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The Daily Fozzy Method

  • #1,101
  • Nov 28, 2006 8:57am Nov 28, 2006 8:57am
Quoting PipSteve
Hi all, just trying to get a feel for the Fozzy signal.
I entered a trade based on this one:
I hope I was correct.
In the fozzy method you wait until the start of the next candle, after the cross before entering. Otherwise the chart could uncross its self and you'd have no indication that a cross ever occured. So in this case you would have to wait until tomorrows start of day before entering a trade.

I'm looking into alternate methods of confirmation at earlier time frames, but that's just playing. Sticking to the original system works just fine..

Jason
  • #1,102
  • Nov 28, 2006 8:58am Nov 28, 2006 8:58am
You entered on a premature signal, although this pair has moved 140+ pips since the new daily candled opened. Now would be a good time to T/P and/or move your S/L up to protect profit. (see jlowder"s post just above)

Quoting PipSteve
Hi all, just trying to get a feel for the Fozzy signal.

I entered a trade based on this one:
I hope I was correct.
  • #1,103
  • Nov 28, 2006 9:20am Nov 28, 2006 9:20am
Quoting BeachBum
You entered on a premature signal, although this pair has moved 140+ pips since the new daily candled opened. Now would be a good time to T/P and/or move your S/L up to protect profit. (see jlowder"s post just above)
I am up 30 pips and I moved my stop to BE. Should I have waited til the next candle then?
I just got dizzy by all the rapid movement....need to get used that, my heart was actually beating faster, and it's only a demo.
I hope I don't have a heart attack when my real money is on the line.
Steve
  • #1,104
  • Nov 28, 2006 11:52am Nov 28, 2006 11:52am
Little EA that will show the time left for the current candle... you can tell when your new candle will pop up, i.e. when you can trade if your signal is still there.

It will work on whatever time frame chart, and draws in two places: right under the pair data in the upper left corner, and on the right side, just across from the top of the last candle. Oh, and you will need to have your "chart shift" on to be able to see the latter.

You will have to rename and get rid of the ".txt" (had to do that to upload, this forum does not accept .ex4 files, only .mq4, and I don't have that one....) Goes in the Indicators folder...
Attached File(s)
File Type: txt CandleTime.ex4.txt   2 KB | 1,095 downloads
  • #1,105
  • Nov 28, 2006 12:20pm Nov 28, 2006 12:20pm
Quoting mrkam
Little EA that will show the time left for the current candle... you can tell when your new candle will pop up, i.e. when you can trade if your signal is still there.

It will work on whatever time frame chart, and draws in two places: right under the pair data in the upper left corner, and on the right side, just across from the top of the last candle. Oh, and you will need to have your "chart shift" on to be able to see the latter.

You will have to rename and get rid of the ".txt" (had to do that to upload, this forum does not accept .ex4 files, only .mq4, and I don't have that one....) Goes in the Indicators folder...
This is a great indicator, but when I added to a chart that has an EA, the EA overwrites the message. Can I place the message somewhere else on the screen? Like 10 lines further down?

Just wondering, no big deal.
Steve
  • #1,106
  • Nov 28, 2006 12:21pm Nov 28, 2006 12:21pm
Quoting PipSteve
I am up 30 pips and I moved my stop to BE. Should I have waited til the next candle then?
I just got dizzy by all the rapid movement....need to get used that, my heart was actually beating faster, and it's only a demo.
I hope I don't have a heart attack when my real money is on the line.
I would wait for the next candle. Sudden moves up could also be followed by corrective action back down. News releases can do that sometimes. The nice thing with trading on the dailys is that I think quite often if the news doesn't correct its self in the same 24 hour period, it's probably a good trend start.

I would definitely say not to trade any real cash while you're having that reaction. :-) I understand it, and it's quite fun too, but I think we need to be able to view the market with emotionless eyes before risking the real thing. It helps calrity of the mind..

Jason
  • #1,107
  • Nov 28, 2006 12:23pm Nov 28, 2006 12:23pm
but I don't have the mq4 file, so can't code it.... if someone does, then it would be an easy matter to locate the text somewhere else...

The other thing I mentioned was use the chart shift, and look for the time left on the right hand side... I don't think any of the other EAs or indicators cover that up...
  • #1,108
  • Nov 28, 2006 3:20pm Nov 28, 2006 3:20pm

The "old question" is the ol' different brokers/different times (for candle close/start).

Does anybody trade off of two different broker charts, that are different times? I have two brokers, 4 hours apart. If both show a cross, then of course, the earlier broker would get me in the trade sooner. But, I have seen the early one not show a cross, then cross (for an entry the next day...), while the later one shows the cross after the earlier one, so I would be in that same day...

Suppose the 'ol backcheck could be in order, to see if there is any advantage to trading both sets of signals provides any advantage... just because an entry is 4-20 hrs earlier is no guarantee that it will have a better outcome!!

My "guess" is that it would all be same-same at the end of a year, just like it would be same-same for the early broker only vs. the later broker only...

Any comments/ideas??

  • #1,109
  • Nov 28, 2006 3:38pm Nov 28, 2006 3:38pm
This question/issue has already been addressed in earlier posts in this thread. How far back have you read?

Quoting mrkam

The "old question" is the ol' different brokers/different times (for candle close/start).


Does anybody trade off of two different broker charts, that are different times? I have two brokers, 4 hours apart. If both show a cross, then of course, the earlier broker would get me in the trade sooner. But, I have seen the early one not show a cross, then cross (for an entry the next day...), while the later one shows the cross after the earlier one, so I would be in that same day...

Suppose the 'ol backcheck could be in order, to see if there is any advantage to trading both sets of signals provides any advantage... just because an entry is 4-20 hrs earlier is no guarantee that it will have a better outcome!!

My "guess" is that it would all be same-same at the end of a year, just like it would be same-same for the early broker only vs. the later broker only...

Any comments/ideas??

  • #1,110
  • Nov 28, 2006 3:46pm Nov 28, 2006 3:46pm
Quoting cisco
In looking at your chart I see your RSI setting is 21. The Fozzy setting is RSI 8. HTH
I did not see this message before. Thank you very much for noticing!!
Steve
  • #1,111
  • Nov 28, 2006 3:53pm Nov 28, 2006 3:53pm
Quoting jlowder
I would wait for the next candle. Sudden moves up could also be followed by corrective action back down. News releases can do that sometimes. The nice thing with trading on the dailys is that I think quite often if the news doesn't correct its self in the same 24 hour period, it's probably a good trend start.

I would definitely say not to trade any real cash while you're having that reaction. :-) I understand it, and it's quite fun too, but I think we need to be able to view the market with emotionless eyes before risking the real thing. It helps calrity of the mind..

Jason
You are so correct, I am far from being ready, couldn't even get my RSI setting right....thank you so much for all the advice.
Steve
  • #1,112
  • Nov 28, 2006 4:57pm Nov 28, 2006 4:57pm
Sorry, should have mentioned... I have kept up witht the thread over the months, and the multiple broker times from the aspect of one verses the other... and maybe it is a moot point, but I was wondering if anybody had played around with trading both.... hence the twist...

thought it might get some interesting responses, or maybe no...??
  • #1,113
  • Edited 5:05am Nov 29, 2006 12:37am | Edited 5:05am
beach,

you didn't take the short at the start of current candle did you?

i foolishly took it and then soon realised that it would have gone back to tunnel. the last beach fozzy itself was a lesson.

but i held on to my short for a small loss to 'punish' myself .. learning is that i am reading charts better !

ps : chfjjpy shaping nicely?
Attached Image
  • #1,114
  • Edited 3:27am Nov 29, 2006 2:49am | Edited 3:27am
Quoting mrkam
Sorry, should have mentioned... I have kept up witht the thread over the months, and the multiple broker times from the aspect of one verses the other... and maybe it is a moot point, but I was wondering if anybody had played around with trading both.... hence the twist...

thought it might get some interesting responses, or maybe no...??
mrkam,

I posted awhile back that I was looking at 3 different start of day times : NY session close, 0900 European start, and a custom time that was about 8pm CET if I recall (ie as late as I wanted to start entering orders)). I wanted to know if my 0900 CET signals would be disadvantageous because they were "late". My opinion is that it will make no difference in the long run, so trade what you can practically trade : why try to take signals that occur in the midddle of the night in your timezone, such that you might not be consistent ? Consistency of execution is essential to successful trading, imho.

And anyway, in case none of you have figured it out yet, by using an 0900 CET start of day, I'm not getting in late... I'm getting in EARLY !

J.
  • #1,115
  • Nov 29, 2006 4:26am Nov 29, 2006 4:26am
Hi BB,
What settings are you using for the tunnel as I thought SMA 144/169 were the standard ones. That means the GBPCHF trade was miles away on my screen? I may have to go and re-read.
Steve

Quoting mono
Hi BB

If this was with the trend would you have taken it?

Basically what im asking is when would you take a position on one side of the tunnel, expecting it to go through the tunnel?
  • #1,116
  • Nov 29, 2006 6:57am Nov 29, 2006 6:57am
Quoting stevecartwright
Hi BB,
What settings are you using for the tunnel as I thought SMA 144/169 were the standard ones. That means the GBPCHF trade was miles away on my screen? I may have to go and re-read.
Steve
I think he may be using the Vegas Currency Daily which uses 24/28...

I took that trade and am up 70 pips right now.

Jason
  • #1,117
  • Nov 29, 2006 7:06am Nov 29, 2006 7:06am
Quoting coolshades
gone back to tunnel.
Please dont kill me for this might be a stupid question, but when you refer to the tunnel, do you mean the BB bands?
Do you use any other confirmation to determine entry points? How about exit, just use trailing stops?

Also, I assume you don't really get clear entry points everyday. Do you monitor all pairs to be able to enter one or two trades?
I heard that beginners (like me) should concentrate on only one, most two pairs.

Thank you
Steve
  • #1,118
  • Nov 29, 2006 7:22am Nov 29, 2006 7:22am
just a few pages back. these have a list of other pages and posts that will give you pretty much everything you ask.

The "tunnel" is not the BB, but a special indicators, again available on this thread if you look for it, the Vegas Daily Tunnel. It's use is contained in the above posts. The use of it with Fozzy has been affectionatly termed "Beach Fozzy" and is an enhancement of the original system found on the first few pages...

Also, keep an eye out in the last pages for the reports of a few of the traders, you can get a "group" of currencies to watch from those.

And you can pretty much start with however many pairs you want. It is VERY simple to watch, since it is a daily system.

Happy reading..
  • #1,119
  • Nov 29, 2006 7:31am Nov 29, 2006 7:31am
Thank you MrKam, sorry I overlooked thos answers.
I hope you dont't mind lloking at those charts.
I assume those woulbe be valid entry points?
People are talking that the EURUSD might go higher, so that would contradict this signal?
Thank you everybody for your help and patience with a beginner.
Attached Image
Steve
  • #1,120
  • Nov 29, 2006 7:40am Nov 29, 2006 7:40am
Quoting PipSteve
Thank you MrKam, sorry I overlooked thos answers.
I hope you dont't mind lloking at those charts.
I assume those woulbe be valid entry points?
People are talking that the EURUSD might go higher, so that would contradict this signal?
Thank you everybody for your help and patience with a beginner.
Everyone talks. That doesn't mean any of us know what the market is going to do. You need to place trust in the system. Sure, you'll lose some trades - thats inevitable. But you need to stick to the system you choose to trade. Personally, I would consider entering a sell signal on the start of tomorrows day if the signal is still there. The Eur has had a long enough ride and the strength of the (immediate) trend is stalling. At the very least its due for a retracement and I figure it'll probably be good for some decent pips. In any event, my point is that you should ignore everything else that doesn't fit into the way you trade the system. It's all "noise".

There are a lot of possible setups for start of day tomorrow. I won't be taking them all (actually trying to pay attention to MM now) but it should be good... :-)

Jason
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