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The Daily Fozzy Method

  • #2,421
  • Jun 24, 2007 10:31am Jun 24, 2007 10:31am
Hello Primate...

I don't use VT; but I want to thank you for posting this indicator for those who do..........

Quoting Primate
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!
  • #2,422
  • Jun 24, 2007 3:31pm Jun 24, 2007 3:31pm
Quoting Madog
Hi to all you helpful people out there and thanks for all your help.


I’ve fallen in love with both the Fozzy Method and the Mouteki (Demark) Method and would like your comments on the system I am trying to implement for myself based on combining both methods. Here is how it should work:

  1. A trendline breakout is spotted according to according to the Demark rules (these are very similar to the Mouteki method) but I do recommend reading Tom Demark’s book. I use an indicator to help with this.
  2. The trade is only entered if a Fozzy cross has occurred in the last 2 days.

That’s it! I like to keep things simple. I am not sure if I am writing this post in the correct thread, I apologise if so.

I only have access to the computer in the evenings and first thing in the morning because of work so I might be slow in responding to your comments.

Now please be patient with me I will try to attach some charts to show my method! Any comments on how to improve the chart quality?

Regards

Madog


Please find attached my latest results as promised.

Its been a strange week, Monday started brilliantly which probably made me too eager to trade, this made me pull the trigger too soon on Wednesday on a few trades which turned against me and as a result rocked my confidence so I stayed out of the market.

I did manage however to end the week in profit and a little wiser so its all good stuff for me, and a big bonus was that in that period where I stayed out of the market I started to read James16s thread. Excellent stuff. Currently on page 57 out of 200+.

Heres hoping for your feedback

Madog
Attached File(s)
File Type: doc Statement 22.6.07.doc   104 KB | 845 downloads
  • #2,423
  • Jun 24, 2007 7:07pm Jun 24, 2007 7:07pm
Quoting Madog
Please find attached my latest results as promised.

Its been a strange week, Monday started brilliantly which probably made me too eager to trade, this made me pull the trigger too soon on Wednesday on a few trades which turned against me and as a result rocked my confidence so I stayed out of the market.

I did manage however to end the week in profit and a little wiser so its all good stuff for me, and a big bonus was that in that period where I stayed out of the market I started to read James16s thread. Excellent stuff. Currently on page 57 out of 200+.

Heres hoping for your feedback

Madog
Agreed! James16 stuff combined with Fozzy can be powerful if one so chooses
  • #2,424
  • Edited 2:57am Jun 27, 2007 2:35am | Edited 2:57am
is this fozzy method can be traded with all pairs? sorry if anyone asked b4.

also i am using the 70%ATR with all pairs, i dun divide lots or use vegas fibo levels, i just trail with 1 lot until it gets hit by itself. what do you think?

is it possible or not to script and indicator that includes ATR and RSI/MA but doesnt take into consideration of the sunday candle? there's price difference btwn FXDD and IBFX.
  • #2,425
  • Jun 27, 2007 6:13am Jun 27, 2007 6:13am
G'day Woopy,

A bit of light reading on your part would have answered most of these questions of yours. My answers are in red.

Quoting woopypooky
is this fozzy method can be traded with all pairs? sorry if anyone asked b4. Yes.
also i am using the 70%ATR with all pairs, i dun divide lots or use vegas fibo levels, i just trail with 1 lot until it gets hit by itself. what do you think? You can trade however you want as long as you're comfortable with it.
is it possible or not to script and indicator that includes ATR and RSI/MA but doesnt take into consideration of the sunday candle? there's price difference btwn FXDD and IBFX. Welcome to my world. Been there, asked that. You have 2 choices - stick with IBFX and deal with the Sunday candle or move to FXDD.
Cheers,
Art...
  • #2,426
  • Jun 27, 2007 6:41am Jun 27, 2007 6:41am
Price differences between brokers cant differ too much, and when you are dealing with daily charts, these differences are going to be incredibly minor in the grand scheme of things most of the time.

I wouldnt worry about it too much. Even if there are differences, half the time they should be in your favour, half the time against.

If you think these differences are in fact significant, you might just have hit on a different trading system based on arbitrage.
  • #2,427
  • Edited 9:17am Jun 27, 2007 9:07am | Edited 9:17am
4newbie, Craig2 and others............

This thread is very long; I suggest we discuss the Fozzy method here and individual signals and trades on the "Fozzy Method Crosses" thread. Thanks!

EDIT: If you're new to this thread: Please read before you ask, I can't imagine any question about "Fozzy" trading that hasn't already been asked AND answered at least once! Senior members and traders MAY NOT respond to repetitive questions because we KNOW you haven't done your homework..............
  • #2,428
  • Jun 27, 2007 10:26am Jun 27, 2007 10:26am
How can i do to see on dailyFX Chart Station the three lines of Bolinger Bands? If you see, when you attach the BB(20), it only showes the low and high band, it doesn´t show the middle band and i can´t to determine if the cross have been below or above of middle Bollinger Band.

Thanks in advance!!!
________ EAZM-FX
  • #2,429
  • Jun 27, 2007 10:44am Jun 27, 2007 10:44am
Why do I even bother?
  • #2,430
  • Jun 27, 2007 11:00am Jun 27, 2007 11:00am
How can i do to see three bands when i configure the Bollinger band indicator on dailyFx Chart Station?

I configure Bollinger Band (20) and only see two bands (low and high), but i want to see low band, high band and middle band....what can i do?

Thanks in advance!!!

Quoting BeachBum
Why do I even bother?
________ EAZM-FX
  • #2,431
  • Jun 27, 2007 11:13am Jun 27, 2007 11:13am
Quoting edgarandreszm
How can i do to see three bands when i configure the Bollinger band indicator on dailyFx Chart Station?

I configure Bollinger Band (20) and only see two bands (low and high), but i want to see low band, high band and middle band....what can i do?

Thanks in advance!!!
Use MT4 and read the thread, it is worth the time.
  • #2,432
  • Jun 27, 2007 11:37am Jun 27, 2007 11:37am
Thank you Tikin,

I know that. But, i can see MT4 only at nights and mornings from my house because the security cibernetic politics of my company does not permit to acces MT4 software from my job, so during the day i only can acces dailyFX Chart Station by internet from my company and i open the position by phone when i see each signal of buy or sell with my indicators over dailyFX.

Do you know how can i see the three BB on DAilyFX?

Thank you!!!

Quoting TiKin
Use MT4 and read the thread, it is worth the time.
________ EAZM-FX
  • #2,433
  • Jun 27, 2007 12:28pm Jun 27, 2007 12:28pm
Quoting edgarandreszm
Thank you Tikin,

I know that. But, i can see MT4 only at nights and mornings from my house because the security cibernetic politics of my company does not permit to acces MT4 software from my job, so during the day i only can acces dailyFX Chart Station by internet from my company and i open the position by phone when i see each signal of buy or sell with my indicators over dailyFX.

Do you know how can i see the three BB on DAilyFX?

Thank you!!!
Good news,

If you use Net Dania (www.netdania.com) think it is the same as Daily FX. open a chart and first lay the RSI 8 and then activate the drag and drop feature on bottom of studies. Now activate an EMA8 and select new; then drag and drop this indicator on top of the RSI, do the same with BB. However, the BB does not look the same as the one on MT4, but that does not matter that much as most advance users of the Fozzy don't use it anyway.

THE BIG THING ABOUT NET DANIA IS THAT IT OPENS THE DOOR TO 8H CHARTS AND IT LOOKS PROMISSING. The thing I have not figured out yet is the 8-8 setting of the daily Fozzy is also used on the 4H which seems somewhat illogical and that should be adressed (probably someone will say it has been tested on another thread). I have tried the EMA setting on 12 (2 full days) on the 4H and it also looks good as it prevent many false signals on some pairs.

Anyway, you can use the Fozzy indicator at the office now .
Attached Image (click to enlarge)
Click to Enlarge Name: GIF Dania.jpg Size: 56 KB
  • #2,434
  • Jun 27, 2007 1:25pm Jun 27, 2007 1:25pm
Thank you very much Tikin,

Great thing. When i was finding the answer to my ask, I see on other thread that middle BB(20) is the same SMA(20). That is true?



Quoting TiKin
Good news,

If you use Net Dania (www.netdania.com) think it is the same as Daily FX. open a chart and first lay the RSI 8 and then activate the drag and drop feature on bottom of studies. Now activate an EMA8 and select new; then drag and drop this indicator on top of the RSI, do the same with BB. However, the BB does not look the same as the one on MT4, but that does not matter that much as most advance users of the Fozzy don't use it anyway.

THE BIG THING ABOUT NET DANIA IS THAT IT OPENS THE DOOR TO 8H CHARTS AND IT LOOKS PROMISSING. The thing I have not figured out yet is the 8-8 setting of the daily Fozzy is also used on the 4H which seems somewhat illogical and that should be adressed (probably someone will say it has been tested on another thread). I have tried the EMA setting on 12 (2 full days) on the 4H and it also looks good as it prevent many false signals on some pairs.

Anyway, you can use the Fozzy indicator at the office now .
________ EAZM-FX
  • #2,435
  • Jun 27, 2007 1:37pm Jun 27, 2007 1:37pm
OK Edgar Winter,

SMA 20 looks good on Net Dania
  • #2,436
  • Jun 27, 2007 9:17pm Jun 27, 2007 9:17pm
Quoting BeachBum
Why do I even bother?


Mate, I laughed even before seeing your reply knowing full well you were going to reply.

I'm all for helping new people to the site and new traders. Hell, I'm still a new trader. I expect to get some assistance when I ask a question. But, I only ask after I have done my searching for the answer. Nobody on here owes me anything.

This place is the way it is because of the people on here. The everyday traders or wannabe-traders. It hasn't become the forex repository because Merlin is a good bloke (if he is a good bloke : ) or because the mods are are kind, sensitive new age guys. It's because the people who log on everyday want to read, participate and contribute to something that is a passion. But, at one stage they were all newbies asking the questions and doing the research for themselves.

IMHO, people asking for a solution before doing their own research deserve to be sent back to Page 1. That's it. This is the only way that these traders will, in the future, become prolific posters and contributors and, in turn, send the future newbies back to page 1. It's a cyclical thing that has to be preserved for this place to continue to improve.

Remember the old adage that goes something like - "Give a man a fish and he eats today; teach a man to fish and he eats forever"

Anyway, this is way off topic now. Feel free to delete at your pleasure.

Cheers,
Art...
  • #2,437
  • Edited 8:17am Jun 28, 2007 4:20am | Edited 8:17am
7 vertical red lines, seven horrible trades. U go long, price come down, u go short, price go up.
how to avoid it? please tell me, thanks.
  • #2,438
  • Edited 8:18am Jun 28, 2007 5:02am | Edited 8:18am
Quoting rpg

7 vertical red lines, seven horrible trades. U go long, price come down, u go short, price go up.
how to avoid it? please tell me, thanks.
I can't see the timeframe you are using but did you know that you are using the 'back test' version of the indicator ?
  • #2,439
  • Jun 28, 2007 6:21am Jun 28, 2007 6:21am
Quoting willf
I can't see the timeframe you are using but did you know that you are using the 'back test' version of the indicator ?
BT gives you a signal on the day you should trade, so right when the trading candle starts, so if you use it that way, what's the problem ?

RPG what is that pair and time frame

Thanks
  • #2,440
  • Jun 28, 2007 8:03am Jun 28, 2007 8:03am
G'day rpg,

Quoting rpg
7 vertical red lines, seven horrible trades. U go long, price come down, u go short, price go up.
how to avoid it? please tell me, thanks.
For starters, don't take every cross you see. Try taking only the crosses where they fall in relation to the mid-BB level. For example, if you have a cross up and the cross occurs below the mid-point of the BB, then take it. If the cross up occurs above the mid-point then pass. Do the same for crosses down. It's not perfect but if you'd used it in your above chart you would've passed on 3 (maybe 4) of those trades.

If you trade this way until you are comfortable with how the Fozzy works you can then investigate taking all crosses.

Cheers,
Art...
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