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The Daily Fozzy Method

  • #1,081
  • Nov 25, 2006 12:10pm Nov 25, 2006 12:10pm
that means it could be upodated without the need for a long thread.
Steve
PS I don't know how to do this before anyone suggests I do it :-)
  • #1,082
  • Nov 25, 2006 1:04pm Nov 25, 2006 1:04pm
wow. inspiring.

you didnt take the gbpchf fozzy on the 20th.. was it because it was just about 4o pips away and heading towards tunnel?



Quoting BeachBum
Great week for fozzy trades:

Sun-Mon 11/19-20

USD/JPY(F) sell 2 lots........................+77 & +187
AUD/USD(F) buy 2 lots.......................+40 & +80

Mon-Tues 11/20-21

GBP/USD(F) buy 2 lots.......................+100 & +324
GBP/JPY(F) buy 1 lot.........................-77
CHF/JPY buy 2 lots............................+50 & +64

Tues-Wed 11/21-22

EUR/USD buy 2 lots...........................+50 & +254
USD/CHF sell 2 lots...........................+60 & +300
GBP/CHF sell 1 lot.............................+65

Wed-Thurs 11/22-23

USD/CAD(F) sell 1 lot.........................+50
AUD/NZD(F) buy 2 lots.......................+50 & second still open (currently +43)

Thurs-Fri 11/23-24

AUD/CAD(F) sell 1 lot.........................still open (currently -11)
EUR/AUD buy 1 lot.............................+80

Total booked this week: 1914 pips.

I think next week I'll stop trading micro lots and move up to mini lots!
  • #1,083
  • Nov 25, 2006 1:19pm Nov 25, 2006 1:19pm
Yes............and it would have been a trade AGAINST the trend. Not a setup I will trade!

Quoting coolshades
wow. inspiring.

you didnt take the gbpchf fozzy on the 20th.. was it because it was just about 4o pips away and heading towards tunnel?
  • #1,084
  • Nov 25, 2006 2:09pm Nov 25, 2006 2:09pm
Quoting BeachBum
Yes............and it would have been a trade AGAINST the trend. Not a setup I will trade!
So does this mean you are not trading the EA? I also noticed on one of your charts you have an oscillator that bounces from top to bottom and vice versa....what is that?

Are you rules still as follows:
Take 1st profit when 40-50 pips profit and let 2nd TP run to FIB lines? Are you still utilizing 1.0 on Daily ATR for stop?

Congrats on a great week and awesome results!!!
  • #1,085
  • Nov 25, 2006 4:00pm Nov 25, 2006 4:00pm
I really don't like repeating myself..............most of your questions have already been answered in my previous posts:

However, one more time:

I don't use the EA because I don't like using them, it doesn't fit my personality and trading style.

ATR is usually my stop; T/P is based on fibs, tunnel and S/R levels.

I apply discretion based on what I have learned trading, my current observations and a "feel" for the market. And I have explained which indicator I use in a previous post......you can find it.


Quoting pdhawan
So does this mean you are not trading the EA? I also noticed on one of your charts you have an oscillator that bounces from top to bottom and vice versa....what is that?

Are you rules still as follows:
Take 1st profit when 40-50 pips profit and let 2nd TP run to FIB lines? Are you still utilizing 1.0 on Daily ATR for stop?

Congrats on a great week and awesome results!!!
  • #1,086
  • Nov 25, 2006 4:25pm Nov 25, 2006 4:25pm
Hi BB

If this was with the trend would you have taken it?

Basically what im asking is when would you take a position on one side of the tunnel, expecting it to go through the tunnel?

Quoting BeachBum
Yes............and it would have been a trade AGAINST the trend. Not a setup I will trade!


Quote:
<TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">Originally Posted by coolshades



wow. inspiring.

you didnt take the gbpchf fozzy on the 20th.. was it because it was just about 4o pips away and heading towards tunnel?



</TD></TR></TBODY></TABLE>
Mono
  • #1,087
  • Nov 25, 2006 4:44pm Nov 25, 2006 4:44pm
Quoting mono
Hi BB

If this was with the trend would you have taken it? NO!

Basically what im asking is when would you take a position on one side of the tunnel, expecting it to go through the tunnel? I won't !
.
  • #1,088
  • Nov 25, 2006 6:41pm Nov 25, 2006 6:41pm
Quoting BeachBum

Total booked this week: 1914 pips.

I think next week I'll stop trading micro lots and move up to mini lots!
Your money management will have to change drastically for this will it not? I don't know what your balance is, but when moving up to Mini's from Micro's you won't be able to trade nearly as many pairs at a time, or possibly even use multiple lots for a trade. Have you worked out what your approach is going to be given this change?

I was considering minimizing my trading to only those pairs with the highest ATR. Anything under 60, possibly even 70 would be eliminated from consideration. I don't know if my rational for doing this makes sense or not.

What are your thoughts on changing your MM as you increase account size and how this will affect your choices of what to trade?

Jason
  • #1,089
  • Nov 26, 2006 5:09am Nov 26, 2006 5:09am
G'day BB,

Quoting BeachBum
Art..............
Because you have the Tunnel on your charts...........and you asked, here's an observation: The opening price for a possible sell was 94.90 and the price level on the Tunnel was 94.60, only a 30 pip difference. In addition a sell was against a VERY strong upward trend. I don't take these trades because historically they don't work out very well, if at all. Someone sent me a PM asking what I meant when I wrote that "I will not trade into the Tunnel". This is a classic example of a trade not to take. I took the buy on the next signal because it was away from the Tunnel and WITH the trend. I set a 50 pip T/P at the first fib level and it's already been hit for a quick profit.
The Vegas Daily Tunnel is nothing more than a very strong pivot level and the fib levels are simply S/R points. But they have proven themselves to be very strong indicators that I believe deserve our attention when using the "fozzy" method. HTH!
Wholeheartedly agree. But, for the purposes of this forward test I will take them to prove that such trades working is more the exception than the rule.

Cheers,
Art...
  • #1,090
  • Nov 26, 2006 6:28am Nov 26, 2006 6:28am
Jason,

Sorry if I am butting in but I too have been struggling with the same situation. I have Oanda (mini) and would like to start doing (10k) trades. With micros you can have a shotgun approach since you are risking pennies per pip, your large stop/loss are easier to digest so.....I am also considering sticking to three majors (euro/usd, gbp/usd, usd/chf). The qualities of a disciplined trader will be even more critical. Who is trading 10k+ with the Fozzy and how many pairs are they targeting?
I guess I will need to switch to a single shot rifle!




Quoting jlowder
Your money management will have to change drastically for this will it not? I don't know what your balance is, but when moving up to Mini's from Micro's you won't be able to trade nearly as many pairs at a time, or possibly even use multiple lots for a trade. Have you worked out what your approach is going to be given this change?

I was considering minimizing my trading to only those pairs with the highest ATR. Anything under 60, possibly even 70 would be eliminated from consideration. I don't know if my rational for doing this makes sense or not.

What are your thoughts on changing your MM as you increase account size and how this will affect your choices of what to trade?

Jason
All 4 1 and 1 4 All
  • #1,091
  • Nov 26, 2006 6:48am Nov 26, 2006 6:48am
am i the only one on this thread using a spreadbetting platform than a forex broker?
  • #1,092
  • Nov 26, 2006 8:11am Nov 26, 2006 8:11am
beach fozzy : 189, 448,546, 609, 639, 644, 883

fozzy : 1,18,36, 38

i am sure there are a lot more relevant ones from both. fozzy and beach . but these for me encapsulate the two systems..


,
Quoting BeachBum
I really don't like repeating myself..............most of your questions have already been answered in my previous posts:

However, one more time:

I don't use the EA because I don't like using them, it doesn't fit my personality and trading style.

ATR is usually my stop; T/P is based on fibs, tunnel and S/R levels.

I apply discretion based on what I have learned trading, my current observations and a "feel" for the market. And I have explained which indicator I use in a previous post......you can find it.
  • #1,093
  • Nov 26, 2006 8:37am Nov 26, 2006 8:37am
Hello,

Thank you Cool for posting that info. I thought I would add the page# to the corresponding post for easier finding:
beach fozzy: Pgs 13,34,37,41,43,43 & 59
fozzy: First three pages



Quoting coolshades
beach fozzy : 189, 448,546, 609, 639, 644, 883

fozzy : 1,18,36, 38

i am sure there are a lot more relevant ones from both. fozzy and beach . but these for me encapsulate the two systems..


,
All 4 1 and 1 4 All
  • #1,094
  • Nov 26, 2006 10:06am Nov 26, 2006 10:06am
Quoting 4rex
Jason,

Sorry if I am butting in but I too have been struggling with the same situation. I have Oanda (mini) and would like to start doing (10k) trades. With micros you can have a shotgun approach since you are risking pennies per pip, your large stop/loss are easier to digest so.....I am also considering sticking to three majors (euro/usd, gbp/usd, usd/chf). The qualities of a disciplined trader will be even more critical. Who is trading 10k+ with the Fozzy and how many pairs are they targeting?
I guess I will need to switch to a single shot rifle!
By using the pairs that have the highest ATR, I figured I'd be more likely to rake in larger profits, thus skipping out on trading more pairs wouldn't be so bad. I'm looking at 2.5% per trade, at a 50 pip s/l. This is with a 2k starting balance, although I have to admit I didn't adjust downward as I made some bad trades messing around with other items so my risk has increased. Taking just the fozzy trades though, my balance has started to come back up.. I figured 2.5% per trade with no more than 10% on the line across all pairs. But this would only give me 1 lot per trade. Ideally I'd like to get up to 2 lots per trade, taking profit at the ATR and then letting the other ride until solar changes, S/R is hit or the MA leaves the solar..

The system is the easy part. It's getting the MM down and sticking to it that's going to be harder I think..

Jason
  • #1,095
  • Nov 26, 2006 10:24am Nov 26, 2006 10:24am
My posts here have been about a trading system, not money management. And I have no intention of getting involved in that topic for a variety of reasons. Suffiice to say that I use MM principles that fit me as a trader and my account. I trade fulltime for a living, so my approach might be different from others.

However, there is some outstanding information here at FF about MM, both in the public forum and especially in the PF. Fijitrader has written what could be described as some of the best posts on this topic and I consider his writings a "must read"!.

The "fozzy" method can be used smartly to make $$$. Please be smart about MM too! Cheers fozzy!


Quoting jlowder
Your money management will have to change drastically for this will it not? I don't know what your balance is, but when moving up to Mini's from Micro's you won't be able to trade nearly as many pairs at a time, or possibly even use multiple lots for a trade. Have you worked out what your approach is going to be given this change?

I was considering minimizing my trading to only those pairs with the highest ATR. Anything under 60, possibly even 70 would be eliminated from consideration. I don't know if my rational for doing this makes sense or not.

What are your thoughts on changing your MM as you increase account size and how this will affect your choices of what to trade?

Jason
  • #1,096
  • Nov 26, 2006 1:11pm Nov 26, 2006 1:11pm
Quoting BeachBum
My posts here have been about a trading system, not money management. And I have no intention of getting involved in that topic for a variety of reasons. Suffiice to say that I use MM principles that fit me as a trader and my account. I trade fulltime for a living, so my approach might be different from others.

However, there is some outstanding information here at FF about MM, both in the public forum and especially in the PF. Fijitrader has written what could be described as some of the best posts on this topic and I consider his writings a "must read"!.

The "fozzy" method can be used smartly to make $$$. Please be smart about MM too! Cheers fozzy!
BB,

That's cool, however I believe many on the PF would argue that you do not have a system without money management in place. The two can not be separated. I brought it up because to me the MM aspect will vary depending on the system in play and that there are possibly several "generic" aspects of this that could be shared without delving into ones personal finances. I kind of got the impression from your response you thought I was asking for personal information - which I was not, and I apologize if thats the impression you got.

Jason
  • #1,097
  • Nov 26, 2006 1:46pm Nov 26, 2006 1:46pm
Jason..............apology not necessary, I did NOT think you were asking for personal financial information. I would just prefer not to discuss MM matters here. At times my MM would scare some traders, while other times I would appear overly conservative, it's just my style (remember, it's all about "the style"..... ). My trade results from last week show I traded two lots on some trades and only one lot on others. That's a small glimpse of how I trade, it's very discretional at times.

I enjoy your posts, so.............no harm, no foul, my friend........


Quoting jlowder
BB,

That's cool, however I believe many on the PF would argue that you do not have a system without money management in place. The two can not be separated. I brought it up because to me the MM aspect will vary depending on the system in play and that there are possibly several "generic" aspects of this that could be shared without delving into ones personal finances. I kind of got the impression from your response you thought I was asking for personal information - which I was not, and I apologize if thats the impression you got.

Jason
  • #1,098
  • Nov 27, 2006 9:36am Nov 27, 2006 9:36am
With the 2-2 EA, is there a way to manually initiate the trade, but have the EA manage the stops? (specifically, the under-stops, initial .70ATR, move to B/E at +40p, and 25p trail at +65p...) I would set the T/P stops manually, at fibs, Vargas, etc....

If I take the trade manually, put in the EA magic number in the comment line, will the EA manage that trade as "it's own", and not initiate an additional trade?

thanks....
  • #1,099
  • Nov 28, 2006 8:37am Nov 28, 2006 8:37am
Hi all, just trying to get a feel for the Fozzy signal.
I entered a trade based on this one:
I hope I was correct.
Attached Image
Steve
  • #1,100
  • Nov 28, 2006 8:53am Nov 28, 2006 8:53am
Quoting PipSteve
Hi all, just trying to get a feel for the Fozzy signal.
I entered a trade based on this one:
I hope I was correct.
In looking at your chart I see your RSI setting is 21. The Fozzy setting is RSI 8. HTH
Hi, my name is Barry and you can keep your doctor...
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