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The Daily Fozzy Method

  • #2,401
  • Jun 19, 2007 1:15am Jun 19, 2007 1:15am
Quoting coolshades
i trade on oanda and i just take the trade on sunday night irrespective of spread.. my sls are wide enough to accomodate the spread and well if i get stopped out..so be it.. though i have never got stopped out because of the spread in the last 6 months on oanda
I guess you are right Coolshades, I guess I just need to take it and get on with it. In waiting for the spread to tighen from 10 pips to 2 pips I think I lost somewhere around 15 pips, so would have been 7 pips better off just taking the weekend spread. Its not so much of an issue with the majors as it is with some of the exotics with 1000 pip weekend spreads.
  • #2,402
  • Jun 19, 2007 6:22am Jun 19, 2007 6:22am
I was unable to attach my Metetrader trading report last friday and eventually had to copy and paste it all onto a word document, any suggestions?

Another nice set up attached.

Regards and thanks for the feedback

Madog
Attached Image (click to enlarge)
Click to Enlarge Name: chart4.jpg Size: 94 KB
  • #2,403
  • Jun 19, 2007 6:39am Jun 19, 2007 6:39am
i'm in the skype chat and i said i would post this if i found it. well i have the indicator but i can't find the instructions to create it.
you have the option to save this indicator as your own Custom RSI and it will plot dots rather than line. What i've done here is plotted the RSI from indicators list and the custom rsi from custom indicators list. Both have deselected the minimum and maximum parameters.
Attached Image
Attached File(s)
File Type: mq4 RSI.mq4   3 KB | 625 downloads
It really is that easy.
  • #2,404
  • Jun 19, 2007 6:39am Jun 19, 2007 6:39am
Quoting Craig2
Beach, are you still using Oanda?

If so, how do you deal with the weekend spreads Sunday night/Monday morning?

I ended up missing a few pips Monday morning on EUR/USD waiting for the spread to tighten.
Yes, and I do the same as coolshades. I'm not going to allow a few extra pips on the spread to keep me from trading successfully.
  • #2,405
  • Jun 19, 2007 6:43am Jun 19, 2007 6:43am
Quoting THE FxORCE
i'm in the skype chat and i said i would post this if i found it. well i have the indicator but i can't find the instructions to create it.
you have the option to save this indicator as your own Custom RSI and it will plot dots rather than line. What i've done here is plotted the RSI from indicators list and the custom rsi from custom indicators list. Both have deselected the minimum and maximum parameters.
I think accrete (Thom) has something like this. You might want to check with him if you need further assistance.
  • #2,406
  • Jun 19, 2007 8:02am Jun 19, 2007 8:02am
Quoting hbrandt
I post this especially for Beach Bum and others who's posts kept me going !!!!

I found this "combo" by mistake...combining Fozzy and another idea from another post...both works....sometime.... BUT not always....

We all like daily Fozzy signals but we all know it "repaints"...so we have to wait to the end of the day for a comfirmation....!
Repaint means the signal changes after the bar closed not before bar closes.

Signal changing while bar is still not closed is not repainting. Repainting also means the signal looks into the future and readjusts.

I hope I've explained myself clearly.

All regular indicators fluctuate while the bar is still open. The signal is locked in when the bar closes. On the other hand, a repainting indicator doesn't lock in after the bar closes, it adjusts for subsequent price action and is therefore flawed.

The RSI 8, SMA 8 , and bollinger bands do not repaint.
  • #2,407
  • Jun 19, 2007 10:18am Jun 19, 2007 10:18am
BB,

I would imagine you would be in CAD sell by now or........:
  • #2,408
  • Jun 19, 2007 10:23am Jun 19, 2007 10:23am
Quoting TiKin
BB,

I would imagine you would be in CAD sell by now or........:
TiKin................I suggest we keep discussions in this thread about the Fozzy method. If you want to discuss crosses or trades, let's use the "Fozzy Cross" thread.
  • #2,409
  • Jun 19, 2007 12:28pm Jun 19, 2007 12:28pm
Quoting ftraderx
Repaint means the signal changes after the bar closed not before bar closes.

Signal changing while bar is still not closed is not repainting. Repainting also means the signal looks into the future and readjusts.

I hope I've explained myself clearly.

All regular indicators fluctuate while the bar is still open. The signal is locked in when the bar closes. On the other hand, a repainting indicator doesn't lock in after the bar closes, it adjusts for subsequent price action and is therefore flawed.

The RSI 8, SMA 8 , and bollinger bands do not repaint.

I know what you mean...I meant during the day the up bar that signals Fozzy, changes back and forth till like you said the bar closes...that's my point...by Fozzy along you need to wait for that bar to close to confirm....so again what I'm trying to do is to enter as early as possible !...what if I tell you you can enter even on the 1H chart to ketch a daily Fozzy real early ?...check this 2 pages that I attach..it's a word doc and you can enlarge it to x200 to see close ups...

P.S. Also the SMA50 does not "repaint" that's why this method is not hard to back test...
Attached File(s)
File Type: doc GBP USD June FOZZY + 50SMA Study.doc   535 KB | 920 downloads
  • #2,410
  • Jun 19, 2007 3:00pm Jun 19, 2007 3:00pm
craig, dont know how long you are on forex... but if new maybe trading in exotics is a tad too early..?

sorry if that appears patronising, not meant to be

Quoting Craig2
I guess you are right Coolshades, I guess I just need to take it and get on with it. In waiting for the spread to tighen from 10 pips to 2 pips I think I lost somewhere around 15 pips, so would have been 7 pips better off just taking the weekend spread. Its not so much of an issue with the majors as it is with some of the exotics with 1000 pip weekend spreads.
  • #2,411
  • Jun 19, 2007 4:17pm Jun 19, 2007 4:17pm
Quoting coolshades
craig, dont know how long you are on forex... but if new maybe trading in exotics is a tad too early..?

sorry if that appears patronising, not meant to be
Thanks for your concern Coolshades. Ive been trading for about 4 months now, I didnt mean for it to sound like I was trading exotics, just that relative to some of the weekend spreads on the exotics, paying an extra 8.8 pips on the EURUSD wasnt that bad for the weekend.

I do trade a couple of exotics in a different account as part of a carry basket.
  • #2,412
  • Jun 19, 2007 9:14pm Jun 19, 2007 9:14pm
hi, i am new to fozzy method.
i just want to ask,
does the atr channel70% repaint?
means that in an uptrend, if we set stoploss early in the morning, later that day, the candle turn bear, does the atr channel adjust itself or it will stay like that for the whole day?

what is the best time to set stoploss during a day (GMT)?
  • #2,413
  • Jun 19, 2007 9:48pm Jun 19, 2007 9:48pm
These questions and your lack of understanding the basics is because you have not read this thread. I know, I know, it's very long. At least have a "look" at all the posts if you are serious about using this method. Or you can read the e-book which is in the very first post of another thread in this sub-forum. I have looked at your previous posts; and unfortunately it "appears" you jump around from thread to thread asking other traders to explain how a system/method works. This behavior will not lead you to success. I suggest you read about several trading methods, pick the one that best suits your schedule and trading personality, and then concentrate on just that one! Otherwise you will most likely join the 95 percentile. It doesn't have to be that way; the choice is yours to make.


Quoting woopypooky
hi, i am new to fozzy method.
i just want to ask,
does the atr channel70% repaint?
means that in an uptrend, if we set stoploss early in the morning, later that day, the candle turn bear, does the atr channel adjust itself or it will stay like that for the whole day?

what is the best time to set stoploss during a day (GMT)?
  • #2,414
  • Jun 19, 2007 10:18pm Jun 19, 2007 10:18pm
Quoting BeachBum
These questions and your lack of understanding the basics is because you have not read this thread. I know, I know, it's very long. At least have a "look" at all the posts if you are serious about using this method. Or you can read the e-book which is in the very first post of another thread in this sub-forum. I have looked at your previous posts; and unfortunately it "appears" you jump around from thread to thread asking other traders to explain how a system/method works. This behavior will not lead you to success. I suggest you read about several trading methods, pick the one that best suits your schedule and trading personality, and then concentrate on just that one! Otherwise you will most likely join the 95 percentile. It doesn't have to be that way; the choice is yours to make.
Having just finished reading the thread over 2 weeks, I have to agree with BB.

There isnt anything in the thread that isnt good. It might be possible to consider all the old trades as "out of date", however, I prefer to think of them as an excellent database of worked examples. We are really fortunate to have so many charts to go along with the discussion.

The thread also discussess a lot of variants, TP levels, SL levels, different brokers, etc. Some of these arent being used any more, and werent too successful, some are still being used. Its very good to read through these posts as it gives a lot of different perspectives and methodologies. From this, you can find out what works for you. By the time you finish reading this thread you should be in a very good position to make an inflormed decision about if and how you want to trade this strategy.

Well, off the soap box now
  • #2,415
  • Jun 22, 2007 7:00am Jun 22, 2007 7:00am
Ok im going to start reading this thread from the start, ill speak to you all in 6 months ok
  • #2,416
  • Jun 22, 2007 7:25am Jun 22, 2007 7:25am
Quoting mike43234
Ok im going to start reading this thread from the start, ill speak to you all in 6 months ok
OK..............we'll leave the light on for you................

BTW: 160 pages x 2 minutes per page (some more, some less; just an average) = 320 minutes = 5.33 hours. Seems Reasonable.........
  • #2,417
  • Jun 22, 2007 10:00am Jun 22, 2007 10:00am


Great Fozzy,

i canīt believe it. THis week i have been asking for one strategy like this. My situation is the same, i have complete time job and i canīt to be all day in front of PC.

Thank you very much for your information. I am going to implement your strategy.

Do you have some paper with this strategy?

Do you know other strategies to daily charts?....obviosly, with good results...

Bye.

Quoting fozzy
This is my first post on FF after months of reading and trying some of the numerous systems provided by members of this forum. Months ago I came across the following indicators that were posted on one of the Vegas threads. I cannot remember who posted it but I am extremely grateful for their insight and hope they do not mind if I show my way of using this indicator.

After months of testing and swapping from system to system I've come back to this indicator and in hindsight I should have stuck with it from the start as it seems to work for my style of trading.

Anyway, on with the detail. I only trade daily charts and only EUR/USD, GBP/USD, USD/JPY and USD/CHF. Why these? Primarily because these are the only ones I have backtested and have been trading for the last 3 months. I also tend not to trade Monday mornings (Australian time) as prices sometimes gap over the weekend. However, this is discretionary.

On each chart I have an 8 period RSI. I also have an 8 period MA of the RSI and Bollinger Bands with a 20 period setting, also on the RSI.

Long Entries: RSI must be below the middle Bollinger Band. Enter long on the open of the next bar after the MA has crossed above the RSI.
Short entries: RSI must be above the middle Bollinger Band. Enter when MA crosses below RSI.

Stop loss is the low/high of the previous bar. I move S/L to break even if the price moves greater than 40 pips in my direction. After the initial 40 pip move I use a trailing stop for exits (25 pips).

I only look at the charts once per day, just before 0.00 GMT. This way I know which pairs are approaching my set-up. I then place trades if my criteria has been met. That's it. A simple system that seems to work for me. Looking at charts all day does not suit me as I have a real job and I'm not in a convenient timezone. 10 minutes a day is all I need. This method provides a limited number of trades but the trades can last anywhere from 1 day to numerous days. There can also be days on end with no trades. I have found that the secret is have patience. I also have come to believe those who say longer timeframes are easier, especially for newbies.

I'm not going to say this system will always work but for me it has generated over 400 pips in September already. Please try this out on demos before putting your hard-earned into it. Just because it is working for me (at the moment) does not mean it will suit everyone.

Please feel free to comment.
________ EAZM-FX
  • #2,418
  • Jun 23, 2007 1:50pm Jun 23, 2007 1:50pm
This strategy works only on daily charts???
  • #2,419
  • Jun 23, 2007 1:55pm Jun 23, 2007 1:55pm
Quoting 4newbie
This strategy works only on daily charts???
The answer to your question can be found by reading further in this thread or other parts of this sub-forum...........enjoy!
  • #2,420
  • Jun 24, 2007 9:09am Jun 24, 2007 9:09am
Hi everybody, for those of you who do not use Meta Trader - which sometimes seems like not many - but use Visual Trader instead, here is an indicator for you to try. It saves you struggling to add Bollinger etc to the RSI indicator, no rocket science here. Tweak the time intervals and colours to your own taste.

You need a folder named "IndicatorScripts" in your main VT directory (incase you do not have one already) and put this file into that directory. Then start VT, right-click the chart to attach an indicator and you should see "Fozzy Indicator" in the list. The indicator will naturally adjust to your selected time frame, this thread recommends using a 1-day time frame. I stretch the indicator window upwards a little to make it easier to see.

Enjoy!
Attached File(s)
File Type: vtscr Fozzy.vtscr   1 KB | 478 downloads
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