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FOZZY Method CROSSES

  • #321
  • Jun 1, 2007 8:22am Jun 1, 2007 8:22am
i am taking bets on who will be the first to direct you to post # 1 on the daily fozzy thread



Quoting Angler
hi..

Just been setting this up on MT4...and was wondering is the ma a...sma..ema..wma...the ema seems to look a little better..

and also...

the rule about going long only with a cross below the BB centre line...is that still a valid filter.....looking back on a cable chart shows..could have missed a few nice trades...it would seem logical that if a trend has started the RSI and ma would most probably already be above the BB centre line..
  • #322
  • Jun 1, 2007 8:32am Jun 1, 2007 8:32am
hi...


Well Coolshades......I did read the first post on the daily thread....and I cant see where it says which ma to use....it just says an 8ma of the RSI..So unless I am blind...which is always possible...the question remains....ema..wma or sma.
  • #323
  • Edited 9:09am Jun 1, 2007 8:55am | Edited 9:09am
Is anyone interested in Joining The Fozzy Chat Room on Skype. If So PM me with your skype name and I will sign you in
It's All About Attitude ...
  • #324
  • Edited 9:34am Jun 1, 2007 9:01am | Edited 9:34am
I entered long on EUR/USD at candle close yesterday 3PM MTN. I checked my trade this am and RSI is crossing again to the short side. I am still holding the long trade open because there is a strong support level around 1.3398

What filters or methodology do you guys used to avoid entering a trade like this where RSI can re-cross again after the close of the signal candle?

Your help is greatly appreciated.
  • #325
  • Jun 1, 2007 10:07am Jun 1, 2007 10:07am
  •  TPO
  • | Joined Sep 2006 | Status: One Life, One Chance | 68 Posts
Quoting ramrocket
I entered long on EUR/USD at candle close yesterday 3PM MTN. I checked my trade this am and RSI is crossing again to the short side. I am still holding the long trade open because there is a strong support level around 1.3398

What filters or methodology do you guys used to avoid entering a trade like this where RSI can re-cross again after the close of the signal candle?

Your help is greatly appreciated.
These are definitely the tricky ones, and I'm not sure there is a perfect way to filter them all. One thing I have noticed (not an expert however) is that if the RSI and RSI-MA lines are running very close to each other, then the trade is risker as the cross isn't very 'strong' if you see my meaning. I don't know how to quantify it (RSI must be more than x away from the RSI-MA for example) but a steeper cross seems better.

-TPO.
  • #326
  • Jun 1, 2007 10:39am Jun 1, 2007 10:39am
Ramrocket ,

there are some things were not supposed to work out ... however if you overlay somekind of horizontal line on the ma you can see its as flat as a pancake( or whatever your favourite flat food is ).

this is one of those weeks when you remember all those stats that say ' price action spends most of its time range bound '.

When its like this its best to stay away or find something else to trade .TPO hit it right ..the ma is very indecisive around the rsi.. and what you also notice (although maybe this is just me ) is that prior to applying a new method ,in this case fozzy , when you look back in time at your favourite pairs ,they sweep gracefully up and down for 3-4 days at a time, but the moment you apply your new metod everything flatlines ....

Like i said, this might just be me , but its a very frustrating waiting game...bear with it (bear ...not a trade suggestion)

if you do find a way .. be a good chap and pass it on..

Cheers

Rye
  • #327
  • Jun 1, 2007 12:14pm Jun 1, 2007 12:14pm
Quoting Angler
hi..

Just been setting this up on MT4...and was wondering is the ma a...sma..ema..wma...the ema seems to look a little better..

and also...

the rule about going long only with a cross below the BB centre line...is that still a valid filter.....looking back on a cable chart shows..could have missed a few nice trades...it would seem logical that if a trend has started the RSI and ma would most probably already be above the BB centre line..
Go to the "daily fozzy method" thread. Click "Search this Thread" right under the page numbers near the top-middle of the screen. A good search critera would be 'ema sma'. See the first post. Follow the trail of bread crumbs... :-) Yes I could have told you much more quickly but hopefully this will save you time in the future! Happy trading and welcome to the foz!

As for going long, some people still use this, most it seems do not.
  • #328
  • Jun 1, 2007 12:54pm Jun 1, 2007 12:54pm
Quoting Angler
hi...
Well Coolshades......I did read the first post on the daily thread....and I cant see where it says which ma to use....it just says an 8ma of the RSI..So unless I am blind...which is always possible...the question remains....ema..wma or sma.
and therein lies the problem..................evidently, you only read the first post, because right on the first PAGE there is a discussion about this topic!

(sorry cool if you lost this bet, but I've grown weary of sending people to the first post............. )
  • #329
  • Jun 1, 2007 1:34pm Jun 1, 2007 1:34pm
I said it before and I'll say it again -

Do NOT ruffle the Bum.

I love this thread!

Quoting BeachBum
and therein lies the problem..................evidently, you only read the first post, because right on the first PAGE there is a discussion about this topic!

(sorry cool if you lost this bet, but I've grown weary of sending people to the first post............. )
I'm pretty much done with all this ...
  • #330
  • Jun 1, 2007 1:43pm Jun 1, 2007 1:43pm
Hey now. Did you set a reasonable stop and risk? If you did, what changed in less than 24 hours to throw you off? Why did you take the trade? Was it valid at the time you took it? Did you follow the rules or free lance a bit.

If you followed YOUR rules, then why would not simply let your SL work for you?

If you broke YOUR rules... why did you do that? Gambling?

If you don't have a set of WELL DEFINED rules - stop trading and make some. Take some time doing this.

Then, start again and faithfully follow your rules to the "T". Keep a journal and record every trade and why you took it. That way when doubt creeps up on you, you will have the chance to rebuild your confidence all over again.

You may get stopped out, but you followed the rules - which is key.

Please excuse the mindless blather.

BTW - there are a few good filters you can use that are brilliantly discussed in the thread. Go ahead and start at the beginning of it and read away. It makes for great bathroom reading.

Don't be a tourist - be a pro.



Quoting ramrocket
I entered long on EUR/USD at candle close yesterday 3PM MTN. I checked my trade this am and RSI is crossing again to the short side. I am still holding the long trade open because there is a strong support level around 1.3398

What filters or methodology do you guys used to avoid entering a trade like this where RSI can re-cross again after the close of the signal candle?

Your help is greatly appreciated.
I'm pretty much done with all this ...
  • #331
  • Jun 1, 2007 6:39pm Jun 1, 2007 6:39pm
hi...


Well...After reading the first post...and the first page....it was 1 persons opinion that the MA was a SMA...and that was not the Thread started and System designer....and he says you can try which version works for you...

I might add the question was asked again in Post #45 and received no reply.

So...it took 5 posts to get to...use whichever one suits you...
  • #332
  • Jun 2, 2007 12:40pm Jun 2, 2007 12:40pm
What are you loking for? I notice the user name you selected is "Angler". Fishing for something?

Know why they call it "Fishing"? Because it ain't "Catching"

Go ahead and read all the posts in the Fozzy threads. There is a good e-book too.

OR

You can keep on "fishing"...

Quoting Angler
hi...


Well...After reading the first post...and the first page....it was 1 persons opinion that the MA was a SMA...and that was not the Thread started and System designer....and he says you can try which version works for you...

I might add the question was asked again in Post #45 and received no reply.

So...it took 5 posts to get to...use whichever one suits you...
I'm pretty much done with all this ...
  • #333
  • Jun 2, 2007 6:43pm Jun 2, 2007 6:43pm
hi...


well yes I have been reading...and looking at the other relavant threads also....was always going to do that....just wanted the set-up right so I could compare with whats been posted...
  • #334
  • Jun 2, 2007 6:47pm Jun 2, 2007 6:47pm
Quoting Angler
hi...


well yes I have been reading...and looking at the other relavant threads also....was always going to do that....just wanted the set-up right so I could compare with whats been posted...
Angler, I'm using an indicator called Dynamic RSI that some others here are using as well, and I have no idea if it's using ema or sma (it's not open sourced). Why not set up two indicators, using each, and see how they compare? Do some backtesting of your own and determine which gives better results.

In a related note, I'm currently doing some testing of my own for my exit strategy and have discovered in my short time as a trader that it's almost necessary to do your own testing, regardless of how many backtests have been done by other people, as even mechanical trading is never exact and needs to be done by the person who will do the trading going forward (just a side note that I wanted to share).
  • #335
  • Jun 3, 2007 2:18am Jun 3, 2007 2:18am
hi..

Thanks for that Josh..

I just might set-up another chart and compare..

First I will just try the system as Fozzy designed it...and from a post I read in the main thread he is basically still using the original idea..with added levels for exits. As far as stops go...using a daily chart I think you have to be prepared to just let the trade run...of course have an initial stop lvl...but no trailing stops or things like that, as a daily bar can have large intra day movement and you just end up getting stopped out for smalled profits which in the end can effect your overall profitability as its the longer trends your probing for that will greatly cancel out the numbers of initial stops hit.
  • #336
  • Jun 3, 2007 7:04pm Jun 3, 2007 7:04pm
hi..

Did anyone take the long trade on the Cable...
  • #337
  • Jun 3, 2007 8:09pm Jun 3, 2007 8:09pm
Sure did....
  • #338
  • Jun 3, 2007 8:30pm Jun 3, 2007 8:30pm
Me Too

Quoting Rosco_P
Sure did....
It's All About Attitude ...
  • #339
  • Jun 3, 2007 11:14pm Jun 3, 2007 11:14pm
What did you guys set your stops at?
  • #340
  • Jun 4, 2007 12:24am Jun 4, 2007 12:24am
hi...

initial stop is at the low of the previous bar...but will move that up as the price moves higher...and leave it at 40pip stop...till it starts to run up ( if it does )..If it goes to 100 up...set at breakeven and let it run..

But that is just me..
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