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The Daily Fozzy Method

  • #1,041
  • Nov 22, 2006 4:40am Nov 22, 2006 4:40am
G'day all,

Quoting jlowder
I like this idea. Is there enough volume on this thread to justify creating its own section like with Mouteki? You could then break down the threads, one containing the basic fozzy and it's contents and then one for each of the branched out uses? This way the first post of each could be updated with current content and the rest used as discussion.. Or simply break them out in components. We have different entry techniques, take profit methods, stop loss methods etc.. Just something to consider.
Jason
This is the optimal solution, IMHO. That way, all Fozzy-related threads will be together under the "Fozzy System" banner.

Cheers,
Art...
  • #1,042
  • Nov 22, 2006 5:43am Nov 22, 2006 5:43am
Quoting jlowder
It is basically a support and resistance line. The line at the top is your main resistance and the line at the bottom is your support. Look for price to stall or bounce back off of those lines. Of course there could be other lines inbetween those two, but these tend to be the highs and lows to look for. Taking fozzy trades off these lines CAN be added confirmation of the trade. Or use price action for that matter... PinBars off those lines work nicely too.

Jason
Hi Jason,

Which setups do you use for your Donchian channels (how many periods)?
Does they prove to be a reliable filter?
  • #1,043
  • Nov 22, 2006 5:43am Nov 22, 2006 5:43am
Hello,

I voted yes but in reality the question is very open ended. So I would like to say my "yes" is for JLowder suggestion

Originally Posted by jlowder
I like this idea. Is there enough volume on this thread to justify creating its own section like with Mouteki? You could then break down the threads, one containing the basic fozzy and it's contents and then one for each of the branched out uses? This way the first post of each could be updated with current content and the rest used as discussion.. Or simply break them out in components. We have different entry techniques, take profit methods, stop loss methods etc.. Just something to consider.
Jason
All 4 1 and 1 4 All
  • #1,044
  • Nov 22, 2006 7:30am Nov 22, 2006 7:30am
I don't think we will see the cult like following that Mouteki has, but I think a few different threads, like one with a good summary of all the modifications everyone has done would be beneficial.
So far so good.
  • #1,045
  • Nov 22, 2006 7:34am Nov 22, 2006 7:34am
What is your win/loss ratio for whatever variant of fozzy you are using?
  • #1,046
  • Nov 22, 2006 7:40am Nov 22, 2006 7:40am
Quoting paul2
I don't think we will see the cult like following that Mouteki has, but I think a few different threads, like one with a good summary of all the modifications everyone has done would be beneficial.
I think if we had the same setup, we would get a greater following. It would really helpful to break this apart. I bet I read this thread daily to see if I missed anything, and when my short term memory problems bring me down .

Anyway, thank you Fozzy for this great system, and of course everybody else for the wonderful advice, and the never ending patience with us beginners. Without any of you, I would have given up long time ago....
Steve
  • #1,047
  • Nov 22, 2006 8:23am Nov 22, 2006 8:23am
Quoting PTOURNIS
What is your win/loss ratio for whatever variant of fozzy you are using?
I'm at 50%. Most of my losses are errors on my part, such as getting back in when i shouldn't, hitting the wrong button, closing small loosers on fridays, etc. I'm up 17% though, which is comforting.
So far so good.
  • #1,048
  • Nov 22, 2006 8:33am Nov 22, 2006 8:33am
Right now the voting favors a new thread for "modified fozzy" trading. And there have been some great ideas put forth about how a new thread (s) should be structured. However, implementing any of this is going to require time and effort, especially if there is to be a consolidation of the highlights of this thread so far.

SOMEONE is going to have to take the lead, start a new thread (s) and organize all this. My circumstances will not allow me to do it and that's one of the reasons I voted "NO". In fact, my participation here will decrease dramatically later this month. I'll be reading regularly and posting occasionally through the month of March. In the meantime, I'll continue to contribute whatever I believe is relevant and useful, as well as learn from the informative postings of others.
  • #1,049
  • Nov 22, 2006 9:37am Nov 22, 2006 9:37am
BB congratulations!
GBPUSD 1.9150! Your second target right on time. I guess I will have to re-read all your posts from the very start. Of course my lack of surfing background will prevent me to reach your level of success. Happy Thanksgiving to all!
  • #1,050
  • Nov 22, 2006 10:14am Nov 22, 2006 10:14am
Thanks milan..........I just wish ALL my trades worked out this well. The attached image shows WHY I choose my T/P, it's just below a fib level on The Vegas Daily. If you don't know about this system, it does not take long to read and learn about, and I have already posted the indicator in this thread. Good reading project over the holiday weekend.......

Quoting milan47
BB congratulations!
GBPUSD 1.9150! Your second target right on time. I guess I will have to re-read all your posts from the very start. Of course my lack of surfing background will prevent me to reach your level of success. Happy Thanksgiving to all!
Attached Image
  • #1,051
  • Nov 22, 2006 10:19am Nov 22, 2006 10:19am
paul i read your comment..

i have been in 7 trades since monday 5 successful 2 not..so thats abt 70% or so.. and in terms of pips i am ok.. i am + 15 on the trades.. my record for last week is also similar (last week was my 1st week of successful trades)

now i have closed all trades since i used .7 ATR for s/l and t/p for these trades and allowed them to run their course

at one point yesterday if i had closed my trades early i would have been in a much better position.

how do you guys manage this? i am not in a posiiton to eyeball and take early exits.. due a ft job..or in the long run is it better to let the system do its job..how do you manage account growth..
  • #1,052
  • Nov 22, 2006 10:25am Nov 22, 2006 10:25am
Hello and was wondering if the advanced Intellicharts service offers the charting provisions for allowing Bollingers outside of the price action area or is MetaTrader the way to go? There appears to be no provision for dragging down on the one service of Intellicharts I am presently paying for. Many thanks and good investing.
  • #1,053
  • Nov 22, 2006 10:51am Nov 22, 2006 10:51am
Quoting coolshades
paul i read your comment..

i have been in 7 trades since monday 5 successful 2 not..so thats abt 70% or so.. and in terms of pips i am ok.. i am + 15 on the trades.. my record for last week is also similar (last week was my 1st week of successful trades)

now i have closed all trades since i used .7 ATR for s/l and t/p for these trades and allowed them to run their course

at one point yesterday if i had closed my trades early i would have been in a much better position.

how do you guys manage this? i am not in a posiiton to eyeball and take early exits.. due a ft job..or in the long run is it better to let the system do its job..how do you manage account growth..

Hi Coolshades,

i don't know if my advice makes any sense cause I'm sort of a newbie, but i started to be succesful with this system as soon as I started to set my goals at S/R levels. I will enter a trade ONLY if the ratio lossrofit was 1:2 or better. Then I will decide on a conservative profit level, set a fixed limit (1 or 2 pips below/above the resistance/support level) If it is hit during the day and the trade is closed I am happy with it. Made my profit and it is OK. If by th eend of the day the limit has not been hit AND I am 30+ pips. I will move my SL to B/E and continue without modifying my profit target. If it is 45+ pips, I will move my SL to 30 pips profit and remove my limit and let the trade run. then I will be checking occasionally during the day (I also have a FT job - ugh!!!) and trail the stop every 15 pips. I know it is not very scientific, but it has worked for me.
  • #1,054
  • Nov 22, 2006 10:58am Nov 22, 2006 10:58am
Quoting alcastro
I will enter a trade ONLY if the ratio lossrofit was 1:2 or better.
I hope this questions is not too stupid (I am just a beginner), but how do you determine ratio loss?

Thank you.
Steve
  • #1,055
  • Nov 22, 2006 11:51am Nov 22, 2006 11:51am
Quoting PipSteve
I hope this questions is not too stupid (I am just a beginner), but how do you determine ratio loss?

Thank you.
Steve,

If my projectd profit is 40 pips, and my stop is at -20 pips my ratio is 2:1.
  • #1,056
  • Nov 22, 2006 11:57am Nov 22, 2006 11:57am
Quoting alcastro
Steve,

If my projectd profit is 40 pips, and my stop is at -20 pips my ratio is 2:1.
Thank you Alcastro, it just seemed that the ratio is a calculated number by the system, but it is actually just whatever you choose, I guess those are your own rules you go by?
Based on that ratio, you don't actually have an entry point then? That's just money management.
I am sorry, this is pretty confusing to me...and my questions probably do not belong here, so don't worry about it. I am sure in 6 month my light bulb will go off....
Steve
  • #1,057
  • Nov 22, 2006 1:59pm Nov 22, 2006 1:59pm
so is anyone?
  • #1,058
  • Nov 22, 2006 2:03pm Nov 22, 2006 2:03pm
Quoting coolshades
so is anyone?
I sure will have my nose in the charts looking for good entry signals, and I will use this off time to study like crazy!!
Steve
  • #1,059
  • Nov 22, 2006 3:02pm Nov 22, 2006 3:02pm
There appears to have been a Fozzy signal generated in the GPB/JPY cross. The price seems to have dipped after the signal. Is this what Beach Bum & other have been calling a "retracement"? I would attach a chart, but every time I try to upload one, it is rejected because of too large a size.

Shotshell
  • #1,060
  • Nov 22, 2006 3:12pm Nov 22, 2006 3:12pm
Quoting shotshell
There appears to have been a Fozzy signal generated in the GPB/JPY cross. The price seems to have dipped after the signal. Is this what Beach Bum & other have been calling a "retracement"? I would attach a chart, but every time I try to upload one, it is rejected because of too large a size.

Shotshell
Thank you for the heads up.
Attached Image
Steve
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