Hi Billser..............
Your screenshot has piqued my interest because you have so many green arrow signals that I do NOT have on my chart. This has been a subject for discussion before and I would like to get to the bottom of the difference, if possible. You have six signals since June 15; I have none! Therefore, I miss all the false signals. We have different brokers.......do we have the same AO_FozzySignalALL indicator? Is something else different? Is this why my results seem so much different from others?
since FXDD feeds do NOT have Sunday candles. I noticed that on my computer when I previously installed four different brokers, they all said "Alpari UK", even in the Help->About screen, when in fact it was different brokers. So do you have any other versions of MT4 installed on your computer BB? (As you can see, though I retired from the fozzy method due to a lack of consistency amongst us, I am still interested in it hehe)Hmmm..... this sounds familiar :-)
http://www.forexfactory.com/showpost...postcount=2297
One of the interesting things about this following post is that we concluded that your FXDD data feed somehow had a Sunday candle, when ours did not. Now, I still believe that somehow something on your machine just got "messed up" (in a good way
http://www.forexfactory.com/showpost...postcount=2348
In the midst of this discussion, I want to post what I consider to be important:
Going waaaaaayyyyy back to the first post by Fozzy, we were informed that he looked at the relationship of the RSI and MA at the end of his trading day; that is, when the Daily candle on his chart closed. If there was a cross, and that cross was on the appropriate side of the Bollinger Bands center line, Fozzy would enter a trade. Simple......that was his method.
Since that first post we have learned that a "Fozzy signal" to trade can be generated at different GMT times. Why? Because different brokers will close the Daily candle at different GMT times. AND we have learned that a signal may or may not be generated during a Daily candle depending on the GMT close time of that candle. We have all seen the RSI cross and uncross the MA during the "day". If you are using one the Fozzy indicators, you have seen the green arrow appear and disappear as this happens. What matters to us if we are using the close of the Daily candle as the time to make a trade decision is this: When the Daily candle closes, is there a new RSI/MA cross? Look back to post #618 by nvwine. This illustrates nicely how the different Daily candle close times affects the green arrow signals generated by the AO_FozzySignalALL indicator provided by miscon777. And so we have traders getting "Fozzy signals" at different times, or not at all as seen in the above example.
My personal preference based on extensive backtesting is to use FXDD, because the Daily candle closes when the NY market closes at 5 PM ET (the traditional close of the Forex "trading day"). This works best for me and my individual style of Fozzy trading. But, I always confirm the cross before considering a trade and because I also use a 4 hour Fozzy method, I am usually already in a trade before there is a confirmed cross on the Daily chart.
One more time: backtest everyone! Make sure you know what you are doing. Make some rules and stick to them like your life depended on it. Don't change the rules because you "feel like it". Use researched data before making changes to your system. When properly applied, this method works great.......
I have been working on a trading system based around the Fozzy Method.
My primary objective was to develop a system that would allow someone to profit consistenly over a period of months and eliminate as much discretion as possible. This is what I have come up with so far.
