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The Daily Fozzy Method

  • #1,261
  • Dec 6, 2006 5:55pm Dec 6, 2006 5:55pm
I too am now trading this system, but only on the four majors, unlike Beach who trades all pairs known to mankind
Don Life is expensive, but includes a free trip around the sun.
  • #1,262
  • Dec 6, 2006 6:44pm Dec 6, 2006 6:44pm
Hi!

I came across this thread last week and was so fascinated that I read the entire thing over the week end. It seemed to be fitting my trading style so I decided to give it a go and start trading it on both live and demo. I am a full time trader but do not like to sit in front of my computer all day hunting for trades. With this method, I do a first scan in the afternoon and place my trades at 5:00 p.m. EST and can then monitor them as needed. So far so good! Many thanks Fozzy to have shared your method with us and also to BB for your valuable contributions.

Cheers,

Marie
  • #1,263
  • Dec 6, 2006 7:43pm Dec 6, 2006 7:43pm
Fozzy -- Impressive job on this system. I have added it to my stable of indicators. More and more it has given me a great deal of confidence in the future of my trading...

Great job and keep up the good work !

To everyone, your insights are valued and appreciated !
  • #1,264
  • Dec 6, 2006 8:44pm Dec 6, 2006 8:44pm
Well fozzy my friend, since this post a few people have come out from the shadows and identified themselves as "fozzy" traders. I believe there are many, not only because of the incredible number of views, but also because I make it a point to look at who is viewing this thread each time I am. I wish now I had kept a list of all the names I have seen viewing without posting. And the ratio of views to posts only reinforces this. This system is so simple and basic, there is very little need to post about it. Some of us have tweeked it a little and added an extra indicator for the sake of improving the win/loss ratio, but it is STILL a very basic system. I've done the manual back testing, and the way you traded as explained in the beginning IS profitable. A few of us have been able to add a few refinements and many have, I believe, benefited.

msblanchet.............congrats on reading the whole thread, that's what everyone should do.

traderone............there are several pairs NOT supported on MT4 that I would like to trade. Any suggestions?


Quoting fozzy
Hi Beach,

It would be interesting to see how many "viewers" of this thread are trading this method. It certainly seems to be growing at an incredible rate. Hopefully a lot of people are getting something of value from it.

Cheers

Fozzy
  • #1,265
  • Dec 6, 2006 8:52pm Dec 6, 2006 8:52pm
Well I need to stand up and be counted as 1 of the happy traders using Fozzy and making large amount of pips consistently. Thats why we're here correct. Oh and by the way thats LIVE
Thanks Fozzy and all the help from Beach

Fellow Pip Hunter

Bill
"When there is no peril in the fight there is no glory in the triumph."
  • #1,266
  • Dec 6, 2006 8:58pm Dec 6, 2006 8:58pm
Beachbum

A question , I know the method is for daily charts but as you are getting great success are you using any shorter TFs.

Glenn
  • #1,267
  • Dec 6, 2006 9:01pm Dec 6, 2006 9:01pm
Hello to All,

Anyone could help me on how to place 3 indicators in one window.
I set the first Indicator RSI, when I drag the Moving average to the RSI window, still the MA appears on the chart window.
I tried to drag other indicators (who's normally with separate window)
and its ok appearing on the rsi window.
I'm using Meta Trader4 and MT4North Finance Demo.

Thanks in advance.

Renefx
Newbies
  • #1,268
  • Dec 6, 2006 9:16pm Dec 6, 2006 9:16pm
I closed my EUR/USD trade today for +54 pip. Counter trend trades work too if you keep stop tight and take profit sooner than you would trading with trend. It's still in the money now (10pm EST) It's worth noting that the last swing low on the one hour chart was made on the L3 Camarillo line. Made a good exit point for the counter swing. The Fozzy trades great on one hour charts! I've had only one loser in the past 7 trades and it was for 6 points.

Quoting BeachBum
EUR/USD first t/p hit for 50

GBP/USD first and second t/p hit for 50 and 100

200 pips overnight on cautious "fozzy" trades!
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #1,269
  • Dec 6, 2006 9:28pm Dec 6, 2006 9:28pm
No.

Quoting glenn5t
Beachbum


A question , I know the method is for daily charts but as you are getting great success are you using any shorter TFs.

Glenn
  • #1,270
  • Dec 6, 2006 9:32pm Dec 6, 2006 9:32pm
As a "latecomer" here, I would suggest you at least "look" at ALL the posts in this thread. You will learn EVERYTHING you need to know to successfully trade this profitable system. Spending the time and exerting the effort in this pursuit will bring it's own rewards. And when you are done, I doubt if you have any questions like this one. I believe I speak for many with this answer! (If you prefer not to do this, send me your money and I will trade it on the "fozzy" system for you.... )



Quoting Renefx
Hello to All,

Anyone could help me on how to place 3 indicators in one window.
I set the first Indicator RSI, when I drag the Moving average to the RSI window, still the MA appears on the chart window.
I tried to drag other indicators (who's normally with separate window)
and its ok appearing on the rsi window.
I'm using Meta Trader4 and MT4North Finance Demo.

Thanks in advance.

Renefx
Newbies
  • #1,271
  • Dec 6, 2006 9:34pm Dec 6, 2006 9:34pm
Excellent observation we can all learn from, thank you!

Quoting Gee Seven
I closed my EUR/USD trade today for +54 pip. Counter trend trades work too if you keep stop tight and take profit sooner than you would trading with trend. It's still in the money now (10pm EST) It's worth noting that the last swing low on the one hour chart was made on the L3 Camarillo line. Made a good exit point for the counter swing. The Fozzy trades great on one hour charts! I've had only one loser in the past 7 trades and it was for 6 points.
  • #1,272
  • Dec 6, 2006 9:57pm Dec 6, 2006 9:57pm
would you please review my chart and see if its correct? Thank you.
Dave
Attached Image
  • #1,273
  • Dec 6, 2006 10:02pm Dec 6, 2006 10:02pm
BB,

I read in one of your previous post (when you were about to start trading 2 lots) that you would enter at market for the first lot and past the high or low of the day for the second lot. Is that what you are in fact doing or have you not put this into practice? If you have, do you feel at this stage there is any added value in doing so or would you rather keep it simple and get 2 contracts at market price?

Also wanted to ask you about shorter time frames but in the context of the tunnel. I placed a short trade yesterday on the GBPUSD with a conservative target which was hit without any problem. When I reviewed my trade today, I realised while looking at the 1 hour chart that it had hit the 1 hour Vegas tunnel and rallied. Is this something that you consider when setting your targets or do you only worry about the daily chart?

Many thanks for your views!

Marie
  • #1,274
  • Dec 6, 2006 10:11pm Dec 6, 2006 10:11pm
Quoting forexdanofsa
would you please review my chart and see if its correct? Thank you.
Dave
Hi Dave,

Looks good to me. Always wait for the close of the bar that confirms the cross, then enter on the next open. Note that there was a short trade on the 30 Nov also that would not have been a winner. As I said at the start, this system will have trades that don't win.

Cheers

Fozzy
  • #1,275
  • Dec 6, 2006 10:16pm Dec 6, 2006 10:16pm
Thank you Fozzy, we really appreciate all your hard work in taking the time to respond to our questions.


Dave
  • #1,276
  • Dec 7, 2006 12:14am Dec 7, 2006 12:14am
Quoting BeachBum
As a "latecomer" here, I would suggest you at least "look" at ALL the posts in this thread. You will learn EVERYTHING you need to know to successfully trade this profitable system. Spending the time and exerting the effort in this pursuit will bring it's own rewards. And when you are done, I doubt if you have any questions like this one. I believe I speak for many with this answer! (If you prefer not to do this, send me your money and I will trade it on the "fozzy" system for you.... )
Thanks to you Friend,

I got you point and I'd figured out the right thing to do.

Renefx
Philippines
  • #1,277
  • Dec 7, 2006 12:22am Dec 7, 2006 12:22am
Quoting fozzy
Hi Dave,

Looks good to me. Always wait for the close of the bar that confirms the cross, then enter on the next open. Note that there was a short trade on the 30 Nov also that would not have been a winner. As I said at the start, this system will have trades that don't win.

Cheers

Fozzy
Fozzy,

Thank you very much.
Now I found what I'm looking for.

Can you reply to me the GMT time that you always
place your order.

Our time here in the Philippines is 8 hour advance
compare to GMT.

May God Bless You Always and Good health to your Family.

Thank You,

Renefx
  • #1,278
  • Dec 7, 2006 2:27am Dec 7, 2006 2:27am
Hello everyone,


I am in USD/JPY on 5pm EST close of daily, hope this will not be one of these shortcomers even if it does I do not have illusions to get all of them, well maybe lose less as time passes .

Good trading to all
  • #1,279
  • Dec 7, 2006 3:11am Dec 7, 2006 3:11am
seriously, start a hedge fund/money management service


Quoting BeachBum
As a "latecomer" here, I would suggest you at least "look" at ALL the posts in this thread. You will learn EVERYTHING you need to know to successfully trade this profitable system. Spending the time and exerting the effort in this pursuit will bring it's own rewards. And when you are done, I doubt if you have any questions like this one. I believe I speak for many with this answer! (If you prefer not to do this, send me your money and I will trade it on the "fozzy" system for you.... )
  • #1,280
  • Dec 7, 2006 3:29am Dec 7, 2006 3:29am
BB,

Since I started to trade this system this week, I compared my trades/results with what you posted yesterday and noticed you had a trade on the USDCHF on Tuesday. Can you confirm that you had a signal on your chart for this transaction or did you take it because it is correlated to the EUR and GBP on which you had signals? I have all the same transactions but the USDCHF. I have to mention that I use Intellicharts which may explain why I did not get a signal but given there hadn't been any blue candle printed at that time, I thought I would ask!

Many thanks again for your time and help!

Marie
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