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The Daily Fozzy Method

  • #1,121
  • Nov 29, 2006 7:54am Nov 29, 2006 7:54am
Quoting jlowder
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
Thank you very much Jason, for your advise. I will stick with this system until I have it down!
Fozzy, thank you again for making it fairly simple.
All I need now is a bigger capital, and greater discipline
Steve
  • #1,122
  • Nov 29, 2006 8:19am Nov 29, 2006 8:19am
Thanks for that. I have an alarm EA that gives me a signal at the end/start of each day. It gives 2 signals 1) an RSI cross with the trend i.e. close >< trend Buy/Sell and 2) not with the trend. I then use my discretion as to if I take the trade and I usually use the last major swing point as an initial stop. I try to move this up/down asap and have seen that most succesful trades don't break the last daily high/low. I am running the EA on all pairs but mainbly trading AUD/xxx or thats how its panning out at the moment. I missed teh last GBP/USD as I closed out to early, what a mistake.
Steve



Quoting jlowder
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
  • #1,123
  • Nov 29, 2006 8:49am Nov 29, 2006 8:49am
I entered last night a trade in GBP/USD and one in USD/CAD based on pure FOZZY crosses. So far...so good. I am up on more tna 30pips.
  • #1,124
  • Nov 29, 2006 8:55am Nov 29, 2006 8:55am
Quoting alcastro
I entered last night a trade in GBP/USD and one in USD/CAD based on pure FOZZY crosses. So far...so good. I am up on more tna 30pips.
Interesting, on the GBP/USD chart, I can not see the cross at all, and on the USD/CAD cross, I am still waiting on the next candle. Am I missing something?
Steve
  • #1,125
  • Nov 29, 2006 8:58am Nov 29, 2006 8:58am
Quoting stevecartwright
Thanks for that. I have an alarm EA that gives me a signal at the end/start of each day. It gives 2 signals 1) an RSI cross with the trend i.e. close >< trend Buy/Sell and 2) not with the trend. I then use my discretion as to if I take the trade and I usually use the last major swing point as an initial stop. I try to move this up/down asap and have seen that most succesful trades don't break the last daily high/low. I am running the EA on all pairs but mainbly trading AUD/xxx or thats how its panning out at the moment. I missed teh last GBP/USD as I closed out to early, what a mistake.
Steve
Hi Steve, do you mind sharing? That notification would be nice for an extra piece of mind.
Steve
  • #1,126
  • Nov 29, 2006 9:34am Nov 29, 2006 9:34am
Quoting PipSteve
Hi Steve, do you mind sharing? That notification would be nice for an extra piece of mind.
There's a thread in the metatrader section dedicated to a fozzy ea.

that should suit your needs
So far so good.
  • #1,127
  • Nov 29, 2006 9:50am Nov 29, 2006 9:50am
Quoting paul2
There's a thread in the metatrader section dedicated to a fozzy ea.

that should suit your needs
Sorry, I did not know he was reffering to that one, he mentioned 'alarm EA'.

Thank you Paul.
Steve
  • #1,128
  • Nov 29, 2006 1:43pm Nov 29, 2006 1:43pm
  •  McD
  • | Joined Aug 2006 | Status: -Pecunia non olet- | 24 Posts
Quoting PipSteve
Interesting, on the GBP/USD chart, I can not see the cross at all, and on the USD/CAD cross, I am still waiting on the next candle. Am I missing something?


Neither on the GBP/USD nor on the USD/CAD on my charts.
How could this be possible on a daily,given the latest
strenght?

Alcastro,you don't refer to
the 4hr ,don't you ?
  • #1,129
  • Nov 29, 2006 2:58pm Nov 29, 2006 2:58pm
I agree. I see a possible setup coming if Iam reading the charts right, but the cross has not yet happened.

I would say we may have a possible entry at the opening of London to day.
  • #1,130
  • Nov 29, 2006 3:11pm Nov 29, 2006 3:11pm
My EA has still to launch a trade this week..but is very close on GBP/USD. Everything else seems quiet...
  • #1,131
  • Nov 29, 2006 3:12pm Nov 29, 2006 3:12pm
Quoting McD
Neither on the GBP/USD nor on the USD/CAD on my charts.
How could this be possible on a daily,given the latest
strenght?

Alcastro,you don't refer to
the 4hr ,don't you ?

Ooops!!! I was refering to the GBP/CHF and the USD/CAD. On the daily based on close at GMT-5.

Sorry for all the confusion!!!
  • #1,132
  • Nov 29, 2006 4:37pm Nov 29, 2006 4:37pm
  •  McD
  • | Joined Aug 2006 | Status: -Pecunia non olet- | 24 Posts
Quoting alcastro
Ooops!!! I was refering to the GBP/CHF and the USD/CAD. On the daily based on close at GMT-5.

Sorry for all the confusion!!!

Yo,now a valid cross on my charts for USD/CAD also.
Just 30 minutes ago on my daily close,5pm EST.

EUR/USD missed by a fraction on my charts.

We will see...
  • #1,133
  • Nov 29, 2006 5:47pm Nov 29, 2006 5:47pm
Quoting vdgraaf
My EA has still to launch a trade this week..but is very close on GBP/USD. Everything else seems quiet...
Hmmm, my EA opened 2 already:

<table border="0" cellpadding="3" cellspacing="1"><tbody><tr align="right"><td title="#7984 Fozzy Method v2.1">3654150</td><td class="msdate" nowrap="nowrap">2006.11.30 00:02</td><td>sell</td><td style="">0.20</td><td>eurusd</td><td style="">1.3154</td><td style="">1.3209</td><td style="">1.3054</td><td class="msdate" nowrap="nowrap"> </td><td style="">1.3154</td><td style="">0.00</td><td style="">0.00</td><td style="">0.00</td><td style="">0.00</td></tr> <tr align="right"><td colspan="9"> </td><td>7984</td><td colspan="3">Fozzy Method v2.1</td></tr> <tr align="right" bgcolor="#e0e0e0"><td title="#7984 Fozzy Method v2.1">3654166</td><td class="msdate" nowrap="nowrap">2006.11.30 00:02</td><td>buy</td><td style="">0.20</td><td>usdchf</td><td style="">1.2100</td><td style="">1.2039</td><td style="">1.2200</td><td class="msdate" nowrap="nowrap"> </td><td style="">1.2098</td><td style="">0.00</td><td style="">0.00</td><td style="">0.00</td><td style="">-3.31</td></tr> <tr align="right" bgcolor="#e0e0e0"><td colspan="9"> </td><td>7984</td><td colspan="3">Fozzy Method v2.1</td></tr></tbody></table>
Steve
  • #1,134
  • Nov 29, 2006 6:17pm Nov 29, 2006 6:17pm
IBFX close-of day.. EURUSD, USDCAD, USDCHF, USDJPY. Chart, no EA.
  • #1,135
  • Nov 29, 2006 6:22pm Nov 29, 2006 6:22pm
I don't want to combine this thread with the Fozzy EA thread, but I did not have any trades trigger under the EA. There are a few trades viewing the charts.
  • #1,136
  • Edited 7:08pm Nov 29, 2006 6:57pm | Edited 7:08pm
Has anyone here studied the price action formations on the James16 threads?

If you look at this fozzy entry for USD/CHF you'll see a fozzy cross, with price seeming to have stalled and moving back upwards.

Problem is, these "two bar lows" (the circled ones) represent a situation where there will be a slight retracement followed by a continuation of the trend downwards - in effect negating the fozzy cross. I saw this after entering into the trade, which made me do a double take on the major pairs as well.

I've seen plenty of situations where PA doesn't pan out, but at S/R levels they seem to be fairly accurate.. Any thoughts on this?

Jason

--------

Oh, never mind. I've got my PA backwards I think. That's a DBLHC, which points in the direction of the fozzy cross... I should have never looked at this stuff. :-)
Attached Image
  • #1,137
  • Nov 30, 2006 3:05am Nov 30, 2006 3:05am
I wasn't. This is my own.

Quoting PipSteve
Sorry, I did not know he was reffering to that one, he mentioned 'alarm EA'.

Thank you Paul.
  • #1,138
  • Nov 30, 2006 6:54am Nov 30, 2006 6:54am
I hope you don't mind if I keep asking....
Attached Image
Steve
  • #1,139
  • Nov 30, 2006 7:21am Nov 30, 2006 7:21am
Steve,

Kumusta ka.

You can keep asking. One thing that might be helpful, though, is to post the time of your chart. I see that there's is 600 minutes left, which means that 800 minutes have expired in the bar? It's hard to say if the crossing had occurred in that 800 minutes or not.

However, I can confirm, since I'm using the EA, that USDCAD did have a cross.

Regards,

stockwet

Quoting PipSteve
I hope you don't mind if I keep asking....
  • #1,140
  • Nov 30, 2006 7:24am Nov 30, 2006 7:24am
All,

Keep in mind that the 2.1 EA has a calculation error in it. So, it doesn't always align with the charts. The reason I keep it around is because whatever it's doing on the calculation seems to make it more profitable than the correctly calculating EA - I'm not sure why.

To align signals with your charts, make sure you use the 2.2 EA.

stockwet

Quoting PipSteve
Hmmm, my EA opened 2 already:

<table border="0" cellpadding="3" cellspacing="1"><tbody><tr align="right"><td title="#7984 Fozzy Method v2.1">3654150</td><td class="msdate" nowrap="nowrap">2006.11.30 00:02</td><td>sell</td><td style="">0.20</td><td>eurusd</td><td style="">1.3154</td><td style="">1.3209</td><td style="">1.3054</td><td class="msdate" nowrap="nowrap"> </td><td style="">1.3154</td><td style="">0.00</td><td style="">0.00</td><td style="">0.00</td><td style="">0.00</td></tr> <tr align="right"><td colspan="9"> </td><td>7984</td><td colspan="3">Fozzy Method v2.1</td></tr> <tr align="right" bgcolor="#e0e0e0"><td title="#7984 Fozzy Method v2.1">3654166</td><td class="msdate" nowrap="nowrap">2006.11.30 00:02</td><td>buy</td><td style="">0.20</td><td>usdchf</td><td style="">1.2100</td><td style="">1.2039</td><td style="">1.2200</td><td class="msdate" nowrap="nowrap"> </td><td style="">1.2098</td><td style="">0.00</td><td style="">0.00</td><td style="">0.00</td><td style="">-3.31</td></tr> <tr align="right" bgcolor="#e0e0e0"><td colspan="9"> </td><td>7984</td><td colspan="3">Fozzy Method v2.1</td></tr></tbody></table>
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