everyone setting TP and SL levels?
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