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The Daily Fozzy Method

  • #561
  • Oct 23, 2006 4:40pm Oct 23, 2006 4:40pm
Quoting stevecartwright
Did you ever find a god way of achieving this. Its the one thing that really bugs me. I have tried buying a second lot and setting the SL to break even e.g. 1st trade reaches 100 pips so buy/sell another lot and set SL to price -/+50. If it goes back then you get out at breakeven other wise you now have 2 lots going forwards. Only my idea and only used it a couple of times. Never seemed to get onto a good enough run until recently.
Hi Steve,
No, I haven't really found a consistent way of taking profit. I have recently been trying something different. I use the same trailing stop method. Now, however, I use two lots and take profit for one lot at Vegas levels and let the other lot ride with the trailing stop. This is very much a work in progress but so far seems to be doing OK.

Cheers

Fozzy
  • #562
  • Oct 23, 2006 6:56pm Oct 23, 2006 6:56pm
Fozzy,

I like many others would like to thank you profusely for starting this thread. Your method has brought a sense of confidence and reward to my fx trading. Regarding your take profit I have been setting a market/trail stop with MBTrading(demo) which I use as my stop loss and profit taking. As my pips increase(hopefully ) I just keep changing my trail stop to protect my pips.
Like you I am still experimenting but this strategy feels comfortable to me.
All 4 1 and 1 4 All
  • #563
  • Edited Oct 24, 2006 7:46am Oct 23, 2006 8:43pm | Edited Oct 24, 2006 7:46am
Quoting BeachBum
I have not, but it would be very easy for you to search my posts in this thread, look at my "results" posts and tabulate the results yourself. Please post this for us all to review, it may prove enlightening.
I've been knocking myself out trying to figure why I come up with +1495 pips for your trades and you only show +1234 pips. I think I've figured it out. On pg 22 of you Oct 3 update, you closed 4 trades for -39 pips. Also, on pg 31 you closed 4 trades for +300 pips. On these 2 updates I couldn't find where they'd been applied to your totals. The net effect is +261 pips which is exactly the difference.
Here's the breakdown of BB's trades so far:
gbp/usd 5 trades +517 pips

cad/jpy 4 +327

usd/jpy 4 +276

eur/aud 3 +275

eur/cad 4 +267

eur/usd 5 +186

usd/chf 5 +100

eur/jpy 3 +74

gbp/chf 2 +47

eur/gbp 3 +33

aud/jpy 3 +13

chf/jpy 1 +11

eur/chf 1 B/E

nzd/usd 3 -17

usd/cad 2 -30

aud/usd 3 -56

aud/nzd 5 -182

gbp/jpy 6 -346
Hi, my name is Barry and you can keep your doctor...
  • #564
  • Oct 23, 2006 9:43pm Oct 23, 2006 9:43pm
Well done cisco..............it looks like "fozzy" is even more profitable than I thought it was.

I use my account with Oanda to trade several different strategies and it looks like I forgot to include some of my profit in the "fozzy" column.

Thank you for correcting my oversight. Any other enlightening items you would like to share with us?

Cheers................BB


Quoting cisco
I've been knocking myself out trying to figure why I come up with +1495 pips for your trades and you only show +1234 pips. I think I've figured it out. On pg 22 of you Oct 3 update, you closed 4 trades for -39 pips. Also, on pg 31 you closed 4 trades for +300 pips. On these 2 updates I couldn't find where they'd been applied to your totals. The net effect is +261 pips which is exactly the difference.
  • #565
  • Oct 23, 2006 9:44pm Oct 23, 2006 9:44pm
Great suggestion!



Quoting 4rex
Fingotrader,

The name of this thread is THE DAILY FOZZY METHOD... You need to start a new thread THE FOUR HOUR FOZZY METHOD. I would like to read it if you get it going.
  • #566
  • Oct 23, 2006 11:51pm Oct 23, 2006 11:51pm
USD/JPY buy. Anybody else gets that signal (based on Fozzy's methode)?

Thanks,
  • #567
  • Oct 24, 2006 1:53am Oct 24, 2006 1:53am
Quoting mazdak
USD/JPY buy. Anybody else gets that signal (based on Fozzy's methode)?

Thanks,
Hi Mazdak,

Yes I'm in long @ 119.32. Now at +19 pips. Hope it keeps going.

Cheers

Fozzy
  • #568
  • Oct 24, 2006 3:45am Oct 24, 2006 3:45am
I must admit that would be my preference but I don't like doubling up at the start anyway good luck this is imo the more difficult aspect of trading.



Quoting fozzy
Hi Steve,
No, I haven't really found a consistent way of taking profit. I have recently been trying something different. I use the same trailing stop method. Now, however, I use two lots and take profit for one lot at Vegas levels and let the other lot ride with the trailing stop. This is very much a work in progress but so far seems to be doing OK.

Cheers

Fozzy
  • #569
  • Oct 24, 2006 4:06am Oct 24, 2006 4:06am
Ok sorry, didn't mean to disturb anything, just wanted to share...

FT

Quoting 4rex
Fingotrader,

The name of this thread is THE DAILY FOZZY METHOD... You need to start a new thread THE FOUR HOUR FOZZY METHOD. I would like to read it if you get it going.
  • #570
  • Oct 24, 2006 5:23am Oct 24, 2006 5:23am
Hello,

I was hesistant to go long on usd/jpy because my the price has not really broken through 1.1960 level since december 2005 but I'm in on my MB demo nevertheless.

Good luck to all live traders
All 4 1 and 1 4 All
  • #571
  • Oct 24, 2006 5:38am Oct 24, 2006 5:38am
Quoting 4rex
I was hesistant to go long on usd/jpy because my the price has not really broken through 1.1960 level since december 2005 but I'm in on my MB demo nevertheless.
Sky's the limit.
Is your SL my TP?
  • #572
  • Oct 24, 2006 6:03am Oct 24, 2006 6:03am
Me too, long live 0.2 lots @119.34, go go go...

FT

Quoting fozzy
Hi Mazdak,

Yes I'm in long @ 119.32. Now at +19 pips. Hope it keeps going.

Cheers

Fozzy
  • #573
  • Oct 24, 2006 6:40am Oct 24, 2006 6:40am
Quoting mazdak
USD/JPY buy. Anybody else gets that signal (based on Fozzy's methode)?

Thanks,
I'm long on it also, and also shorting AUD/USD.

There was a bunch of crosses yesterday, on my charts- but i felt that these two were the best ones. Mainly because of the solid movement in the direction indicated.
So far so good.
  • #574
  • Oct 24, 2006 7:12am Oct 24, 2006 7:12am
usd/jpy.....buy
aud/usd....sell
nzd/usd....sell

All good this AM!


Quoting mazdak
USD/JPY buy. Anybody else gets that signal (based on Fozzy's methode)?

Thanks,
  • #575
  • Oct 24, 2006 8:02am Oct 24, 2006 8:02am
Go to post #563 for individual cross results.
Hi, my name is Barry and you can keep your doctor...
  • #576
  • Oct 24, 2006 8:21am Oct 24, 2006 8:21am
Well done cisco...............thanks!



Quoting cisco
Go to post #563 for individual cross results.
  • #577
  • Oct 24, 2006 8:41am Oct 24, 2006 8:41am
Quoting 4rex
Hello,

I was hesistant to go long on usd/jpy because my the price has not really broken through 1.1960 level since december 2005 but I'm in on my MB demo nevertheless.

Good luck to all live traders
I know what you mean 4rex but my mindset now is a system is a system, only works if you don't second guess it - anyway, this might be the time it breaks through 120. It's looking like the worst result will be break even - always a good position to be in.

Won't look again till 0:00GMT. I'm weaning myself off the "go!go!go!" style of cheering on my trades.
  • #578
  • Oct 24, 2006 11:57am Oct 24, 2006 11:57am
Hi guys! Don't know if anyone notice this. Yesterday i saw a cross in a pair. waited for a new day, the cross was still there and the price was going on the cross way, but later in the afternoon the price retraced and wiped the cross of the ema and the rsi. What can we do to prevent this? This is kind of frustating because we enter by the cross, then she dissapears later...
Any toughts on this?
  • #579
  • Oct 24, 2006 12:03pm Oct 24, 2006 12:03pm
Quoting Miguel
Hi guys! Don't know if anyone notice this. Yesterday i saw a cross in a pair. waited for a new day, the cross was still there and the price was going on the cross way, but later in the afternoon the price retraced and wiped the cross of the ema and the rsi. What can we do to prevent this? This is kind of frustating because we enter by the cross, then she dissapears later...
Any toughts on this?
Which pair? Since you're using the EMA, my guess is that since the new day weighed more, it pulled it back over. I use the SMA and don't have that problem. I've had them cross under, and then cross back over right away on the next day, but that just leaves a little "V" under the RSI.
So far so good.
  • #580
  • Oct 24, 2006 12:18pm Oct 24, 2006 12:18pm
Quoting paul2
Which pair? Since you're using the EMA, my guess is that since the new day weighed more, it pulled it back over. I use the SMA and don't have that problem. I've had them cross under, and then cross back over right away on the next day, but that just leaves a little "V" under the RSI.
Sorry, i am using simple moving average like you. the pair was usd/mxn (exotic).
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