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The Daily Fozzy Method

  • #881
  • Nov 13, 2006 9:18am Nov 13, 2006 9:18am
made my 1st pips off usdcad using pure fozzy and thats nice..i have realised the time to enter my trade is on the 3rd bar/candle once the rsi and ma kiss either upwards/downwards.. my logic being 1st candle is for the rsi/ma to meet, 2nd is for cross to be confirmed and 3rd to enter..

also lost 10 pips on fozzy today as i traded the usdjpy on a 4 hr chart.. i look back at the chart and there was nothing wrong with the trade, in fact the candle is now well in priofit if i had held the position.

the problem was the s/l i had defined was the high of the previous candle... if i had defined a wider spread i wld have stood to gain.

i remember beach mentioning somewhere that the usdjpy and gbpjpy are highly volatile..

beach/paul - how many pairs do you track?you seem to be tracking & trading all available pairs..

still a net gain of 20 pips.. encouraging for a newbie
  • #882
  • Nov 13, 2006 9:30am Nov 13, 2006 9:30am
good work cool!................

I look at 18 pair for possible trades.
Quoting coolshades
made my 1st pips off usdcad using pure fozzy and thats nice..i have realised the time to enter my trade is on the 3rd bar/candle once the rsi and ma kiss either upwards/downwards.. my logic being 1st candle is for the rsi/ma to meet, 2nd is for cross to be confirmed and 3rd to enter..


also lost 10 pips on fozzy today as i traded the usdjpy on a 4 hr chart.. i look back at the chart and there was nothing wrong with the trade, in fact the candle is now well in priofit if i had held the position.

the problem was the s/l i had defined was the high of the previous candle... if i had defined a wider spread i wld have stood to gain.

i remember beach mentioning somewhere that the usdjpy and gbpjpy are highly volatile..

beach/paul - how many pairs do you track?you seem to be tracking & trading all available pairs..

still a net gain of 20 pips.. encouraging for a newbie
  • #883
  • Nov 13, 2006 9:50am Nov 13, 2006 9:50am
Hi everyone,
Just some reasearch and observations.
I have attached a screen shot of my setup which I have beenworking on whilst waiting for trades, and in between doing some paid work :-)

I have added a general FX Sniper MA to give a trend and some added horiz lines in RSI for areas of trades. Its noticable that there are 5 distinct areas and these stack up against Hayden's paper on trend analysis.

Above 60 and below 20 Sell or Buy against the trend. An extreme value is needed here or Buy and Sell with the trend with CAUTION!

Between 40 and 60 only go with the trend.

Most of this equates with what Fozzy's system laid out regarding the MA of RSI. I think, well for me anyhow, its getting a little more precision in it.

I also use 2 MA's on 8 RSI, 3 & 5 Linear Weighted and Simple.

I also use parallel lines and a median for seeing where price is regarding deviaton from the norm. not shown


Have a look and make any comments please.

Steve
Attached File(s)
File Type: doc Steves version of Fozzy's system setup.doc   96 KB | 974 downloads
  • #884
  • Nov 13, 2006 9:54am Nov 13, 2006 9:54am
cable is looking good for an entry tmrw.
we saw an exhaustion spike yesterday which was also at the vegas 3rd fib level.
RSI is up at 70 which is proving to be a good sign for fozzy trades.

BTW, Beachbum, can you tell me the vegas settings for the minor crosses (risk model nos. and imp fib level) I tried over at the vegas thread but it's just so big now.

Cheers


http://picnac.com/images/4786gbp-usd_nov13th.gif
  • #885
  • Nov 13, 2006 10:05am Nov 13, 2006 10:05am
i realised what was wrong with my s/l in the usdjpy trade. i shd have set it to the low of the previous candle for a long trade, and not a high.. in which case fozzy wld have worked for me brilliantly.
  • #886
  • Nov 13, 2006 10:11am Nov 13, 2006 10:11am
Experiment a little with the Vegas settings. I use # 1 & 2 mostly, but if you put them on a chart you can see where the price action is compared to the fib levels. Adjust to match your own observations and history. Use #3 for the most volatile pairs.

Quoting the bhoy
BTW, Beachbum, can you tell me the vegas settings for the minor crosses (risk model nos. and imp fib level) I tried over at the vegas thread but it's just so big now.

Cheers
  • #887
  • Nov 13, 2006 10:22am Nov 13, 2006 10:22am
beach,

are you fozzying off daily charts?


thks
cool
  • #888
  • Nov 13, 2006 10:25am Nov 13, 2006 10:25am
Yes.

Quoting coolshades
beach,


are you fozzying off daily charts?


thks
cool
  • #889
  • Nov 13, 2006 10:59am Nov 13, 2006 10:59am
Quoting coolshades
made my 1st pips off usdcad using pure fozzy and thats nice..i have realised the time to enter my trade is on the 3rd bar/candle once the rsi and ma kiss either upwards/downwards.. my logic being 1st candle is for the rsi/ma to meet, 2nd is for cross to be confirmed and 3rd to enter..
Congrats! Consistency is key here.

Quote

also lost 10 pips on fozzy today as i traded the usdjpy on a 4 hr chart.. i look back at the chart and there was nothing wrong with the trade, in fact the candle is now well in priofit if i had held the position.

I don't trade on the 4h chart. There are a few people here that do, and do so successfully (correct me if I'm wrong?). However, as I've learned, and as you will learn, is that the key to being profitable is sticking with the system's stop losses. Put the stop in place, let it work, and see what develops. Just sit back and watch. I know, it's hard, but you have to do it that way.

Quote
the problem was the s/l i had defined was the high of the previous candle... if i had defined a wider spread i wld have stood to gain.

I use ATR when the high/low stops don't "make sense." (pretty much all the time)

Quote
i remember beach mentioning somewhere that the usdjpy and gbpjpy are highly volatile..

beach/paul - how many pairs do you track?you seem to be tracking & trading all available pairs..

I track 12 pairs, and I've learned to take every trade that shows up.

Quote
still a net gain of 20 pips.. encouraging for a newbie


Congrats! This system, imho, is the best system especially for newbies. It's not very hard to see why. Defined entry's, works 'most' of the time, and only takes a few minutes out of your evening. Glad you're doing well, and feel free to post any questions or comments you might have. Best way to learn.
So far so good.
  • #890
  • Nov 13, 2006 11:15am Nov 13, 2006 11:15am
post 888 explains where i went wrong with usdjpy.. fozzy himself recommends a s/l of previous day low for long trades.. and btw i am moving back to daily charts and staying put there..


for intraday trading i might use the bagovino method.. still studying that.
  • #891
  • Nov 13, 2006 11:26am Nov 13, 2006 11:26am
Quoting coolshades
post 888 explains where i went wrong with usdjpy.. fozzy himself recommends a s/l of previous day low for long trades.. and btw i am moving back to daily charts and staying put there..


for intraday trading i might use the bagovino method.. still studying that.
I've also been reading into bagovino and sidus (where bagovino started, i believe) and have learned quite a bit from the both of those threads. I don't know your situation, but if you're newish to forex, I would suggest picking a single system and sticking with it until you're able to trade it as if it were an appendage.
So far so good.
  • #892
  • Nov 13, 2006 11:41am Nov 13, 2006 11:41am
i take your point. i am new. i am rookier than the rookiest
  • #893
  • Nov 13, 2006 7:32pm Nov 13, 2006 7:32pm
[quote=jlowder]I took the original Fozzy indicator someone uploaded to this thread and added the alert on cross functionality.

I'll load it up and see how it goes. I appreciate you posting this, could be what I'm looking for. Thanks again.
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #894
  • Nov 14, 2006 2:23am Nov 14, 2006 2:23am
anyone on the cable, eurusd and usdchf trades?
  • #895
  • Nov 14, 2006 5:05am Nov 14, 2006 5:05am
G'Day Fozzy's

could someone lead me to a post or let me know how to set up the rsi on the interbank platform/charts. I'm not the most natural on the computer and its doing my head in. Thanks in advance

Regards

RBS
  • #896
  • Nov 14, 2006 6:52am Nov 14, 2006 6:52am
Quick post with two charts. I entered this position last night, and then it hit my stop loss, then reversed. Should I re-enter?


last night:
http://www.aforexblog.com/wp-content...y-11-13-06.gif



and now this morning:
http://www.aforexblog.com/wp-content...y-11-14-06.gif
So far so good.
  • #897
  • Nov 14, 2006 6:53am Nov 14, 2006 6:53am
Quoting coolshades
anyone on the cable, eurusd and usdchf trades?
Yes, all three
So far so good.
  • #898
  • Nov 14, 2006 7:21am Nov 14, 2006 7:21am
Here is an example of how different broker feed can affect the charts AND the signals. I did NOT get a sell signal last night on the eur/jpy.
Attached Image
  • #899
  • Nov 14, 2006 7:28am Nov 14, 2006 7:28am
Hello RBS.....

We can give you a fish or help you learn how to fish.......I favor the latter.

First: there is an excellent MT4 tutorial in the Metatrader forum which will teach you how to navigate around in the MT platform, setup and work with your charts. This is a MUST if you are going to trade using this platform. And you will learn how to setup charts for the "fozzy" method.

Second: The first eight pages of this thread explain ALL you need to know to get started with this method. Most everything posted since then has been commentary, editorializing or experimenting. Good reading, but not necessary to get started.

I believe I speak for all "fozzy" users when I wish you the very best with your startup. In time, please share your experineces with us!


Quoting ratherbesailing
G'Day Fozzy's

could someone lead me to a post or let me know how to set up the rsi on the interbank platform/charts. I'm not the most natural on the computer and its doing my head in. Thanks in advance

Regards

RBS
  • #900
  • Nov 14, 2006 9:44am Nov 14, 2006 9:44am
G'Day BB

I'm all about fishing so I can feed myself and in time, others. Thanks for the locals choice of bait, will be looking forward to having you over for a Tuna steak........and a beer!!!

Regards

RBS
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