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  • #2,221
  • Jun 2, 2007 5:00pm Jun 2, 2007 5:00pm
Quoting aktaurus
Hi JoshDance!

Agree with you absolutely. Let's concentrate this part of tactic only.

Reading and re-reading Fozzy threads and backtesting ideas I'm in the only point: Trail Stop. For non jpy-crosses my suggestion is:

+40p -> B/E -> TS(40/1)
(Mean breakeaven after 40 pips then trail for 40 pips with step = 1 pip)

For other pairs - working out.

Your thoughts?
I'm currently backtesting a 4-hr fozzy simple exit strategy that I should be done with by Monday, and I'll post my results (EU only so far). It's tedious doing manual backtesting but it's the only way to get even close to a reliable result. Right now I'm focusing on the 4-hr trades because while I want to do daily, this strategy I have for the 4-hr seems to be working so I'm going to tackle this first. As for trailing, as howard said, a 1 pip step will be stopped out within seconds. Better to use something like 20 pips for this scenario, but that's just a random number I'm throwing out.
  • #2,222
  • Jun 2, 2007 8:36pm Jun 2, 2007 8:36pm
Hi folks:
Quick question Wilf, have you changed your filter at all or are you stilll using the 50% level on rsi, greater than 50% for a long and less that 50% for a short instead of the bb levels?

BB- Are you still negative about trading AUS?

I'm in the middle of backtesting the beach fozzy with and without the 50% cross rule. Would you guys like me to post the results here, at the fozzy cross forum, or both?

Jimbo
  • #2,223
  • Jun 3, 2007 2:14am Jun 3, 2007 2:14am
post here results. crosses thread is for crosses.

Quoting bigjim1958
Hi folks:
Quick question Wilf, have you changed your filter at all or are you stilll using the 50% level on rsi, greater than 50% for a long and less that 50% for a short instead of the bb levels?

BB- Are you still negative about trading AUS?

I'm in the middle of backtesting the beach fozzy with and without the 50% cross rule. Would you guys like me to post the results here, at the fozzy cross forum, or both?

Jimbo
  • #2,224
  • Jun 3, 2007 2:17am Jun 3, 2007 2:17am
Quoting bigjim1958
Hi folks:
Quick question Wilf, have you changed your filter at all or are you stilll using the 50% level on rsi, greater than 50% for a long and less that 50% for a short instead of the bb levels?

BB- Are you still negative about trading AUS?

I'm in the middle of backtesting the beach fozzy with and without the 50% cross rule. Would you guys like me to post the results here, at the fozzy cross forum, or both?

Jimbo
Post them here please, Fozzy Cross is for trades
Regards
  • #2,225
  • Jun 3, 2007 4:34am Jun 3, 2007 4:34am
Quoting bigjim1958
Hi folks:
Quick question Wilf, have you changed your filter at all or are you stilll using the 50% level on rsi, greater than 50% for a long and less that 50% for a short instead of the bb levels?
No. I no longer use that as a filter and here's why.

Fozzy is a fantastic method but I found it needs a lot of discretion to make it profitable. This is something that is only learned with experience.

I have back tested and forward tested fozzy with all kinds of setups. With and without Bollinger bands, above and below the RSI 50 line, with and without solar wind. You name the setup and I can tell you I have spent hours testing it.

The thing that makes Fozzy so great (the RSI crossing the MA) is also the thing that can make it terrible if discretion is not used. Both indicators lag, they are always 8 days behind what is happening.

I see a lot of new people using Fozzy and trying to filter bad trades by adding more indicators. More indicators that lag and only tell you what happened X amount of days ago. I don't want to sound negative but this really isn't going to help.

So, where is this leading I hear you say

Well after all my testing there is only one thing that remains constant. Fozzy's ability to identify a reversal in price after it has reached a certain point. Or in other words, identifying areas of support or resistance.

Unfortunately whilst Fozzy does a great job of telling you this, it may do it to late. Because as we know it lags.

So this now begs the question. If Fozzy is only telling us areas of support and resistance do we really need it at all? I will leave that up to you to figure out

Attached is an indicator that plots areas of support and resistance. Put it on your chart and look back to where price made a new hi/lo then moved away in the oppsite direction. A day or so later you get a Fozzy signal.
Attached File(s)
File Type: mq4 Support_and_Resistance.mq4   2 KB | 795 downloads
  • #2,226
  • Jun 3, 2007 6:21am Jun 3, 2007 6:21am
Thanks for the reply and the indicator wilf;

In my initial backtesting I'm getting good results, in light of wilf's comments I was wondering in anyone, especially Fozzy and BB had anything to add, or are you two still getting the excellent results you were before using you're own versions?

Jimbo
  • #2,227
  • Jun 3, 2007 7:15am Jun 3, 2007 7:15am
Quoting bigjim1958
Thanks for the reply and the indicator wilf;

In my initial backtesting I'm getting good results, in light of wilf's comments I was wondering in anyone, especially Fozzy and BB had anything to add, or are you two still getting the excellent results you were before using you're own versions?

Jimbo
I agree with Willf, but the thing one needs to remeber is that Fozzy Method attempts to give you the safest trade possible. I agree that if one wants to get in earlier then you must use some other system. Yes, it will be late when entering, and there may not be much PIPs left on the table, but at least you will be in the green.
  • #2,228
  • Jun 3, 2007 7:48pm Jun 3, 2007 7:48pm
are you sure this indicator does not repaint the past. i see you refer to solar wind and that my friend repaints the past. it is not a good indicator. this indicator seems to just use fractals to plot highs and lows.
It really is that easy.
  • #2,229
  • Jun 3, 2007 10:22pm Jun 3, 2007 10:22pm
Hi Wilf!

Thanks for the Support&Resistance indicator!

I'd like to add myself to the previous question: does it repaint?

Thank you!
  • #2,230
  • Jun 3, 2007 10:46pm Jun 3, 2007 10:46pm
Yes it does repaint. But look at the price action, not the indicator.

Price makes a new low followed by a sharp bullish bar. This is where you need to be looking. Not at the indicator.
  • #2,231
  • Edited Jun 4, 2007 12:01am Jun 3, 2007 11:51pm | Edited Jun 4, 2007 12:01am
Quoting willf
No. I no longer use that as a filter and here's why.

Fozzy is a fantastic method but I found it needs a lot of discretion to make it profitable. This is something that is only learned with experience.

I have back tested and forward tested fozzy with all kinds of setups. With and without Bollinger bands, above and below the RSI 50 line, with and without solar wind. You name the setup and I can tell you I have spent hours testing it.

The thing that makes Fozzy so great (the RSI crossing the MA) is also the thing that can make it terrible if discretion is not used. Both indicators lag, they are always 8 days behind what is happening.

I see a lot of new people using Fozzy and trying to filter bad trades by adding more indicators. More indicators that lag and only tell you what happened X amount of days ago. I don't want to sound negative but this really isn't going to help.

So, where is this leading I hear you say

Well after all my testing there is only one thing that remains constant. Fozzy's ability to identify a reversal in price after it has reached a certain point. Or in other words, identifying areas of support or resistance.

Unfortunately whilst Fozzy does a great job of telling you this, it may do it to late. Because as we know it lags.

So this now begs the question. If Fozzy is only telling us areas of support and resistance do we really need it at all? I will leave that up to you to figure out

Attached is an indicator that plots areas of support and resistance. Put it on your chart and look back to where price made a new hi/lo then moved away in the oppsite direction. A day or so later you get a Fozzy signal.
Wilf,

Strongly agree with using S/R lines. I like the daily lines best. They help to determine if price is ranging or if a breakout through the line puts the pair into trend mode. An attempted sell at a resistance line (the peak of the range) would only need a small stop loss and a trade reversal if the break took place. Vica/versa when price is close to the range trough at the support line.

For the nimble fingured monitor watcher you could try a technique explained by "Spectre" a while back on his thread titled " Line in the Sand" which can easily be found on page 2 of the "trading systems" section. What could be a better line than an established S/R line?
  • #2,232
  • Jun 4, 2007 6:12am Jun 4, 2007 6:12am
so willf is using price action now? ha. cool. i have read up on the whole james16 thread and i think price action is very good. combined with fozzy and you see more of the picture. fozzy after price action is very high percentage trade. if you are really getting into price action look into 15 minute s&p eminis. they are sweet. look at highest volume of day around 9:30am Central time and you'll most likely see a pin bar. well you know what that means. take the reversal until the end of day.
It really is that easy.
  • #2,233
  • Jun 4, 2007 11:54am Jun 4, 2007 11:54am
cool.................for me; a strong signal gets three lots, all others get two! B/E for all when first T/P is reached.

Quoting coolshades
am curious to know all those who trade 3 lots per entry.. at what point do you move sl to be for which of the lots.. i know this is a debate raging all over currently..
  • #2,234
  • Jun 4, 2007 11:55am Jun 4, 2007 11:55am
Quoting bigjim1958
BB- Are you still negative about trading AUS?
Jimbo
extra cautious!
  • #2,235
  • Jun 4, 2007 12:00pm Jun 4, 2007 12:00pm
bigjim...............I get very good results trading as I have explained, now using the 4 hour chart for early entries (see my thread about this). But like willf, I'm always tweeking; not necessarily more indicators because as he wrote, these are lagging. S & R levels are in my sights and I like to crunch numbers as a part of backtesting. I've already explained how I do some of this and if something new and important comes to light, I'll post it.

Quoting bigjim1958
Thanks for the reply and the indicator wilf;

In my initial backtesting I'm getting good results, in light of wilf's comments I was wondering in anyone, especially Fozzy and BB had anything to add, or are you two still getting the excellent results you were before using you're own versions?

Jimbo
  • #2,236
  • Jun 4, 2007 12:01pm Jun 4, 2007 12:01pm
Quoting et_phonehome_2
I agree with Willf, but the thing one needs to remeber is that Fozzy Method attempts to give you the safest trade possible. I agree that if one wants to get in earlier then you must use some other system. Yes, it will be late when entering, and there may not be much PIPs left on the table, but at least you will be in the green.
take a look at 4 hour chart early entries............might work for you!
  • #2,237
  • Jun 4, 2007 12:03pm Jun 4, 2007 12:03pm
just one thing to add to an EXCELLENT post..............candlestick patterns.

Quoting willf
No. I no longer use that as a filter and here's why.

Fozzy is a fantastic method but I found it needs a lot of discretion to make it profitable. This is something that is only learned with experience.

I have back tested and forward tested fozzy with all kinds of setups. With and without Bollinger bands, above and below the RSI 50 line, with and without solar wind. You name the setup and I can tell you I have spent hours testing it.

The thing that makes Fozzy so great (the RSI crossing the MA) is also the thing that can make it terrible if discretion is not used. Both indicators lag, they are always 8 days behind what is happening.

I see a lot of new people using Fozzy and trying to filter bad trades by adding more indicators. More indicators that lag and only tell you what happened X amount of days ago. I don't want to sound negative but this really isn't going to help.

So, where is this leading I hear you say

Well after all my testing there is only one thing that remains constant. Fozzy's ability to identify a reversal in price after it has reached a certain point. Or in other words, identifying areas of support or resistance.

Unfortunately whilst Fozzy does a great job of telling you this, it may do it to late. Because as we know it lags.

So this now begs the question. If Fozzy is only telling us areas of support and resistance do we really need it at all? I will leave that up to you to figure out

Attached is an indicator that plots areas of support and resistance. Put it on your chart and look back to where price made a new hi/lo then moved away in the oppsite direction. A day or so later you get a Fozzy signal.
  • #2,238
  • Jun 5, 2007 3:46am Jun 5, 2007 3:46am
I am sorry to post this but I recently discovered that this FOZZY METHOD is nothing but a "Trading System" from VT Trader called "Bollinger Bands of Ultimate Oscillator". I doubt that CMSFX incorporated Fozzy without asking permission or refusing to name it Fozzy so this method for me is not anymore called Fozzy Method.

See ya.
Brainstorming ... the ...
  • #2,239
  • Jun 5, 2007 5:43am Jun 5, 2007 5:43am
Quoting bogdan
I am sorry to post this but I recently discovered that this FOZZY METHOD is nothing but a "Trading System" from VT Trader called "Bollinger Bands of Ultimate Oscillator". I doubt that CMSFX incorporated Fozzy without asking permission or refusing to name it Fozzy so this method for me is not anymore called Fozzy Method.
See ya.
I do not agree. The VT system you mention is an 'always in the market' system set up on 30 minute charts. The main trigger is the MA cross of the center BB line. Does this sound like the Daily Fozzy? I'm sure there are systems out there that are quite similar, created before and after Fozzy's first post here but the "VT-Bollinger Bands of Ultimate Oscillator" system is not one of them.

I put together the information in the PDF below because the VT Manual was very large. The whole manual is available at the following address: http://vtsoftware.fxserver.com/VTtra...der_Manual.pdf
Attached File(s)
File Type: pdf VT System.pdf   303 KB | 994 downloads
  • #2,240
  • Edited 7:53pm Jun 5, 2007 6:28am | Edited 7:53pm
Quoting bogdan
I am sorry to post this but I recently discovered that this FOZZY METHOD is nothing but a "Trading System" from VT Trader called "Bollinger Bands of Ultimate Oscillator". I doubt that CMSFX incorporated Fozzy without asking permission or refusing to name it Fozzy so this method for me is not anymore called Fozzy Method.

See ya.

99% of this thread and this sub-forum contain posts that are positive/helpful/informative/useful/thought-provoking, as related to a method of trading that has been named "The Daily Fozzy Method".

bogdan.............I don't understand why you felt it was necessary to show up here and post your "opinion" about how we are trading and what we call it. We could have named it "The Inter-Galactical, low calorie, high octane, in-your-face" method and that would not have changed one single thing about the work done here or the results. And if a trader in Australia chooses to call it "The Fozzy Method", who am I or anybody else to get our nickers in a twist about it? Obviously, I take issue with your post; not so much because of what you wrote, but rather how you worded it. In previous posts I have made it clear that this method is very similar to what has already for years been called the "Dynamic Zone RSI" method. But who cares? Many traders have been helped to successfully trade with Daily charts because of what was started by the aforementioned trader in Australia as well as many, many other traders who have made significant contributions.

I have read and researched what nvwine wrote in his last post here, and he is spot on! His posted information flies in the face of your statement and hollow claim.

My suggestion: if you would like to participate with us in postive discussions about trading, then please feel free to remain and join with us in doing just that. But if your intentions remain negative and your sole purpose in being here is to be critical.................then take it down the road!

PS................you should be "sorry" about your post.
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