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The Daily Fozzy Method

  • #841
  • Nov 9, 2006 12:16pm Nov 9, 2006 12:16pm
I like this method and am now trading it live. Can anybody please tell me using MT4 how if it is possible to set up an alert so that I receive an email at the time of a cross of the RSI ?

Many thanks.
  • #842
  • Nov 9, 2006 12:31pm Nov 9, 2006 12:31pm
Quoting schoe
I like this method and am now trading it live. Can anybody please tell me using MT4 how if it is possible to set up an alert so that I receive an email at the time of a cross of the RSI ?

Many thanks.
Why would you need an alert?

If you are trading it the way it was intended you only need to place your trades once a day at the same time everyday.
  • #843
  • Nov 9, 2006 12:39pm Nov 9, 2006 12:39pm
Quoting schoe
I like this method and am now trading it live. Can anybody please tell me using MT4 how if it is possible to set up an alert so that I receive an email at the time of a cross of the RSI ?

Many thanks.
check out the fozzy ea thread by stockwet in the metatrader section of this very forum.
So far so good.
  • #844
  • Nov 9, 2006 12:43pm Nov 9, 2006 12:43pm
Quoting willf
Why would you need an alert?

If you are trading it the way it was intended you only need to place your trades once a day at the same time everyday.
Thats correct but I personally trade it off four hour time frames which suit my risk tolerance better, problem is work often keeps me away from the PC for long periods and I work shifts so am not always about at the same times daily.

Thanks Paul i'll check it out.
  • #845
  • Nov 9, 2006 12:48pm Nov 9, 2006 12:48pm
Actually, the method is susceptible to "mirages", so to speak. If you view your chart early, or a little too late, and there was a lot of price movement, then it's hard to tell whether a confirmed cross took place or not.

The expert has worked out great. I get an email when the bar closes, so, it checks immediately to see if there's a signal. I don't have to second guess my eyes. You can also turn live trading off and just use the EA for the alert, if you want.

Quoting willf
Why would you need an alert?

If you are trading it the way it was intended you only need to place your trades once a day at the same time everyday.
  • #846
  • Nov 9, 2006 1:18pm Nov 9, 2006 1:18pm
Quoting stockwet
Actually, the method is susceptible to "mirages", so to speak. If you view your chart early, or a little too late, and there was a lot of price movement, then it's hard to tell whether a confirmed cross took place or not.

The expert has worked out great. I get an email when the bar closes, so, it checks immediately to see if there's a signal. I don't have to second guess my eyes. You can also turn live trading off and just use the EA for the alert, if you want.
hi Stockwet

Are you using 2.2 or 2.1 yourself?

howard
Regards
  • #847
  • Nov 9, 2006 1:29pm Nov 9, 2006 1:29pm
For the last 2 or 3 weeks I've noticed that the majority of my Fozzy trades that I place on Sunday, Monday or Tuesday seem to go against me. So, by Wednesday I'm getting gun shy.Then Wednesday, Thursday and Friday's trades seem to go my way and I always close out the week in the plus column. Has anyone else experienced this?
Hi, my name is Barry and you can keep your doctor...
  • #848
  • Nov 9, 2006 10:27pm Nov 9, 2006 10:27pm
Looks like we're missing some posts. I had at least two additional replies since the last post in this thread.
  • #849
  • Nov 10, 2006 9:23am Nov 10, 2006 9:23am
Yesterday, stevecartwright posted a similar message that I received in an email alert but it did not show up here.

Can a moderator help us, please?


Quoting stockwet
Looks like we're missing some posts. I had at least two additional replies since the last post in this thread.
  • #850
  • Nov 10, 2006 9:32am Nov 10, 2006 9:32am
sorry guys it sounds like you lost a couple posts while we moved to new servers. i hear we had a few problems with the move and this is most likely the reason.
Relax and be happy.
  • #851
  • Nov 10, 2006 9:35am Nov 10, 2006 9:35am
OK, Merlin. Thanks for checking on this for us!

Quoting merlin
sorry guys it sounds like you lost a couple posts while we moved to new servers. i hear we had a few problems with the move and this is most likely the reason.
  • #852
  • Nov 10, 2006 9:59am Nov 10, 2006 9:59am
I have a server setup for both. I get email alerts just for 2.2, though.

Quoting howard
hi Stockwet

Are you using 2.2 or 2.1 yourself?

howard
  • #853
  • Nov 10, 2006 10:02am Nov 10, 2006 10:02am
Someone had asked about an alert for the fozzy for 1h charts. I don't remember who and it was one of the posts that is missing.

The fozzy EA does support this. You need to modify some of the parameters, though. Change the "Use GMT 00" parameter to false. This way, the EA will check for signals on the close of a bar, allowing you to use it on a lower timeframe. I would set live trading to false for now. Also, set "Use BB Filter" to false. This will give you signals on all crosses. Finally, make sure the alert parameter is set to true. Place the EA on a 1h chart and it should work.
  • #854
  • Nov 10, 2006 10:39am Nov 10, 2006 10:39am
Two excellent posts that were lost yesterday came from Gee Seven explaining how he uses the fozzy method on 1 hour charts.

Do you still have what you wrote? And can you post again?
If not, I saved your posts before they disappeared and can post again if you like.
  • #855
  • Nov 10, 2006 11:22am Nov 10, 2006 11:22am
please post Beach.. this would be very useful
  • #856
  • Nov 10, 2006 12:17pm Nov 10, 2006 12:17pm
I hope that post can be re-posted because I am trying to use Fozzy on 1 hour charts and would be interested in learning how others are approaching this.
  • #857
  • Nov 10, 2006 6:27pm Nov 10, 2006 6:27pm
Thanks StockWet, I've been wanting a 1hr Fozzy alert. I'll load it up in the editor and see if it works. I'm new to MT4 and not much of a programmer but I can tweak things in the editor when I have instructions like you just gave me.I'm sure hoping this will work. Thanks again, people on this board are great. I hope I can be of as much help to others as I have received here. Blessings- G7



Quoting stockwet
Someone had asked about an alert for the fozzy for 1h charts. I don't remember who and it was one of the posts that is missing.

The fozzy EA does support this. You need to modify some of the parameters, though. Change the "Use GMT 00" parameter to false. This way, the EA will check for signals on the close of a bar, allowing you to use it on a lower timeframe. I would set live trading to false for now. Also, set "Use BB Filter" to false. This will give you signals on all crosses. Finally, make sure the alert parameter is set to true. Place the EA on a 1h chart and it should work.
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #858
  • Nov 10, 2006 6:31pm Nov 10, 2006 6:31pm
Repost them if you have them. It'll save me the time of retyping <grin>. I don't think I said anything that would have caused censorship, LOL.

Quoting BeachBum
Two excellent posts that were lost yesterday came from Gee Seven explaining how he uses the fozzy method on 1 hour charts.

Do you still have what you wrote? And can you post again?
If not, I saved your posts before they disappeared and can post again if you like.
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #859
  • Nov 10, 2006 7:42pm Nov 10, 2006 7:42pm
Here are the two previous posts from Gee Seven.........his work, not mine!

Post #1:

Granted , it is not a "no brainer" system for any time frame but on the
one hour I look for the crossover to be going in the same direction as
a Stoch 5-3-3 crossover from an oversold postion, not somewhere in the
middle of the indicator window. I prefer the Fozzy to cross high in
it's window to go short and vice versa for a long. I also use a Keltner
Channel on the prices set at 10. If the Fozzy crossover and stoch. are
agreeing to go long and the price is inside the KC, it will usually be a
GO. Just study back on the charts and see how strong a set up this is.
I use previous swing High or low for Stop and same for profit with a
trailing stop.Often I will exit just before a pivot point or important
MA. I watchout for Fibs and trend lines as well both for exits as well as
to halt on an entry it they are too close and against me. Occsionally
I've risked more than I've taken when the Support and Resistance
warrants it. I closed a short trade on the USD/CAD today for only 10pips
profit. Entered at GMT13:08 price at 1.1315 exit a few hours later at
1.1325. Those were the fill prices so only took 10pips. Did it from work. I
had the Profit set at 1.1325 based on the resistance 11/8 at 14:00GMT

Previous signals on the Eur/USD: Long 11/7 14:00GMT, Short 11/7
19:00GMT, NO trade for 11/8 8:00 because of the Stoch not oversold, Long 11/9
2:00GMT (still an active trade), new signal 11/9 15:00GMT NOT tradeable
cuz Stoch not oversold.

Looking at the GBP/USD:Short 11/9 12:00GMT exit at the 233ma ( I use
34,89 and 233 MAs as caution points), and right now at 11/9 21:38 GMT we
may be going into a set up for a short. Watching.

Did I take each of these? No. But I am up a couple hunded pips since I
started demo on this "system". It's partially discretionary for me as
that's my style but the Fozzy 8RSI/8MA is robust on more than the Daily
TF.

I'll try to assemble a few charts but I think if you look back at
crossovers on the one hour with the supporting indicators I have mentioned,
you will see the possibilities for short termers too. It can be a
scalping system of sorts if you permit trades up to 8 hours or so to be
called scalps.

This is the most exciting Forex system I've used to date. The Bagovino
and Sidus are pretty good but late starters compared to the Fozzy.
Whipsaws are the killers in any system and hard to predict.
***************

Post #2:

I posted to BeachBum some descriptions.My chart has the 34,89 and 233
SMAs. They often act as support and resistance. I use a 5-3-3 Stochastic
and the RSI 21. I use the Keltner Channel on the price with setting of
10.

I look for the Fozzy to cross over or be close enough if things are
volitile. I want the Stoch to be crossing over from an oversold/overbought
condition depending if going long or short. I want the RSI to be in
up/down swing and either pass the 50 or strongly approaching it.

For stops I look at previous swing high/low and give a little room for
a bounce before it can take me out. I'll exit a bit before previous
high/low or if it's far enough away then I'll move stop to BE or better
and hope for a good run with a trailing stop if I can't watch it for an
exit on an exhaustion candle move. I spike that goes high above/below
the Keltner Channel is a good place to bug out. I want at least 20 to 30
pips but if I see things are getting choppy I get out with less. Yeah,
I know it will again take off the way I orginally planned but then
again sometimes it proves it was a good place to exit. I'm more
discretionary than many here and rely on the current battle signs rather than an
exit formula.
Also, I've failed to mention but I seldom will take trades during the
Asia open. It's too choppy or flat as a rule. The London and N.Y.
trading day is best. I think it would be interesting to back test some of
these systems eliminating the Asia hours just to see how much better they
trend. Just my humble opinion.
***************


Thanks very much for this information and observations!
  • #860
  • Nov 10, 2006 8:12pm Nov 10, 2006 8:12pm
Are you referring to the EA that was attached on your post #250 ?



Quoting stockwet
Someone had asked about an alert for the fozzy for 1h charts. I don't remember who and it was one of the posts that is missing.

The fozzy EA does support this. You need to modify some of the parameters, though. Change the "Use GMT 00" parameter to false. This way, the EA will check for signals on the close of a bar, allowing you to use it on a lower timeframe. I would set live trading to false for now. Also, set "Use BB Filter" to false. This will give you signals on all crosses. Finally, make sure the alert parameter is set to true. Place the EA on a 1h chart and it should work.
"Though this be madness, yet there is method in it." -Hamlet Act II
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