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The Daily Fozzy Method

  • #641
  • Edited 12:35pm Oct 29, 2006 10:09am | Edited 12:35pm
Hello,

My gmt+3 charts shows two new crosses above mid band on the BB established @ the close of bar(5pm est) on 10/27:

GBP/JPY (sell)

EUR/JPY (sell)

Would you enter at open on Sunday 4pm est or wait for 4pm on Monday. Fozzy's method leaves it up for discretion. How about the rest of us?

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  • #642
  • Oct 29, 2006 10:14am Oct 29, 2006 10:14am
Quoting downunderdave40
Hi Beachbum,

There are alot of platforms out there with different time feeds. I see you are very sucessful with this method. I've had the fozzy system loaded on my platform but have only taken one trade with it. What time frame are you using for the start of your day..is it GMT or something else? I am at work when the GMT day starts so I miss most of the entry signals on my platform.

Dave
I believe he is GMT -3 which means that he is getting a new daily candlle at 5 pm est. Most people using mt4 get a new daily candlle at either 5 or 8 pm est, depending on the broker. I have two mt4 4 platforms so I have both. HTH!
Sergiu
Stubbornly persistent
  • #643
  • Oct 29, 2006 10:18am Oct 29, 2006 10:18am
Quoting 4rex
Hello,

My gmt+3 charts shows two new crosses above mid band on the BB established @ the close of bar(5pm est) on 10/27:

GBP/JPY (sell)

EUR/JPY (sell)

Would you enter at open on Sunday 5pm est or wait for 5pm on Monday. Fozzy's method leaves it up for discretion. How about the rest of us?

When in doubt stay out. Or better yet when a signal that you are not sure of shows up, demo trade it and record the results. Other a period of time you will know with statistical probability whether it is a good idea to take it or not. Just my opinion!
Sergiu
Stubbornly persistent
  • #644
  • Oct 29, 2006 10:22am Oct 29, 2006 10:22am
Hi dave.......

I've addressed this topic in a previous post, but I'll have another go at it:

First of all, fozzy wrote that he uses charts that begin a new day at GMT. I opted for GMT+3 (FXDD broker) because it gave me a new daily candle/bar at 5PM EST. Because Daylight Savings Time is not now in effect in the US, I will get the candle at 4PM ET, so I am planning to change brokers to one that has a GMT+2 feed which puts me back at 5PM ET. A difference in time for the formation of a new daily candle WILL affect fozzy signals, we have already established THAT. But I do not think in the grand scheme of things it will have a significant impact on the profitability of this trading method. But, only time will tell. I like MY new daily candle at 5PM ET because for me it is the end of my trading day and the beginning of a new one. In addition, I use Vantage Point software and prepare my next day's trading strategy between 5 and 6 PM ET, so the timing for everything is just right for me.

This is probably more information that you expected (or perhaps even wanted) but now I can refer to this post in the future if the question arises again. HTH!

PS.............where do you live in OZ? I'll be on the Gold Coast in December.


Quoting downunderdave40
Hi Beachbum,

There are alot of platforms out there with different time feeds. I see you are very sucessful with this method. I've had the fozzy system loaded on my platform but have only taken one trade with it. What time frame are you using for the start of your day..is it GMT or something else? I am at work when the GMT day starts so I miss most of the entry signals on my platform.

Dave
  • #645
  • Oct 29, 2006 10:33am Oct 29, 2006 10:33am
From a strictly "fozzy" perspective, these look very good. However, I have said before that I have the Vegas Daily indicators on my charts and for that reason I would be very cautious about these sell signals. Both are against the daily trend. Both sells would be right into the Tunnel. The GPB/JPY has not closed below the Tunnel in almost two months, not a very encouraging scenario. And if you look back at my trading history compiled by cisco, GBP/JPY has been a consistent looser, in part for this very reason, trading into the Tunnel without a break through. The situation for the EUR/JPY is similar, although not as gloomy. I sold both of these pairs last week and just barely squeezed out a small profit on both trades largely because of the reasons I just explained. IMO, be careful and set your sights low.



Quoting 4rex
Hello,

My gmt+3 charts shows two new crosses above mid band on the BB established @ the close of bar(5pm est) on 10/27:

GBP/JPY (sell)

EUR/JPY (sell)

Would you enter at open on Sunday 5pm est or wait for 5pm on Monday. Fozzy's method leaves it up for discretion. How about the rest of us?

  • #646
  • Oct 29, 2006 10:37am Oct 29, 2006 10:37am
FYI............because there are so many MT brokers, you can pick one to give a new daily between GMT and GMT+3.

http://www.forexfactory.com/forexfor...ead.php?t=9450


Quoting sergiu
I believe he is GMT -3 which means that he is getting a new daily candlle at 5 pm est. Most people using mt4 get a new daily candlle at either 5 or 8 pm est, depending on the broker. I have two mt4 4 platforms so I have both. HTH!
Sergiu
  • #647
  • Oct 29, 2006 1:02pm Oct 29, 2006 1:02pm
BB,


Thanks for your feedback. I did notice the trend situation. I don't follow the vegas but I am sure that your analysis from that perspective is correct. Did you notice that the eur/jpy pair could bounce off a resistance level set back on 8/27 @ 1.5073? I think that I will trade the eur/jpy and just watch the gbp/jpy.

Thanks
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  • #648
  • Oct 29, 2006 1:17pm Oct 29, 2006 1:17pm
Quoting 4rex
BB,


Thanks for your feedback. I did notice the trend situation. I don't follow the vegas but I am sure that your analysis from that perspective is correct. Did you notice that the eur/jpy pair could bounce off a resistance level set back on 8/27 @ 1.5073? I think that I will trade the eur/jpy and just watch the gbp/jpy.

Thanks
Looking at what EURJPY has been doing lately I would expect it to bounce of the fib 148.65 on the Vegas setup and then return to 150.70 area.

Of course I could be wrong but this is the kind of action that has been happening since May.
  • #649
  • Edited 4:01pm Oct 29, 2006 2:56pm | Edited 4:01pm
Hello,


Just an FYI for those interested due to the Daylight Savings Time adjustment. I just finished opening accounts through StrategyBuilderFX (thanks to Stockwet's http://www.forexfactory.com/forexfo...read.php?t=5293 ) with Fibo & Alpari. The 10/27 bar closed at 23:00(strategybuilderfx), 22:00(Alpari) & 21:00(Fibo).
Thanks to all contributors

P.S
Fibo started a new bar at 4:00pm est
MBTrading my demo trading platform is not operative yet(4:20pm est)
Strategybuilderfx a new bar at 5pm est
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  • #650
  • Oct 30, 2006 6:45am Oct 30, 2006 6:45am
This may be a bit late for some and it is basic e.g. only an 8 RSI and 8MA crossing. It shows where the potential trades could be and helps to visualise what would happen if further filters were applied. I can of course make it more comprehensive i.e. show stops & profit and furter filters if anyone is interested.

Make sure it goes in the experts/scripts directory

Steve
Attached File(s)
File Type: mq4 SMC Fozzy script.mq4   3 KB | 691 downloads
  • #651
  • Oct 30, 2006 9:17am Oct 30, 2006 9:17am
I have just finished reading, well scanning, "Bird Watching in Lion Country" and whilst not necessarily recommending the book some of the concepts found in the last few pages have helped me with a filter for this system. By determining a high point, a low point and a midway level then only buy when below the mid point and sell above. Given we are told that prices range 75% of the time this strategy is well suited to this model. Profits can be taken at the opposite extremes.
  • #652
  • Oct 30, 2006 9:27am Oct 30, 2006 9:27am
Without doing a lot of research about this, IMO this sounds like using the Vegas Tunnel as a similar indicator.



Quoting stevecartwright
I have just finished reading, well scanning, "Bird Watching in Lion Country" and whilst not necessarily recommending the book some of the concepts found in the last few pages have helped me with a filter for this system. By determining a high point, a low point and a midway level then only buy when below the mid point and sell above. Given we are told that prices range 75% of the time this strategy is well suited to this model. Profits can be taken at the opposite extremes.
  • #653
  • Oct 30, 2006 11:17am Oct 30, 2006 11:17am
BeachBum,

I've read through the entire thread and would just like to clarify one issue, please : are you trading exactly as per 'Fozzy original' except for taking all crosses, not just those above / below the 20sma, OR are you combining this with the VWB methodology, ie. using the Fozzy entry as a "black dot" generator ?

I think it's the first option and I hope my question makes sense !

Thanks a lot,

J.
  • #654
  • Oct 30, 2006 11:17am Oct 30, 2006 11:17am
Quoting BeachBum
Please be sure to have your friends demo trade for a while so as to become familiar with the method and comfortable with the trades.
definatly!

Quote
Also, regarding last week: the market moves in cycles and IMO last week was one of those weeks that emphasizes the need to take ALL trades that are indicated by the method being used. I've learned that consistency in trading a particular method/system/strategy is very important for long term success.

I have a major problem with entering a position just because an indicator tells me to. I'd much rather use my own judgement as the final call. For better or worse, I'd rather be the one flipping the switch on my account.
So far so good.
  • #655
  • Oct 30, 2006 11:23am Oct 30, 2006 11:23am
I agree that you should "be the one flipping the switch" every time. My point is that I think all of us should use the same criteria each time we flip the switch.

Consistency = Profit! (Plan a trade, trade a plan)


Quoting paul2
definatly!
I have a major problem with entering a position just because an indicator tells me to. I'd much rather use my own judgement as the final call. For better or worse, I'd rather be the one flipping the switch on my account.
  • #656
  • Oct 30, 2006 11:25am Oct 30, 2006 11:25am
Thanks, Steve. The additional features would be appreciated!


Quoting stevecartwright
This may be a bit late for some and it is basic e.g. only an 8 RSI and 8MA crossing. It shows where the potential trades could be and helps to visualise what would happen if further filters were applied. I can of course make it more comprehensive i.e. show stops & profit and furter filters if anyone is interested.

Make sure it goes in the experts/scripts directory

Steve
"Loss and failure are inevitable but misery is optional"
  • #657
  • Oct 30, 2006 11:27am Oct 30, 2006 11:27am
Hi jtrade.......

I don't want to seem rude............but I thought with all the posting I have done on this thread, I've made it very clear HOW I trade the original, basic "fozzy" method with just a few tweeks and a little discretion. If that's not the case, then I need to prepare an indepth explanation and post it "once and for all".


Quoting jtrade
BeachBum,

I've read through the entire thread and would just like to clarify one issue, please : are you trading exactly as per 'Fozzy original' except for taking all crosses, not just those above / below the 20sma, OR are you combining this with the VWB methodology, ie. using the Fozzy entry as a "black dot" generator ?

I think it's the first option and I hope my question makes sense !

Thanks a lot,

J.
  • #658
  • Oct 30, 2006 12:03pm Oct 30, 2006 12:03pm
Quoting stevecartwright
I have just finished reading, well scanning, "Bird Watching in Lion Country" and whilst not necessarily recommending the book some of the concepts found in the last few pages have helped me with a filter for this system. By determining a high point, a low point and a midway level then only buy when below the mid point and sell above. Given we are told that prices range 75% of the time this strategy is well suited to this model. Profits can be taken at the opposite extremes.
I agree BB.

Steve,
This book is on my book list. How is the High, Mid and Low points calculated?
  • #659
  • Oct 30, 2006 12:59pm Oct 30, 2006 12:59pm
Having read them both they are different. Its the range which is Hi's/Lo's and discretionary. Thats not the real point of the book but it does look a good filter for this RSI system when its not trending. I'll see if I can psot a screen shot later as I am only running a live account at present.



Quoting BeachBum
Without doing a lot of research about this, IMO this sounds like using the Vegas Tunnel as a similar indicator.
  • #660
  • Oct 30, 2006 1:01pm Oct 30, 2006 1:01pm
Not a bad idea.

Steve

Quoting BeachBum
Hi jtrade.......

I don't want to seem rude............but I thought with all the posting I have done on this thread, I've made it very clear HOW I trade the original, basic "fozzy" method with just a few tweeks and a little discretion. If that's not the case, then I need to prepare an indepth explanation and post it "once and for all".
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