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The Daily Fozzy Method

  • #2,441
  • Jun 28, 2007 8:26am Jun 28, 2007 8:26am
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.
rpg.................

first; I removed your "pretty" screenshot because it contained promotional links and that's not allowed.

second; your post is a classic example of someone who has not done their homework. I'm sorry if you're offended by that comment but I have been on this soapbox for a long time. As willf points out, use are using the "Backtest" version of the indicator which means your signals are one day late.................sooooooo you miss the trade (if you are using a Daily" chart), Anyway you cut it, you're not using the Fozzy method as explained thoroughly and often in the original thread.

The indicators created by miscon777 are posted in the original thread and explained.

People; do your homework before you show up here and complain the system "doesn't work" ............
  • #2,442
  • Jun 28, 2007 8:29am Jun 28, 2007 8:29am
Quoting TiKin
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
The problem is: you get the signal one time frame late. If you're on the Daily; you'll be a day late and potentially miss a good trade!
  • #2,443
  • Jun 28, 2007 8:56am Jun 28, 2007 8:56am
Totally agree... I am pretty new to trading.... I wanted results and answers now, you got to look at it like this... if you asked me, 'How long does it take to learn spanish (if you can't already speak it)'? This depends on the individual and how much effort you put in... it would take sometime, to say the least.

The market is here today, it will be here tomorrow... don't rush... take a step back and read and learn and demo trade and look back and examine setups, rather than trying to use the MT4 back tester...

What you put in is what you get out!

If it takes you 2/3 weeks reading all the posts, then so be it...

This the best method I have found and I traded the on demo and it netted my around 150 pips on 2 trades... these moves come probably come once a week on a couple of pairs, though there are trades that you can take, where you can comfortably net 30/40/50 pips a trade 2 to 4 times a week.

Happy pipping!

Quoting BeachBum
rpg.................

first; I removed your "pretty" screenshot because it contained promotional links and that's not allowed.

second; your post is a classic example of someone who has not done their homework. I'm sorry if you're offended by that comment but I have been on this soapbox for a long time. As willf points out, use are using the "Backtest" version of the indicator which means your signals are one day late.................sooooooo you miss the trade (if you are using a Daily" chart), Anyway you cut it, you're not using the Fozzy method as explained thoroughly and often in the original thread.

The indicators created by miscon777 are posted in the original thread and explained.

People; do your homework before you show up here and complain the system "doesn't work" ............
  • #2,444
  • Jun 28, 2007 4:31pm Jun 28, 2007 4:31pm
Quoting guess121
What you put in is what you get out!

If it takes you 2/3 weeks reading all the posts, then so be it...
It never ceases to amaze me how will people are to invest their capital, and how unwilling they are to invest their time.

3 weeks spent learning to trade this system is three weeks well spent.
  • #2,445
  • Jun 28, 2007 5:43pm Jun 28, 2007 5:43pm
Quoting Craig2
It never ceases to amaze me how willing people are to invest their capital, and how unwilling they are to invest their time.
Well said.........................
  • #2,446
  • Jun 28, 2007 7:52pm Jun 28, 2007 7:52pm
When your wife starts to get pissed off at you because your in front of the computer most mornings and nights.......then you are almost to the point of having put in enough learning time................


Quoting BeachBum
Well said.........................
It's All About Attitude ...
  • #2,447
  • Jun 28, 2007 8:27pm Jun 28, 2007 8:27pm
Quoting fozzy
Hi Guys,


Thanks all for the comments about my post.

accrete,
Yes it was you who planted the idea and humble apologies for not acknowledging that by name. I had copied your indicators and saved a chart as a template and had not noted who's idea it was originally. When checking back through some of the templates I had and applying more analysis I found that your idea suited my way of trading. I'm grateful for your knowledge and willingness to share.


Fozzy
Just wanted to drop you a both a quick THANKS....I've been trading forex and making a decent living with forex for shy over 3 1/2 years. I am mostly a day trader/scalper...longer trades are usually on the carry side.

What I wanted to say is, that this "method" is so easy to learn and impliment, even an old war horse like me can do it. It called the usd/jpy turn earlier this week.....which netted me 80 pips on 2 trades, just because I LOOKED at the cross and that placed a limit near resisitence. So thanks for the 80 I would never had noticed!! I can scan every pair on a daily basis, which in turn puts me on the "right" side of my day trades...at a glance!
Proper Prior Planning Prevents Piss Poor Performance
  • #2,448
  • Jun 29, 2007 5:34am Jun 29, 2007 5:34am
Quoting FxJarhead
What I wanted to say is, that this "method" is so easy to learn and impliment, even an old war horse like me can do it.
In the future, I am referring everyone who asks a redundent question or complains about Fozzy trading to this post!
  • #2,449
  • Jun 29, 2007 7:19am Jun 29, 2007 7:19am
BB,

I hope this has not been asked before. What are the indicators that you use on your posted charts placed just bellow the AO fozzy, look like a bunch of MA's. Would appreciate to know them.

Thanks and have a good weekend
  • #2,450
  • Jul 1, 2007 11:34pm Jul 1, 2007 11:34pm
Hi all!

See the attach. At the arrow-marked moment we enter. At the V-marked moment we get TP#1@0,7xATR(30) and move SL to B/E. Then at X-marked moment we close the #2 position hit SL. But price movement continues.

Have any ideas how to avoid this? or How to move SL with other rule to avoid this?
Attached Image
  • #2,451
  • Jul 2, 2007 12:44am Jul 2, 2007 12:44am
Quoting aktaurus
Hi all!

See the attach. At the arrow-marked moment we enter. At the V-marked moment we get TP#1@0,7xATR(30) and move SL to B/E. Then at X-marked moment we close the #2 position hit SL. But price movement continues.

Have any ideas how to avoid this? or How to move SL with other rule to avoid this?
Nothing you can do. Some you win, some you lose. Just stick to your rules and longterm you will come out on top.
  • #2,452
  • Jul 2, 2007 4:49am Jul 2, 2007 4:49am
G'day Aktaurus,

Quoting aktaurus
Hi all!
See the attach. At the arrow-marked moment we enter. At the V-marked moment we get TP#1@0,7xATR(30) and move SL to B/E. Then at X-marked moment we close the #2 position hit SL. But price movement continues.
Have any ideas how to avoid this? or How to move SL with other rule to avoid this?
You know they're out to get you, right?? :

Mate, as a wise old man once said to me, "Shit happens..." You will never ever get anywhere in this business if you think you're gonna filter out every bad move and get yourself into every good trade. That's one thing I worked out every early on. Does it mean we stop trying? Hell, no. But it shouldn't be the focus of our efforts, merely a byproduct of our testing, back testing and forward testing.

We have to learn to just wear it and move on. If you have a realistic SL, I can guarantee you that there'll be plenty of trades where the retrace does not hit your SL, and goes in your favour for 100+ move. It has happened many times, and will happen many more.

Cheers,
Art...
  • #2,453
  • Jul 2, 2007 5:42am Jul 2, 2007 5:42am
Quoting willf
Nothing you can do. Some you win, some you lose. Just stick to your rules and longterm you will come out on top.
Thanks!
  • #2,454
  • Jul 2, 2007 5:42am Jul 2, 2007 5:42am
Quoting Artamon
G'day Aktaurus,


You know they're out to get you, right?? :

Mate, as a wise old man once said to me, "Shit happens..." You will never ever get anywhere in this business if you think you're gonna filter out every bad move and get yourself into every good trade. That's one thing I worked out every early on. Does it mean we stop trying? Hell, no. But it shouldn't be the focus of our efforts, merely a byproduct of our testing, back testing and forward testing.

We have to learn to just wear it and move on. If you have a realistic SL, I can guarantee you that there'll be plenty of trades where the retrace does not hit your SL, and goes in your favour for 100+ move. It has happened many times, and will happen many more.

Cheers,
Art...
Agree!
  • #2,455
  • Jul 2, 2007 8:57am Jul 2, 2007 8:57am
Quoting aktaurus
Hi all!

See the attach. At the arrow-marked moment we enter. At the V-marked moment we get TP#1@0,7xATR(30) and move SL to B/E. Then at X-marked moment we close the #2 position hit SL. But price movement continues.

Have any ideas how to avoid this? or How to move SL with other rule to avoid this?
Yes, You can avoid this by not moving your stoploss to B/E. My experience with GBP/USD I move my stop B/E after 200 pip move. I average 59% losing trades, but I stay in the big moves and exit when RSI 8 cross back over 8sma or if pice closes below 5sma. I have so far 61 trades with 24 win, 36 lose, 1 B/E. Average win is 233.71 pips. Average loss is 71.92 pips. If you are new to trading, I don't recommend this because you can have 5-7 losers in a row.

You need to be patient and stop trying to make this perfect. You took profit on half position and B/E on other half. The system workd...pop a champaign bottle then do the same thing 10 more times.
  • #2,456
  • Jul 2, 2007 9:05am Jul 2, 2007 9:05am
Quoting ftraderx
Yes, You can avoid this by not moving your stoploss to B/E. My experience with GBP/USD I move my stop B/E after 200 pip move. I average 59% losing trades, but I stay in the big moves and exit when RSI 8 cross back over 8sma or if pice closes below 5sma. I have so far 61 trades with 24 win, 36 lose, 1 B/E. Average win is 233.71 pips. Average loss is 71.92 pips. If you are new to trading, I don't recommend this because you can have 5-7 losers in a row.

You need to be patient and stop trying to make this perfect. You took profit on half position and B/E on other half. The system workd...pop a champaign bottle then do the same thing 10 more times.
Agree with willf, Artamon and ftraderx!

Please PM me the address for "champagne party".................
  • #2,457
  • Jul 2, 2007 9:07am Jul 2, 2007 9:07am
Quoting ftraderx
Yes, You can avoid this by not moving your stoploss to B/E. My experience with GBP/USD I move my stop B/E after 200 pip move. I average 59% losing trades, but I stay in the big moves and exit when RSI 8 cross back over 8sma or if pice closes below 5sma. I have so far 61 trades with 24 win, 36 lose, 1 B/E. Average win is 233.71 pips. Average loss is 71.92 pips. If you are new to trading, I don't recommend this because you can have 5-7 losers in a row.

You need to be patient and stop trying to make this perfect. You took profit on half position and B/E on other half. The system workd...pop a champaign bottle then do the same thing 10 more times.
Thank you for the statistic of this exit tactic.
  • #2,458
  • Jul 5, 2007 2:22pm Jul 5, 2007 2:22pm
I am getting back into forex after a 2+ year hiatus snd am asking and looking as usual. What are you using to chart? MT4 only seems to let me put the rsi in the lower section with the MA's and Bands in the upper section where my candlesticks are. Any help? Thanks and it looks like a good way to get my feet wet again.
  • #2,459
  • Jul 5, 2007 4:49pm Jul 5, 2007 4:49pm
Ergos,

Let me givee you the response you will hear from others here shortly.....all these questions are answered in the main thread.....
  • #2,460
  • Jul 5, 2007 5:09pm Jul 5, 2007 5:09pm
Quoting Ergos
I am getting back into forex after a 2+ year hiatus snd am asking and looking as usual. What are you using to chart? MT4 only seems to let me put the rsi in the lower section with the MA's and Bands in the upper section where my candlesticks are. Any help? Thanks and it looks like a good way to get my feet wet again.
Yes there 164 pages and over 2400 posts, but it has ALL been asked and answered many times before. If you really want to make money with the Fozzy method, spend the time and read the thread.
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