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The Daily Fozzy Method

  • #1,281
  • Dec 7, 2006 3:56am Dec 7, 2006 3:56am
ms,

candles may/may not appear on different charts because of the server times and feeds..there has been quite a few posts on this some time back.

i am not beach, but methinks beach wldnt ever take a trade if there wasnt a corresponding candle cross for that particular pair

Quoting msblanchet
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
  • #1,282
  • Dec 7, 2006 4:26am Dec 7, 2006 4:26am
Quoting BeachBum
I looked away from my monitor and this thread went to 105,000+ views. WOW!
Any one of us views this thread maybe tens of times per day
Regards
  • #1,283
  • Dec 7, 2006 5:47am Dec 7, 2006 5:47am
Have been trading the system with some added bits and pieces and it's no wonder there are so many views. BB I read in a post somewhere that you were in the Gold Coast at some time...........let me know if your planning a return and i'll have that Squires ready and a board to join me in a wave at my beloved Currumbin Alley.............

regards

RBS
  • #1,284
  • Dec 7, 2006 7:41am Dec 7, 2006 7:41am
Quoting howard
Any one of us views this thread maybe tens of times per day
I may not post much, but I do check this thread at least five times daily.
So far so good.
  • #1,285
  • Dec 7, 2006 7:46am Dec 7, 2006 7:46am
I want to reiterate something that BB said here. The key to this system is it's simplicity. It runs on daily charts, so there's no sweating it out on an hourly. You trade at as leisurely of a pace as you want to. You don't even need to use vegas tunnels, or fibs or anything else to be profitable with it. Fozzy's original post works quite well, but a lot of people have improved on it. While 86 pages may seem daunting, it is all worth the time and effort to read it.


Quoting BeachBum
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?
So far so good.
  • #1,286
  • Dec 7, 2006 8:04am Dec 7, 2006 8:04am
cool................you are absolutely correct! No thanks on the hedge fund/money management service. I have enough to do now......lol!

paul2.........could not agree more about the simplicity of "fozzy" trading!

howard........we view because we want to learn, benefit and profit.


Quoting coolshades
ms,
candles may/may not appear on different charts because of the server times and feeds..there has been quite a few posts on this some time back.

i am not beach, but methinks beach wldnt ever take a trade if there wasnt a corresponding candle cross for that particular pair
  • #1,287
  • Dec 7, 2006 8:06am Dec 7, 2006 8:06am
You're on!

I will be in Labrador, Dec 20 to Jan 1. Send me a PM if you want to buy me that Squires...............
Quoting ratherbesailing
Have been trading the system with some added bits and pieces and it's no wonder there are so many views. BB I read in a post somewhere that you were in the Gold Coast at some time...........let me know if your planning a return and i'll have that Squires ready and a board to join me in a wave at my beloved Currumbin Alley.............


regards

RBS
  • #1,288
  • Dec 7, 2006 8:14am Dec 7, 2006 8:14am
What's the weather like over there? I'd really like to move someplace warmer than Ohio.
So far so good.
  • #1,289
  • Dec 7, 2006 8:29am Dec 7, 2006 8:29am
I started reading this thread in its early infancy and decided to apply the system to my trading. I post rarely in here, and only to ask foolish questions that are generously addressed by BB or fozzy.

But I have to say that I love it. It follows the KISS rule and that is what makes it so good. No pyrotecnics...only simple indicators and a healthy number of pips every week.

I am still learning, after having burned one live account. I am learning to trust in this system so that my emotions will be fully in control...and then...I might join BB riding some waves as my trades ride the forex on its way to provide me a way to escape fom my "real" job and into a comfortable live trading the "fozzy" system.
  • #1,290
  • Dec 7, 2006 8:38am Dec 7, 2006 8:38am
Quoting alcastro
I started reading this thread in its early infancy and decided to apply the system to my trading. I post rarely in here, and only to ask foolish questions that are generously addressed by BB or fozzy.

But I have to say that I love it. It follows the KISS rule and that is what makes it so good. No pyrotecnics...only simple indicators and a healthy number of pips every week.

I am still learning, after having burned one live account. I am learning to trust in this system so that my emotions will be fully in control...and then...I might join BB riding some waves as my trades ride the forex on its way to provide me a way to escape fom my "real" job and into a comfortable live trading the "fozzy" system.
I would like to second that! Totally aggree.
I haven't been able to catch any clear entry signals yet because of my day job, but I am sure trying to follow the system....
Thank you everybody for your endless patience for the beginners like me....
Steve
  • #1,291
  • Dec 7, 2006 9:05am Dec 7, 2006 9:05am
Recently I have been excited when this thread reached two significant milestones: 1000+ posts and 100,000+ views. There are only a handful of threads here at FF that have accomplished that. But some recent posts by "fozzy" traders have made me think about something else that makes this thread special. The "people" who are here. This thread lacks something that many threads, particularly the BIG ones, have: posts that flame, name-calling, shouting, back-biting, mean-spirited remarks, ego contests, machoism and any number of negative social behavior traits. I do a lot of reading on other threads and that kind of behavior is not unusual. (Take a look at the trading system that even has its own Niche and you will see what I mean. We don't have a "Fozzy" Niche, but we behave better!) We have not had any of that behavior here on this thread. (The occasional flippant remark usually comes from me.....sorry!) The creator of this thread has ALWAYS set the tone: very respectful and helpful. I for one, want to maintain the prevailing atmosphere of goodwill and comraderie long past the 2000th post and 200,000th view!
  • #1,292
  • Dec 7, 2006 10:25am Dec 7, 2006 10:25am
Hi Fozzy

Would you please take a look at this set up and tell me if its correct and if so I would have waited for the 12/06 candle to close and go long on the opening of the 12/07 candle. Probably would have been stopped out at 114.74. Thanks

Dave
Attached Image
  • #1,293
  • Dec 7, 2006 11:04am Dec 7, 2006 11:04am
paul,

may i recommend london. its warm, sunny the year round, the people are friendly, never talk about the weather...







oh wait a minute i was daydreaming





Quoting paul2
What's the weather like over there? I'd really like to move someplace warmer than Ohio.
  • #1,294
  • Dec 7, 2006 11:05am Dec 7, 2006 11:05am
I took that trade last night and yeppers, took a loss on it.

I did not set my stop as large as Fozzy would have (previous days low). Should have though, I would still be in the trade for just a few negative pips.
Acutally this is my first Fozzy loss so I can't be too upset!! Perfection is an enemy to our minds.
Don Life is expensive, but includes a free trip around the sun.
  • #1,295
  • Dec 7, 2006 11:26am Dec 7, 2006 11:26am
Traderone,

How long have you been using the system and you said this was your first loss, if you dont mind me asking how many successful trades have you had? Thank you.

Dave
  • #1,296
  • Dec 7, 2006 12:22pm Dec 7, 2006 12:22pm
coolshades


Use to live in England and I would second that great weather....when the rain stops and the cold wind stops blowing.

The only trouble with summer in England is they forget to tell you what day it will be...


forexdanofsa

I have only been using the fozzy for about two weeks and so far I have tried to stick to the rules and I have had no lossers, although I will no doubt in the future after all no system is perfect when a human is involved.

Glenn
  • #1,297
  • Dec 7, 2006 1:01pm Dec 7, 2006 1:01pm
Could anyone tell me what time each daily candle opens if Im in cst time?

Im not used to metatrader, my vtrader opens each day at 4pm cst

Thanks
  • #1,298
  • Edited 1:30pm Dec 7, 2006 1:07pm | Edited 1:30pm
Hi all, I have been lurking around for last 2 weeks reading and rereading all posts. My compliments to Fozzy and Beachbum for making this system so effective and simple to use.

I too had to have to make some tweaks to ease the creative part of the mind...

To summarise my method/tweaks:

 

  1. I use the RSI(8)-blue / EMA(8)-yellow crossover. I have included an RSX(8)-purple. I have observed that when both RSI and RSX cross at the same bar, the potential move is larger and more likely to happen. I will still take a trade if only RSI crosses, though will have a smaller TP. The bollinger-bands are in there however, I don't use them (thinking to get rid of them)

  1. I have the Vegas tunnel up with price and an additional EMA100-grey and EMA200-white as the EMAs act as R/S levels, especially at the D1 timeframe. To finish it off, I added weekly-pivots as R/S level.
  2. ATR(10) as per Beach Fozzy as initial S/L.
  3. Finally, I have FX Sniper CCI to measure strenght of trend, normal settings in a fourth window
  4. I paper trade the following pairs (CISCO post): 4 majors, CADJPY,EURAUD,EURCAD,EURJPY,GBPCHF (maybe I add more if I am more experienced)
  5. I am in The Netherlands, so I am at CET. Demo account North Finance. I will evaluate the charts at 20:00 CET and consider that as if the day was closed. I will take the position at time.

My entry is not 100% mechanical but I will look at following factors to decide to enter:

  1. position of RSI cross in zones >80, 80-60, 60-40, 40-20, <20

    If >60 only small counter trends are allowed (1/3 ATR TP)

    If 60-40 normal FOZZY rules, 1 ATR S/L and TS

    If<40 only small counter trends are allowed, (1/3 ATR TP)
  2. the presence/absence of RSX cross the EMA8
  3. the strength of the trend: EMA100/EMA200/Tunnel and the FX Sniper CCI).



    if we trade countertrend, I want to see the FX sniper CCI declining (in case of buy) and increasing (sell) for a while.

I have attached a screen shot of my setup, including the GBPJPY trade of 7 DEC which I did not take. At 6 dec:
- RSI cross only (no RSX, cautious) <40 level so only countertrend
- FX Sniper CCI changed to decline again at 6 dec and price was around fib-level with strong trend still in place.


Quoting traderone
I took that trade last night and yeppers, took a loss on it.

I did not set my stop as large as Fozzy would have (previous days low). Should have though, I would still be in the trade for just a few negative pips.
Acutally this is my first Fozzy loss so I can't be too upset!! Perfection is an enemy to our minds.
Attached Image
  • #1,299
  • Dec 7, 2006 1:20pm Dec 7, 2006 1:20pm
This is a great summary, just what I needed to confirm my mess, I mean my setup...

But could you please tell what the RSX is, and maybe where to get it?
Thank you so much.
Steve
  • #1,300
  • Dec 7, 2006 1:23pm Dec 7, 2006 1:23pm
Pipsteve,
The RSX is a Jurik RSI (Mark Jurik has invented some smoothers and applied them to standard indicators like RSI). I found the version I use on other forums in the past.



Quoting PipSteve
This is a great summary, just what I needed to confirm my mess, I mean my setup...

But could you please tell what the RSX is, and maybe where to get it?
Thank you so much.
Attached File(s)
File Type: mq4 RSX.mq4   2 KB | 613 downloads
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