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My Daily Fozzy Trades

  • #1
  • First Post: Dec 13, 2006 9:15am Dec 13, 2006 9:15am
I'm starting a journal of my daily trades using The Daily Fozzy method. I'll be updating (if I can get up) every day around 9am Tokyo time (0:00 GMT).

I want to keep the journal going for at least 2 months as a way to collect my thoughts and get input from other traders. I'll be posting my TPs, s/ls, the reasons for taking the trade or not and whether I'm taking two lots or not.

Fozzy thread can be found here.
http://www.forexfactory.com/forexfor...4&page=1&pp=15

I want to thank all the good people over at the fozzy thread for some great insights.

Here is a recent gbp/usd trade I took and the reasons why.
http://picnac.com/images/8614Untitled%204.jpg

Here is a recent eur/usd I didn't take and why (although I wish I had!)
http://picnac.com/images/909Untitled%202.jpg

On my charts I have the fozzy indicator, vegas wealth builder and solar wind.

All my trades are on a live account. Here's hoping it's gonna be a fun ride.

Hope to have people post comments, advice cos I'm still learning.
  • #2
  • Dec 13, 2006 9:29am Dec 13, 2006 9:29am
Let me be the first to wish you the best.....I'll be following along.
  • #3
  • Dec 13, 2006 9:35am Dec 13, 2006 9:35am
Thanks BB, hope to hear a lot from you....
  • #4
  • Dec 13, 2006 9:55am Dec 13, 2006 9:55am
I am the second to wish you good luck, I will be following your thread.
Please post your trades as they come along and still better if you post your intention of taking the trades when a trigger is about to appear.

Also please tell us how many pairs you are watching.

Regards

howard
Regards
  • #5
  • Dec 13, 2006 9:59am Dec 13, 2006 9:59am
Good trading Bill. Great idea

Fellow Pip Hunter

Bill
"When there is no peril in the fight there is no glory in the triumph."
  • #6
  • Dec 13, 2006 12:25pm Dec 13, 2006 12:25pm
Good idea. I will be following your journal and hope to learn from it.
  • #7
  • Dec 13, 2006 1:04pm Dec 13, 2006 1:04pm
I have been following the Fozzy thread along with a few others. Fozzy will be focus until I have it mastered. I have read and re-read the original thread and don't want to trade the EA... This jounal is just what I'm looking for.

Thanks
  • #8
  • Dec 13, 2006 6:49pm Dec 13, 2006 6:49pm
Well, no signals for me today. Looked like there would be a cross on nzd/usd but it vanished on the new candle. I wasn't looking to take that one anyway - against a strong trend and too near the tunnel.

Could see a cross on gbp/usd and aud/usd tomorrow which will be a lot more attractive.

BTW I'm looking at ten pairs: eur, gbp, jpy, chf, cad, aud, nzd against the dollar plus gbp/jpy, eur/jpy and gbp/chf. In the case of gbp/jpy I'm always looking to use the fozzy to get back on the uptrend, never counter-trend this one!

Thanks to all for the words of encouragement - typical fozziers! Maybe we can start a legion of fozzy journals - now THAT would be something.

Hope tomorrow brings some action.

Michael
  • #9
  • Dec 13, 2006 9:31pm Dec 13, 2006 9:31pm
Quoting the bhoy
Well, no signals for me today. Looked like there would be a cross on nzd/usd but it vanished on the new candle. I wasn't looking to take that one anyway - against a strong trend and too near the tunnel.

Could see a cross on gbp/usd and aud/usd tomorrow which will be a lot more attractive.

BTW I'm looking at ten pairs: eur, gbp, jpy, chf, cad, aud, nzd against the dollar plus gbp/jpy, eur/jpy and gbp/chf. In the case of gbp/jpy I'm always looking to use the fozzy to get back on the uptrend, never counter-trend this one!

Thanks to all for the words of encouragement - typical fozziers! Maybe we can start a legion of fozzy journals - now THAT would be something.

Hope tomorrow brings some action.

Michael
can you post indicator fozzy here?
{Link Removed}]
  • #10
  • Dec 13, 2006 10:35pm Dec 13, 2006 10:35pm
Quoting kenari05
can you post indicator fozzy here?
It's not an indicator of itself, it's a combination of common ones. If you want to follow along here, which I hope you will, you'll be best reading the fozzy thread, even just the first 10 pages.
  • #11
  • Dec 14, 2006 12:14am Dec 14, 2006 12:14am
Quoting the bhoy
It's not an indicator of itself, it's a combination of common ones. If you want to follow along here, which I hope you will, you'll be best reading the fozzy thread, even just the first 10 pages.
i know fozzy method...but there are many version indicator i guess
{Link Removed}]
  • #12
  • Dec 14, 2006 3:39am Dec 14, 2006 3:39am
Quoting kenari05
i know fozzy method...but there are many version indicator i guess
ok, well, like I said I'm using the Vegas fibs, solar wind at default settings and also ATR(20). Normally I'll be setting s/l at 80% ATR and limit at 100% ATR.

Even though it's on my charts, I don't pay attention to the BB bands or the centre line. I use the SMA instead of EMA, I like the smoother one.
  • #13
  • Dec 14, 2006 6:54am Dec 14, 2006 6:54am
My FXDD charts gave me a sell NZD/USD at .6910. I'm in with a s/l of .6960. First t/p at .6875 has been reached. Second t/p is .6840, third is .6800. S/L on the other two have been moved to B/E.

Quoting the bhoy
Well, no signals for me today. Looked like there would be a cross on nzd/usd but it vanished on the new candle. I wasn't looking to take that one anyway - against a strong trend and too near the tunnel.
Michael
Attached Image
  • #14
  • Dec 14, 2006 7:30am Dec 14, 2006 7:30am
strange....my alpari charts gave a positive candle yesterday, that's why no cross.
Well done on the trade, I take it you're aiming for just above the tunnel for final tp.
What was your stop if you don't mind me asking? I've been using 80% ATR unless the t/p is small, where I use 1:1 risk:reward.

From the looks of the charts, might be a while before taking my first journal trade
  • #15
  • Dec 14, 2006 8:25am Dec 14, 2006 8:25am
Michael...........different charts, different signals. I like the FXDD feed, had very good results, as posted in the other thread. S/L = .6960. Look at my chart: 2 ATR's showing. Average is @ 70. .7 times 70 = 49; I used 50 for my stop, also safely above recent high four days ago. First t/p = .5 ATR, second = ATR, third is at the Tunnel. Simple, sensible and profitable.



Quoting the bhoy
strange....my alpari charts gave a positive candle yesterday, that's why no cross.
Well done on the trade, I take it you're aiming for just above the tunnel for final tp.
What was your stop if you don't mind me asking? I've been using 80% ATR unless the t/p is small, where I use 1:1 risk:reward.

From the looks of the charts, might be a while before taking my first journal trade
  • #16
  • Dec 14, 2006 8:28am Dec 14, 2006 8:28am
Howdy Bill,
I have noticed what makes the difference quite often is the Close/Open. Fxdd creates a new candle @ 5pm est where my trading station @ CMC creates @ 7pm est. When its a Doji type candle 1 may look Bullish and the other may look Bearish. Just a observation.

Fellow Pip Hunter
Bill
"When there is no peril in the fight there is no glory in the triumph."
  • #17
  • Dec 14, 2006 8:53am Dec 14, 2006 8:53am
Thanks for sharing BeachBum.

As you say, simple and safe. I'm going to stick to 2 lots with 80% ATR(20) stops but, yep, most important to keep that stop away from recent highs/lows.

I've noticed your approach evolving over the weeks - it shows even with a simple set up such as this, the crucial part is risk management.

Williamk - my broker set to GMT+1. Suits my lifestyle. I think whatever broker you use, it levels itself out over time. I just care about not getting the Sunday candle.

p.s. nice to see another V.P.er over here.

Michael
  • #18
  • Dec 14, 2006 11:18am Dec 14, 2006 11:18am
i took the long on this on 12th.. it gave me only 9 pips profit..but frankly i am ecstatic since i have stuck to my system for the 1st time without exiting early/late.

now my laptop has crashed so i am twiddling my fingers till it gets back online.. beach i bet you have redundancy built in for hardware/software problems...

Quoting BeachBum
Michael...........different charts, different signals. I like the FXDD feed, had very good results, as posted in the other thread. S/L = .6960. Look at my chart: 2 ATR's showing. Average is @ 70. .7 times 70 = 49; I used 50 for my stop, also safely above recent high four days ago. First t/p = .5 ATR, second = ATR, third is at the Tunnel. Simple, sensible and profitable.
  • #19
  • Dec 14, 2006 11:21am Dec 14, 2006 11:21am
last i looked on fxdd, chfjpy was heading for a cross..

Quoting the bhoy
From the looks of the charts, might be a while before taking my first journal trade
  • #20
  • Dec 14, 2006 11:35am Dec 14, 2006 11:35am
Interesting observation my UK friend. I have 4 computers, two desktop and two notebook. But I NEED the backup because I trade for a living.

Quoting coolshades
now my laptop has crashed so i am twiddling my fingers till it gets back online.. beach i bet you have redundancy built in for hardware/software problems...
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