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The Daily Fozzy Method

  • #1,321
  • Dec 11, 2006 1:54pm Dec 11, 2006 1:54pm
Kind of wondering myself, I know its been a slow few days though, looks like the cad/usd may show a sell signal at the end o0f todays candle. What does anybody else think?


Dave
  • #1,322
  • Dec 11, 2006 1:59pm Dec 11, 2006 1:59pm
i deliberately refrained from posting since i was posting too much noise.. empty vessels and all that..

and this is another redundant post.. but never fear.. we are all here

Quoting howard
I am posting this message as a test, nothing has been posted on this thread for two days, it is unprecedented, wondering if it has been moved elsewhere.


howard
  • #1,323
  • Dec 11, 2006 2:08pm Dec 11, 2006 2:08pm
Great everybody is here; almost.
Regards
  • #1,324
  • Dec 11, 2006 2:53pm Dec 11, 2006 2:53pm
As I mentionned in a previous post, I started trading the Fozzy method last Monday with some transactions on my live account and some on my demo. I tought I would post my results as some people might be interested to compare or discuss. I trade the Fozzy method without taking the 20 SMA/BB into consideration i.e. I consider every RSI/EMA cross but use my discretion to determine which ones I take and which ones I don't. I usually place my stop a few pips above a recent high or the previous candle or below a recent low or previous candle. Some of the trades I took on my demo account I may not have taken on my live either because it was too close to the tunnel, cross was not clear enough or stop too large. But in any case, I decided to take them on my demo for experiment purposes.

LIVE

Tuesday Dec 5th:
EURJPY = +40 pips on 1 lot
GBPUSD = +75 pips on 1 lot
AUDUSD = B/E

Wednesday Dec. 6th
USDCHF = +36 pips on 1 lot


Total of 151 pips on live account.

DEMO

Monday Dec 4th:
EURCAD = +25 pips x 2 lots for a total of 50 pips
CHFJPY = +60 pips x 2 lots for a total of 120 pips
AUDJPY = +20 on 1st lot and + 62 on second lot for a total of 82 pips
USDCAD = +25 pips x 2 lots for a total of 50 pips

Tuesday Dec 5th:
NZDUSD = +25 pips on 1 lot
EURCHF = B/E
GBPCHF = +20 pips on 1 lot

Thursday Dec 7th:
AUDNZD = -20 pips on 1 lot
USDJPY = +26 on 1st lot and +36 on 2nd lot for a total of 62 pips
EURAUD = + 6 pips on 1 lot (closed it before NFP)
AUDJPY = + 22 pips on 1 lot (also closed ahead of NFP)

Total of 417 pips on demo.


I am very pleased with my weekly results although it is obvious I am still struggling with my profit taking... I have to figure out how to let them run a bit more to make the most of it. SO far, I use trend lines, fib (although not the Vegas ones) and support and resistance. Overall a great system!

Thanks Fozzy and all the others for your generous contributions on this thread.

Have a great trading week!

Marie
  • #1,325
  • Dec 11, 2006 3:40pm Dec 11, 2006 3:40pm
I'm still here, although on a limited basis.

And quite frankly, there's not really much to add to the "fozzy" method. We're trading with this system and consistenetly making pips. Look at the results from msblanchet, a newbie. Unless someone makes a startling new discovery about how to apply the principles of the "fozzy' method more effectively and profitably, it's "business as usual", except maybe for the occasional tweek or two. I'll be looking for those (and adding my own if I find any). In the meantime................let's earn pips!


Quoting howard
Great everybody is here; almost.
  • #1,326
  • Dec 11, 2006 4:18pm Dec 11, 2006 4:18pm
Quoting msblanchet
As I mentionned in a previous post, I started trading the Fozzy method last Monday with some transactions on my live account and some on my demo. I tought I would post my results as some people might be interested to compare or discuss. I trade the Fozzy method without taking the 20 SMA/BB into consideration i.e. I consider every RSI/EMA cross but use my discretion to determine which ones I take and which ones I don't. I usually place my stop a few pips above a recent high or the previous candle or below a recent low or previous candle. Some of the trades I took on my demo account I may not have taken on my live either because it was too close to the tunnel, cross was not clear enough or stop too large. But in any case, I decided to take them on my demo for experiment purposes.

LIVE

Tuesday Dec 5th:
EURJPY = +40 pips on 1 lot
GBPUSD = +75 pips on 1 lot
AUDUSD = B/E

Wednesday Dec. 6th
USDCHF = +36 pips on 1 lot


Total of 151 pips on live account.

DEMO

Monday Dec 4th:
EURCAD = +25 pips x 2 lots for a total of 50 pips
CHFJPY = +60 pips x 2 lots for a total of 120 pips
AUDJPY = +20 on 1st lot and + 62 on second lot for a total of 82 pips
USDCAD = +25 pips x 2 lots for a total of 50 pips

Tuesday Dec 5th:
NZDUSD = +25 pips on 1 lot
EURCHF = B/E
GBPCHF = +20 pips on 1 lot

Thursday Dec 7th:
AUDNZD = -20 pips on 1 lot
USDJPY = +26 on 1st lot and +36 on 2nd lot for a total of 62 pips
EURAUD = + 6 pips on 1 lot (closed it before NFP)
AUDJPY = + 22 pips on 1 lot (also closed ahead of NFP)

Total of 417 pips on demo.


I am very pleased with my weekly results although it is obvious I am still struggling with my profit taking... I have to figure out how to let them run a bit more to make the most of it. SO far, I use trend lines, fib (although not the Vegas ones) and support and resistance. Overall a great system!

Thanks Fozzy and all the others for your generous contributions on this thread.

Have a great trading week!

Marie
Hi Marie,

congratulations on your results. They are very good! Specially the live ones.

I have one question for you: which fib levels do you use?
  • #1,327
  • Dec 11, 2006 4:36pm Dec 11, 2006 4:36pm
Quoting BeachBum
I'm still here, although on a limited basis.

And quite frankly, there's not really much to add to the "fozzy" method. We're trading with this system and consistenetly making pips. Look at the results from msblanchet, a newbie. Unless someone makes a startling new discovery about how to apply the principles of the "fozzy' method more effectively and profitably, it's "business as usual", except maybe for the occasional tweek or two. I'll be looking for those (and adding my own if I find any). In the meantime................let's earn pips!
Hi all,

I'm still here too, although I completely agree with Beach. There is not a lot more to add. The contributions thus far have refined the approach to a point where newbie traders can pick it up and run with it AND be profitable. Once you can make money from a method don't get caught up in the need to over-analyze it. The point of starting this thread was to show a way to make money using a simple system that required little time to implement. That is now even easier thanks to the contributions of the many talented traders on this forum.
That being said, I will certainly continue to read all the posts and if I have something to contribute I won't hesitate.
Continued good trading to all.

Cheers

Fozzy
  • #1,328
  • Dec 11, 2006 6:40pm Dec 11, 2006 6:40pm
Quoting Gee Seven
It would be nice to develop a FAQ file and attatch it to the front post but that should not substitute for reading and keeping up with the thread. It could be just a text file full of cut and pastes of pertinent information found in previous posts. Also include the important indicator files too. Ummm....maybe I'll sit down and attack that idea myself. Have to get Fozzy to attach it to the front post or just remember the number and refer folks to it. Having the file or a reference to it on the first post makes it a no brainer for a newbie or anyone to go to. IMHO as well.

I completely respect the point made by BeachBum,to whom you replied, but you know Gee Seven you are right. In fact, what you suggest should be standard practice in any seriously influential forum thread. I work 16 hours a day trading reading and researching, just like BB, and when one comes across a great thread like this and begins to plough through 1300+ posts, trying just to understand whats involved, it's a killer. I'm not looking for a shortcut but just a faster way of understanding the concept, the development steps and the direction the development is taking, so I can decide if it works with my personal trading style, or if I might have anything to contribute. Gee Seven -since you appear to have been there from early on, I hope you will go for it. I for one will appreciate it if you do.

Regards
CE
  • #1,329
  • Dec 12, 2006 4:03am Dec 12, 2006 4:03am
Nice to see all are here

Regards

howard
Regards
  • #1,330
  • Dec 12, 2006 4:39am Dec 12, 2006 4:39am
I would like to suggest useing SHI Channels with fozzy beacause it clearly reduces the risk and the amount of loseing trades.
Just don't trade against the major trend.

Just an observation

Still newbie here, but it has worked for me...
  • #1,331
  • Dec 12, 2006 5:23am Dec 12, 2006 5:23am
I have tried this method. it's not only GOOD, but it simpler, profitable than ever..

does anyone can create EA for this method?
or how to create an EA ?

thanks pals,

jonisu
  • #1,332
  • Dec 12, 2006 5:58am Dec 12, 2006 5:58am
Quoting jonisu
I have tried this method. it's not only GOOD, but it simpler, profitable than ever..

does anyone can create EA for this method?
or how to create an EA ?

thanks pals,

jonisu
There is an EA, please read the thread Fozzy EA.

howard
Regards
  • #1,333
  • Dec 12, 2006 5:51pm Dec 12, 2006 5:51pm
Hi Alcastro... and sorry for the delay in responding.

Because I do not use MetaTrader, I do not have access to the Vegas fib so I use the "normal" fib levels which I calculate from the daily charts. I look at the pair that I am considering and decide on which high and low I want to use. Then I use the fibs in combination with trendlines, support/resistance and pivots. Nothing scientific but so far so good although I feel I need to refine my profit taking a bit. I don't mind too much when I take my profits early and leave quite a bit on the table but I do not like to be up 40 pips ++ and then get stopped at b/e. So still a bit of work to do but overall a solid system!

Hope this helps?

Marie
  • #1,334
  • Dec 12, 2006 9:23pm Dec 12, 2006 9:23pm
Cliff- I work in public education and our Christmas break starts this Friday. Now I'll have some time over the next two weeks to go back thru the thread and cut out the pertinent info. I'll post it up as an attachment and maybe Fozzy will attach it to the front post. Later, blessings- G7

Quoting cliffedwards
I completely respect the point made by BeachBum,to whom you replied, but you know Gee Seven you are right. In fact, what you suggest should be standard practice in any seriously influential forum thread. I work 16 hours a day trading reading and researching, just like BB, and when one comes across a great thread like this and begins to plough through 1300+ posts, trying just to understand whats involved, it's a killer. I'm not looking for a shortcut but just a faster way of understanding the concept, the development steps and the direction the development is taking, so I can decide if it works with my personal trading style, or if I might have anything to contribute. Gee Seven -since you appear to have been there from early on, I hope you will go for it. I for one will appreciate it if you do.

Regards
CE
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #1,335
  • Dec 12, 2006 9:26pm Dec 12, 2006 9:26pm
Quoting msblanchet
Hi Alcastro... and sorry for the delay in responding.

Because I do not use MetaTrader, I do not have access to the Vegas fib so I use the "normal" fib levels which I calculate from the daily charts. I look at the pair that I am considering and decide on which high and low I want to use. Then I use the fibs in combination with trendlines, support/resistance and pivots. Nothing scientific but so far so good although I feel I need to refine my profit taking a bit. I don't mind too much when I take my profits early and leave quite a bit on the table but I do not like to be up 40 pips ++ and then get stopped at b/e. So still a bit of work to do but overall a solid system!

Hope this helps?

Marie
Thanks Marie, I do not have MT either, so I have to use your same method to calculate the fibs. But last week was not good. All my trades were in the wrong side.
  • #1,336
  • Dec 12, 2006 9:27pm Dec 12, 2006 9:27pm
Way to go Marie! No profit is a bad profit. Just keep pluging on profitably! Knowing when to get out is always the problem, but making a profit is the primary objective.

[quote=msblanchet]As I mentionned in a previous post, I started trading the Fozzy method last Monday with some transactions on my live account and some on my demo. I tought I would post my results as some people might be interested to compare or discuss. I trade the Fozzy method without taking the 20 SMA/BB into consideration i.e. I consider every RSI/EMA cross but use my discretion to determine which ones I take and which ones I don't. I usually place my stop a few pips above a recent high or the previous candle or below a recent low or previous candle. Some of the trades I took on my demo account I may not have taken on my live either because it was too close to the tunnel, cross was not clear enough or stop too large. But in any case, I decided to take them on my demo for experiment purposes.
<SNIP>
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #1,337
  • Dec 13, 2006 8:07am Dec 13, 2006 8:07am
Hi all,

Not that its a big deal but to those who don't have Meta Trader it is FREE. Why don't you just download it and you would have it maybe not on the chart you are using but if you are using it like most you would check it once a day anyway.
Fellow Pip Hunter
Bill
"When there is no peril in the fight there is no glory in the triumph."
  • #1,338
  • Dec 13, 2006 9:02am Dec 13, 2006 9:02am
Quoting williamk
Hi all,

Not that its a big deal but to those who don't have Meta Trader it is FREE. Why don't you just download it and you would have it maybe not on the chart you are using but if you are using it like most you would check it once a day anyway.
Fellow Pip Hunter
Bill
Your broker has to support it.
So far so good.
  • #1,339
  • Dec 13, 2006 9:11am Dec 13, 2006 9:11am
Why?

I use MT4 charting from FXDD on a demo account. This way I have access to all the indicators and charts that I use in trading the Daily Fozzy (as seen in my posted charts), but I don't trade with FXDD. My broker(s) don't use MT4, but that doesn't stop me from using this charting software. (I don't use the fozzy EA; this is the only reason I can think of why you would need a broker with MT4)

Quoting paul2
Your broker has to support it.
  • #1,340
  • Dec 13, 2006 9:20am Dec 13, 2006 9:20am
Hi all.

As a way to refine my trades and get some input from others (and maybe help a few, who knows) I've started a journal based on my fozzy trades (live account).

Hope you can drop by.

http://www.forexfactory.com/forexfor...ad.php?t=11273

Cheers
Michael
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