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The Daily Fozzy Method

  • #1,141
  • Nov 30, 2006 7:54am Nov 30, 2006 7:54am
Yep, saw that double low/higher close (dblhc) and went long. James16 chart thread imo is essential reading for fozzy traders. I don't stay away from a trade if there's no price action confirmation but it does give me reassurance and possibly an indication to put on an extra lot as well as a great place for stop losses.

If you're a conservative trader, a fozzy cross PLUS a corresponding price action pattern such as pin bar, outside bar, dblhc could result in fewer (much fewer actually) but better trades.

Thanks for sharing Jason, hope to see more charts like that being posted.


Quoting jlowder
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.


Jason

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  • #1,142
  • Nov 30, 2006 8:36am Nov 30, 2006 8:36am
Quoting the bhoy
Yep, saw that double low/higher close (dblhc) and went long. James16 chart thread imo is essential reading for fozzy traders. I don't stay away from a trade if there's no price action confirmation but it does give me reassurance and possibly an indication to put on an extra lot as well as a great place for stop losses.

If you're a conservative trader, a fozzy cross PLUS a corresponding price action pattern such as pin bar, outside bar, dblhc could result in fewer (much fewer actually) but better trades.

Thanks for sharing Jason, hope to see more charts like that being posted.
I got stopped out on that one. Guess it wasn't done moving sideways yet. :-) I think I'm going to wait for Solar to actually change before entering trades...

Jason
  • #1,143
  • Nov 30, 2006 10:49am Nov 30, 2006 10:49am
yep, me too. c'est la vie.

As long as I stick to my trade parameters I can't get angry at losing trades.
Still, up on the GBP crosses. Can't win them all.
  • #1,144
  • Nov 30, 2006 10:43pm Nov 30, 2006 10:43pm
Will we have the new thread with new settings for Fozzy?
What's the latest parameters for this?
thank you
  • #1,145
  • Dec 1, 2006 8:51am Dec 1, 2006 8:51am
dont know if this is of any intrest to anyone, but I use fibs channels for a TP guide.
Attached Image
  • #1,146
  • Dec 1, 2006 9:00am Dec 1, 2006 9:00am
Quoting glenn5t
dont know if this is of any intrest to anyone, but I use fibs channels for a TP guide.
This is in fact interesting. May I ask how you create the channels, and how you read them properly?
Thank You Glenn.
Steve
  • #1,147
  • Dec 1, 2006 9:10am Dec 1, 2006 9:10am
pipsteve.

The fib channels are in the insert section under channels...if you have a uptrend drag the indicator from the bottom up on the underside of the candles.

and with the new day candle put a vertical line and where it hits the channel is your first target...

Glenn
  • #1,148
  • Dec 1, 2006 12:53pm Dec 1, 2006 12:53pm
the chart now so the target was hit.
Attached Image
  • #1,149
  • Dec 1, 2006 1:03pm Dec 1, 2006 1:03pm
Quoting glenn5t
the chart now so the target was hit.
Glenn,

I've never seen anyone use those before - in fact, I have never seen the fib channels period.

So when you enter a Fozzy cross, you draw the fib channels from the previous days low to the entry day low?
-- Correction, ok I see you draw from the trend low points for up trends or the high points down for a down trend?

Have been closing the full order at the first line, or have you been taking profits at each level? How are you determining when to close out your complete positions?

This is interesting stuff..

Thanks,

Jason
  • #1,150
  • Dec 1, 2006 1:39pm Dec 1, 2006 1:39pm
I trade multi lots...so the first TP is the first intersection, and i add a trailing stop.

So in the GBP you see the first lot hit TP and the second lot was taken with the trailing stop as the pair went to 1.9780 at one point .

Heres The USD/CAD...note same thing.
Attached Image
  • #1,151
  • Dec 1, 2006 1:44pm Dec 1, 2006 1:44pm
If you look at the Usd/Cad you will see that if you had put the TP on the first intersection you would taken profit on the last three days....of course you could have also stayed in the trade for the last three days...

jlowder.

Yes I draw them of the lowest of the low for the pervious day for a up trend.


Hope it helps

Glenn
  • #1,152
  • Dec 1, 2006 8:58pm Dec 1, 2006 8:58pm
Quoting glenn5t
If you look at the Usd/Cad you will see that if you had put the TP on the first intersection you would taken profit on the last three days....of course you could have also stayed in the trade for the last three days...

jlowder.

Yes I draw them of the lowest of the low for the pervious day for a up trend.


Hope it helps

Glenn
Glenn,

Maybe I'm a complete idiot, but I can't seem to figure out how you would draw the channels on a down trend. No matter how I try to place it, it is impossible for any single bar to hit all the fib levels as they are drawn to the right of the bars. With an uptrend, the bars are drawn above.... Am I missing something here?

Jason
  • #1,153
  • Dec 1, 2006 9:15pm Dec 1, 2006 9:15pm
Quoting jlowder
Glenn,

Maybe I'm a complete idiot, but I can't seem to figure out how you would draw the channels on a down trend. No matter how I try to place it, it is impossible for any single bar to hit all the fib levels as they are drawn to the right of the bars. With an uptrend, the bars are drawn above.... Am I missing something here?

Jason
I have to second that Glenn, I am glad its not just me. Sorry.
Steve
  • #1,154
  • Dec 1, 2006 9:53pm Dec 1, 2006 9:53pm
ok...it can be done.


start at the top and drag it down on the under side of the candles.

for downtrend.

start at the bottom and drag it up for a up trend.

hope this helps..
Attached Image
  • #1,155
  • Dec 1, 2006 9:57pm Dec 1, 2006 9:57pm
or top to bottom on the top of the candles...


if this is the pattern.
Attached Image
  • #1,156
  • Dec 1, 2006 11:56pm Dec 1, 2006 11:56pm
however I do agree the indicator is not very user friendly. So iam going to ask if anyone has a fib channel indicator.
  • #1,157
  • Dec 2, 2006 8:47am Dec 2, 2006 8:47am
Quoting glenn5t
or top to bottom on the top of the candles...


if this is the pattern.
Your first picture is what I always get, which would preclude the bars from ever progressing through the fib levels. The second pciture, however, I can not get to form - drawing from the top of the bars I still have the fib lines drawn to the right, not the left like in your picture. Not sure what the deal is there...

There are tons of fib indicators out there. BB uses Vegas daily for the fib level projections, but they're dynamic based on price. Maybe that would be something you could use.

Jason
  • #1,158
  • Dec 2, 2006 12:35pm Dec 2, 2006 12:35pm
Quoting glenn5t
however I do agree the indicator is not very user friendly. So iam going to ask if anyone has a fib channel indicator.
Vegas Tunnel 1Hr indicator. Blue and green are the "tunnel"...red lines are fib levels.

A handy thing indeed.
Attached File(s)
File Type: mq4 Vegas1hr.mq4   6 KB | 505 downloads
Is your SL my TP?
  • #1,159
  • Dec 2, 2006 2:16pm Dec 2, 2006 2:16pm
kenmania

Thanks I already have the vegas 1hr files.

I have worked out the indicator...

Tools>> history>>>select pair and daily.....for down trend note the dates of the lowest for the week.

open chart of the pair you want. place the fib channel anywhere on the chart.click on the indicator to highlight it.

right click to open the properties>>> under parameters enter the dates for downtrend yesterday date at the bottom.

Click ray and exit..

you should have the channel set on the chart...

of course up trend is reversed..

Hope this help...lol it took me about an hour to work it out...lol..

Glenn
  • #1,160
  • Dec 3, 2006 3:08am Dec 3, 2006 3:08am
G'day all,

Anyone else here running with a version of Fozzy on demo or live? How are you finding it? What are some of the better and worse performing pairs? Do you find certain ranges of SL or TP's give you less losing trades overall??

I know about BB's trades. I am trading it on demo and have documented it in my journal. Any other's out there?? Would be interesting to compare performance.

Cheers,
Art...
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