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The Daily Fozzy Method

  • #941
  • Nov 15, 2006 8:54pm Nov 15, 2006 8:54pm
Tomorrow is a huge USD news day.
I think there are 10 or more items/reports between 8:30 est
and 1:30 est including tic and core cpi
Are you folks going to wait it out.Or with the fozzy system do you ignore news.
Sometimes I find it easer to buy/sell the
reaction after a day like this.
  • #942
  • Nov 15, 2006 9:39pm Nov 15, 2006 9:39pm
Quoting BeachBum
Attached for you.
Thanks for the Vegas Indicator BB. I had the one that automatically calculated the Fibs and it didnt work well at all. It also only had 2 fibs. The one you posted is much better.
  • #943
  • Nov 15, 2006 10:16pm Nov 15, 2006 10:16pm
Quoting nutmg12
I got a long signal on 11/14
Hi nutmg12,

I too got a long signal and took the trade on 14th. I took profit at Vegas tunnel for a profit of 56 pips.

Cheers

Fozzy
Attached Image
  • #944
  • Nov 16, 2006 6:37am Nov 16, 2006 6:37am
My pleasure..............

Quoting nutmg12
Thanks for the Vegas Indicator BB. I had the one that automatically calculated the Fibs and it didnt work well at all. It also only had 2 fibs. The one you posted is much better.
  • #945
  • Nov 16, 2006 6:39am Nov 16, 2006 6:39am
It warms my heart to read a post like this from the creator of this thread........

Quoting fozzy
Hi nutmg12,
I too got a long signal and took the trade on 14th. I took profit at Vegas tunnel for a profit of 56 pips.
Cheers
Fozzy
  • #946
  • Nov 16, 2006 7:25am Nov 16, 2006 7:25am
...see how what impact news will have today ... i know in pure technical trading news shdnt matter, but i am erring on the side of caution.. my trades of eurusd, usdchf, eurjpy and usdjpy did not have a great day, but still up in all
  • #947
  • Nov 16, 2006 10:58am Nov 16, 2006 10:58am

  1. when to t/p? is it emotional ie: based on comfort level, or is their a technical angle to it as in % of atr or so..
  2. how long to keep a fozzy trade open.. if price is not moving significantly.. a week, two weeks or keep it till t/p or s/l hit.?.
  3. whether to re-enter a fozzy if t/p or s/l is hit but cross comes back to the right position and right direction..

comments and advice appreciated..

  • #948
  • Nov 16, 2006 3:59pm Nov 16, 2006 3:59pm
Fozzy,

I'm very new to your system. Since this is a very long thread and I couldn't go through all of the posts I was wondering if you have made modifications to the method comparing to the first post.

BTW, thanks for the great promissing method.

Al
  • #949
  • Nov 16, 2006 4:26pm Nov 16, 2006 4:26pm
Quoting aparsai
Fozzy,

I'm very new to your system. Since this is a very long thread and I couldn't go through all of the posts I was wondering if you have made modifications to the method comparing to the first post.

BTW, thanks for the great promissing method.

Al
Hi aparsai,

The only modification I have made to the method that I originally posted is in the area of taking profit. I am now using the Vegas tunnel and fibs as potential profit taking points. However, it is very much discretionary on my part.

I do suggest you read all the thread as there have been some excellent posts by some very clever people suggesting modifications that may help YOUR trading.

Cheers

Fozzy
  • #950
  • Nov 16, 2006 4:46pm Nov 16, 2006 4:46pm
Quoting aparsai
Fozzy,

I'm very new to your system. Since this is a very long thread and I couldn't go through all of the posts I was wondering if you have made modifications to the method comparing to the first post.

BTW, thanks for the great promissing method.

Al
Hi aparsai,

Just like Fozzy said, you should take the time to read the whole thread, you will learn alot, there are great contributions there, from BeachBum and others, really good stuff.

branac
  • #951
  • Nov 16, 2006 4:48pm Nov 16, 2006 4:48pm
Quoting coolshades

  1. when to t/p? is it emotional ie: based on comfort level, or is their a technical angle to it as in % of atr or so..
  2. how long to keep a fozzy trade open.. if price is not moving significantly.. a week, two weeks or keep it till t/p or s/l hit.?.
  3. whether to re-enter a fozzy if t/p or s/l is hit but cross comes back to the right position and right direction..

comments and advice appreciated..

Hi Coolshades,

You are not alone in grappling with these questions. Since I started using this method I too have struggled to answer the "take profit" question. I think it comes down to individual preference. I am currently using Vegas tunnel and fib levels as "potential" take profit levels. For me, it has become more and more discretionary.

As for how long to keep a trade open if price is not moving significantly, I have never had that problem. I started using this method only on the 4 majors (EUR/USD, GBP/USD, USD/CHF, USD/JPY). If you look at the charts for these pairs you will find that it is extremely rare for them to be stuck in a small range for a week or two. There is usually enough movement to either stop you out or give you some profit before then.

In my trading, if I am stopped out I do not re-enter the trade until the system tells me to. This also applies if my take profit is reached. I found that by chasing more pips I ended up giving back some of my profit. I now look at each trade as being a complete trade. If I am stopped out or I take profit, that trade is complete and I wait for the next set-up to occur. If that takes a few days, then so be it. There will be plenty more trades that come along. Diallist once stated that the top 20% and bottom 20% of any movement is the "fat". I have taken that in and I am happy to take the 60% "lean" pips in the middle. I don't chase pips.

Hope this helps.

Cheers

Fozzy
  • #952
  • Nov 16, 2006 5:51pm Nov 16, 2006 5:51pm
Quoting fozzy
Hi aparsai,

The only modification I have made to the method that I originally posted is in the area of taking profit. I am now using the Vegas tunnel and fibs as potential profit taking points. However, it is very much discretionary on my part.

I do suggest you read all the thread as there have been some excellent posts by some very clever people suggesting modifications that may help YOUR trading.

Cheers

Fozzy
Thanks for your quick response. I'll go through all of the post to learn more.
  • #953
  • Nov 16, 2006 6:35pm Nov 16, 2006 6:35pm
Quoting fozzy
Hi nutmg12,

I too got a long signal and took the trade on 14th. I took profit at Vegas tunnel for a profit of 56 pips.

Cheers

Fozzy
Perfect exit Fozzy. I am still in Demo Mode. Hopefully I get it together here and make some live trades.
  • #954
  • Nov 16, 2006 8:22pm Nov 16, 2006 8:22pm
hey fozzy...

just one question:

I came across a similar system called the dynamic zone rsi. did you get your idea from that or is it just coincidence
  • #955
  • Nov 16, 2006 9:29pm Nov 16, 2006 9:29pm
Quoting hilmy83
hey fozzy...

just one question:

I came across a similar system called the dynamic zone rsi. did you get your idea from that or is it just coincidence
Hi hilmy83,

The original idea came from a post accrete made on the Vegas VWB thread. See post #6 on this thread. I'm not sure if that is the dynamic zone rsi system or not.

Cheers

Fozzy
  • #956
  • Nov 16, 2006 10:26pm Nov 16, 2006 10:26pm
I am new to this thread. It seems to be a good trading model. Is anybody has fozzy for MT4 platform? or know where I can find it? thanks,
  • #957
  • Nov 17, 2006 12:34am Nov 17, 2006 12:34am
you can get it from:

- http://www.metaquotes.net/downloads/
- many brokers which use MT4:
e.g. North Finance, FXDD, MIG-FX, Spacevision and many more.

There is a thread about all these brokers @ FF, find it!
  • #958
  • Nov 17, 2006 1:52am Nov 17, 2006 1:52am
Near the beginning of this thread it was mentioned about using 2 lots. I have not heard anymore response regarding this. Here is what I'm thinking...

Very often I've read that the trade will go negative for a while before going into profit...stuff like we must be patient and so on.

So what I am suggesting is to cut our lot size in half and divide it into two trades. Let's say the signal is to go long and on the next candle we place our buy at the open let's just say it's 1.2000. So the first half of our order goes there and the second half further down let's say 25 pips at 1.1975.

Now we keep our S/L for both at the same price. So if S/L is say 100 pips our stop being hit would be a loss of 80% or so instead of the full 100% (since 2nd half of order is 25 pips below entry). If the signal turned out to be good and our orders go positive... by doing this we have gained some "extra pips". The only time I see this not being useful is when the candle's open is equal to it's high/low which from my observations does happen but seems to be pretty rare. Any thoughts?

GT
The market is like the matrix - it is you that must learn to bend
  • #959
  • Nov 17, 2006 3:49am Nov 17, 2006 3:49am
It is a good idea GT and that is what I have always been doing.

howard
Regards
  • #960
  • Nov 17, 2006 6:36am Nov 17, 2006 6:36am
Hello.

Thank you to everyone who has contributed to the thread especially the creator fozzy.

I have been trading various methods over the last 2 years and found I was switching trying to find somthing that suited my life (shift work). I have started trading live and have had mixed results. My main issue is when to T/p and when to call it quits. More recently there has been mention of using Vegas as an indicator for the stops and initially and the start of the tread it was suggested that the high and low from the previous day were being used.


Can someone please help ...... how are these working out in practice? Has anyone used both and can anyone suggest what has been most effective. Also, appologies if i missed it in the thread but are there any pair that should be avoided? i am using 13 and normally get at least 2 signals a day.

Thank you

Waddij
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