FOZZY Method CROSSES | Page 23 | Forex Factory

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FOZZY Method CROSSES

  • #441
  • Jun 12, 2007 12:00am Jun 12, 2007 12:00am
Quote
Well, for my own selfish interests, I hope you're wrong.

I am with this guy.
  • #442
  • Jun 12, 2007 4:06am Jun 12, 2007 4:06am
Quoting Bytebodger
Well, for my own selfish interests, I hope you're wrong.
Count me in
  • #443
  • Jun 12, 2007 4:24am Jun 12, 2007 4:24am
G'day Bytebodger,

Quoting Bytebodger
I'm just curious what everyone decided to do with today's crosses on NZD. I have fozzy signals on AUDNZD and NZDUSD. I don't normally ask for public confirmation on crosses that I can see clearly in front of me, but I'm asking because these crosses were solely created by the RBNZ's intervention last night. This is like a cross that has been created as a result of a huge NFP number.I'm not trying to get anyone to make my decision for me - I've already taken both crosses. But I'd just like to know how others are approaching it.
Personally, I pay attention to the range of the bar on which the cross, and hence the signal, happened. If it's "considerably" more than the average range for the pair, I skip it. Of course, "considerable" is a subjective term. Historically, signals that occur on bigger than average ranges tend not to work out in the shorter term (meaning my SL is usually hit before it reverses and goes in my original direction). This is from my own testing. Of course, you do miss the times when it does continue on, but that's the price you pay. Pips lost count against your balance...missed pips don't. That's the philosophy I apply to this.

I chose not to take any of the NZD trades, of which there were 3. I suppose this does equate to going against my system rules, but it could also be argued that this is the discretionary part of it. I dunno.

Cheers,
Art...
  • #444
  • Jun 12, 2007 6:19am Jun 12, 2007 6:19am
Quoting BeachBum
Past experinece has taught me that when I break my trading system rules, the result is not in my best interests.................
Agreed. Fozzy gave me 3 signals last night - NZDUSD, AUDNZD, and EURGBP. When I woke up, my 0.5 lots of AUDNZD had been stopped out at -43. My NZDUSD is still open and sitting at almost BE. And on EURGBP, 0.3 lots have closed at +24 and I have another 0.3 lots of EURGBP open at +23. (Notice that the negative AUDNZD and the positive EURGBP that have closed basically cancel each other out, since the EURGBP pips are worth so much more.) So the lesson that I take from this (as I have been learning repeatedly over the last few months) is to just trade them all.

In fact, when you look at everything that happened last night, including the fozzy trades that I had open from the day before, I made 144 pips in closed trades while I slept last night. Good, good stuff.
  • #445
  • Jun 12, 2007 7:35am Jun 12, 2007 7:35am
As so it is that you have answered your own questions and profited at the same time................well done!

Quoting Bytebodger
Agreed. Fozzy gave me 3 signals last night - NZDUSD, AUDNZD, and EURGBP. When I woke up, my 0.5 lots of AUDNZD had been stopped out at -43. My NZDUSD is still open and sitting at almost BE. And on EURGBP, 0.3 lots have closed at +24 and I have another 0.3 lots of EURGBP open at +23. (Notice that the negative AUDNZD and the positive EURGBP that have closed basically cancel each other out, since the EURGBP pips are worth so much more.) So the lesson that I take from this (as I have been learning repeatedly over the last few months) is to just trade them all.

In fact, when you look at everything that happened last night, including the fozzy trades that I had open from the day before, I made 144 pips in closed trades while I slept last night. Good, good stuff.
  • #446
  • Jun 12, 2007 8:51am Jun 12, 2007 8:51am
Quoting Bytebodger
Agreed. Fozzy gave me 3 signals last night - NZDUSD, AUDNZD, and EURGBP. When I woke up, my 0.5 lots of AUDNZD had been stopped out at -43. My NZDUSD is still open and sitting at almost BE. And on EURGBP, 0.3 lots have closed at +24 and I have another 0.3 lots of EURGBP open at +23. (Notice that the negative AUDNZD and the positive EURGBP that have closed basically cancel each other out, since the EURGBP pips are worth so much more.) So the lesson that I take from this (as I have been learning repeatedly over the last few months) is to just trade them all.

In fact, when you look at everything that happened last night, including the fozzy trades that I had open from the day before, I made 144 pips in closed trades while I slept last night. Good, good stuff.
ByteB i'm on the NZD/USD and AUD/NZD, and both are still running:
AUD/NZD -26 pips
NZD/USD +4 pips.So my question is what was your SL?
  • #447
  • Jun 12, 2007 9:34am Jun 12, 2007 9:34am
Quoting Brolin69
ByteB i'm on the NZD/USD and AUD/NZD, and both are still running:
AUD/NZD -26 pips
NZD/USD +4 pips.So my question is what was your SL?
I had a 52-pip trailing stop [ATR(30) x 0.7]. When I woke up this morning it was already stopped out. Looking at the chart, the price peaked at 1.1240 before reversing during the night. It has now, of course, recovered to a point where it is close to its original opening price for the day.

This trade illustrates the dark side of trailing stops - the fact that otherwise-profitable trades can be taken out by spikes. I have begun making heavy use of trailing stops and they seem to be treating me VERY well. But there is no such thing as a "perfect" stop, and this is just one example where a trailing stop was less than ideal.
  • #448
  • Jun 12, 2007 12:14pm Jun 12, 2007 12:14pm
BB, do you still use ATR(10) to figure out SL?

I entered USD/NZD yesterday as well with SL at 82 pips. It is still open but not much is going on now at -15.
  • #449
  • Jun 12, 2007 12:18pm Jun 12, 2007 12:18pm
Sometimes...............but I prefer to conduct detailed and indepth backtests for at least a year to determine what values works best for S/L and T/P. See my recent posts in the original thread about some of this. AND I DO NOT BREAK MY TRADE RULES!!! HTH!

Quoting ramrocket
BB, do you still use ATR(10) to figure out SL?

I entered USD/NZD yesterday as well with SL at 82 pips. It is still open but not much is going on now at -15.
  • #450
  • Jun 12, 2007 3:15pm Jun 12, 2007 3:15pm
Looks like fozzy crosses coming on Aud/USD and Aud/JPY
  • #451
  • Jun 12, 2007 3:56pm Jun 12, 2007 3:56pm
Both have a good technical setup(for me) going into cross, as they are both crossing on the 4hr and heading south on 1hour at the sametime..

aud/usd also breaking dtl on 4hr

Wait and see...

Rye
Attached Image
  • #452
  • Jun 12, 2007 4:32pm Jun 12, 2007 4:32pm
On my chart the cross on AUD/USD was in 11.06.The rules of the Fozzy method tel us to enter the next day.
PS:Byteb if you like to use trailing stops use them but after you close your first lot in profit, then it wont bother you if it turns back on you;thats how i do it.
  • #453
  • Jun 12, 2007 4:47pm Jun 12, 2007 4:47pm
Quoting Brolin69
On my chart the cross on AUD/USD was in 11.06.The rules of the Fozzy method tel us to enter the next day.
PS:Byteb if you like to use trailing stops use them but after you close your first lot in profit, then it wont bother you if it turns back on you;thats how i do it.

I am on FXDD Demo there was no clean cross or signal on the opening of the 6/12 candle at 5pm est. It is possible that I am smoking crack and just did not see it.
  • #454
  • Jun 12, 2007 4:51pm Jun 12, 2007 4:51pm
Isn't that heavy on the face and hard to light......

Rye
  • #455
  • Jun 12, 2007 4:55pm Jun 12, 2007 4:55pm
The 4 hour chart would have put you in earlier..............
Attached Image (click to enlarge)
Click to Enlarge Name: aud_usd.jpg Size: 36 KB
  • #456
  • Jun 12, 2007 4:59pm Jun 12, 2007 4:59pm
Quoting Ryecatcher
Isn't that heavy on the face and hard to light......

Rye
You have to be verrrrryyyyy careful when lighting crack......you could wake up with a permanant goatee...
  • #457
  • Jun 12, 2007 5:04pm Jun 12, 2007 5:04pm
Actually I am positive that there was no signal at the open of the 6/12 candle......I was at work so can't take the cross on the 4h. I wish I could down load meta on the work PC...
  • #458
  • Jun 12, 2007 5:11pm Jun 12, 2007 5:11pm
Laptop..............at work..............trade at lunch and breaks............

Quoting Cmartin371
Actually I am positive that there was no signal at the open of the 6/12 candle......I was at work so can't take the cross on the 4h. I wish I could down load meta on the work PC...
  • #459
  • Jun 12, 2007 5:27pm Jun 12, 2007 5:27pm
Crack and farm animals....


have a word....


Rye
  • #460
  • Jun 12, 2007 6:03pm Jun 12, 2007 6:03pm
Quoting BeachBum
Laptop..............at work..............trade at lunch and breaks............
Jeez.....lunch break. What's that
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