DislikedAs promised, I have prepared a list showing the "possible" trades that correspond with the information in my post #2245. These trades are in harmony with my previous statement in that post:
"Look back for one year at the EUR/USD. Now remember I use FXDD and the AO_FozzySignalALL to get my attention, but I always confirm a "clean" cross, no bounces. AND NO OTHER INDICATORS! RSI/MA cross only!"
"However, it is possible to Fozzy trade without doing anything other than entering the trades and waiting for them to close, either at T/P or S/L. In my example, I suggested moving the second lot to B/E when the first T/P is reached. BUT if a trader made the choice NOT to do this, but simply let all of these trades run-out, the net result in my example would be 2840 pips. Thats one trade a week on average, netting 55 pips per week on one currency pair."
All trades were taken in harmony with the above statements. To be as objective as possible, I looked very closely at all trades and eliminated some that could be viewed as "marginal" according to my definition of a "clean" cross. This reduced the number of winners from 36 to 30 and increased the losers from 19 to 20. The net pips gained is less but still very good.
Allowing all trades to close at either T/P or S/L would produce a net pip gain of 2080.Ignored
I failed to remember that in your above post you said that you are not mechanically taking all signals. I thought that in the past you had said that you recommend taking ALL fozzy signals because one that you don't take might be "the big one" and you may miss out, but I assume now that you meant to take all *clear* signals. At any rate, you may be able to keep yourself honest during a backtest and objectively look at things, and I'm sure that you used F12 to scroll one bar at a time on the right side of the screen, and I'm sure you did your tests as accurately as possible. Using discretion with the fozzy indicator seems to fit your trading style well, as it does several others on the thread. However, I've come to the conclusion that it does not fit my trading style.
My reasoning is this: if I'm going to use discretion and not be 100% mechanical, how can I completely ignore price action and not use any discretion with that? An indicator (at least most of them anyway) should give me a signal--using discretion on something that's supposed to give me a clear answer while ignoring the very thing that the indicator is reading (price) seems a bit odd. It's like looking at an instrument cluster on an airplane that's accurate about 75% of the time and trying to make a discretionary decision on whether I'm close to a huge mountain, while totally ignoring what's outside the windshield right in front of me (which may or may not be a huge mountain--but wouldn't you look up just out of curiosity?).
This little monologue is only meant to emphasize that not all methods will work well with all traders, and should not deter any fozzy traders. My hat's off to all of you who have been consistently successful with this--keep it up!! I hope you will continue to be successful on a consistent basis!
