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The Daily Fozzy Method

  • #1,361
  • Dec 16, 2006 5:01am Dec 16, 2006 5:01am
jillyb, you using the CMC spreadbetting charts? try FXDD demo account and you will get MT4 charts on GMT + 2. so new daily candle starts at 10 pm GMT.


Quoting JillyB
I'm in the Channel Islands, so I'm on GMT too. My broker is also on GMT - as are the charts I use. It seems that this is where the big difference is - what time your charts are set to can mean you may get a cross showing where as I don't.

Can I ask you why you trade at 10pm?
  • #1,362
  • Dec 16, 2006 6:33am Dec 16, 2006 6:33am
Quoting JillyB
I'm in the Channel Islands, so I'm on GMT too. My broker is also on GMT - as are the charts I use. It seems that this is where the big difference is - what time your charts are set to can mean you may get a cross showing where as I don't.

Can I ask you why you trade at 10pm?
My broker (NorthFinance) starts a new day (in GMT) at 10.00pm so that's why all my trades are made at 10.00pm

If your broker is GMT then you should be making your trades at 12.00PM GMT. This is when you get a new daily candle starting.
  • #1,363
  • Dec 16, 2006 6:53am Dec 16, 2006 6:53am
Quoting poekmeister
Willf, good results!

Can you elaborate on your exit technique?
I mainly the Vegas Daily fib levels for exit points. Sometimes though I may cut a trade short if at the end of the day it has reached a support or resistance level and has started to move in the opposite direction.

Taking profits at the exact fib level is not written in stone for me. If I think the pair has reached as far as it's going to I close it down and take my money.

With my trade on GBPCHF I took the first lot of profit at the first fib and the second at the resistance point (the red dots). On this ocassion the pair carried on but I was happy with the trade. 235 pips for one trade over two days is more than some make after a month of scalping.
Attached Image
  • #1,364
  • Dec 16, 2006 7:26am Dec 16, 2006 7:26am
Hi Willf,

I too am in the UK and have been looking for a broker whose daily candles close at 10pm UK time. GMT +2 would mean your candles form at 2am in the UK.

Do you mean north finance candles are based on GMT -2?

If so this would be great news, staying up until midnight is what puts me off the fantastic fozzy system!

Thanks
Jason
  • #1,365
  • Dec 16, 2006 7:39am Dec 16, 2006 7:39am
Quoting aeu97137
Hi Willf,

I too am in the UK and have been looking for a broker whose daily candles close at 10pm UK time. GMT +2 would mean your candles form at 2am in the UK.

Do you mean north finance candles are based on GMT -2?

If so this would be great news, staying up until midnight is what puts me off the fantastic fozzy system!

Thanks
Jason
Yeah. Sorry, that should GMT-2. I get a new candle at 10.00PM GMT
  • #1,366
  • Dec 16, 2006 10:34am Dec 16, 2006 10:34am
I tried the fozzy method and appears

ERROR <Orden send> 130

someone can let me know how can i solv the problem

Thanks in advance
Attached File(s)
File Type: mq4 fozzy_2-2.mq4   13 KB | 695 downloads
  • #1,367
  • Dec 16, 2006 11:16am Dec 16, 2006 11:16am
I think Willf was right the first time. A new candle in the UK would form at 10PM if the chart was using GMT +2. Their midnight is 2 hours before UK midnight so UK is behind their time. I am in Japan...GMT +9 and my chart is also GMT +2 so the new candle forms at 07:00 hrs local time....a little early for me . Fotunately not too much happens around then so if I'm late..usually...their hasn't been too much movement.

While I'm here I'd like to thank Fozzy for sharing his amazingly successful yet easily understood system and the help given by experienced traders in the difficult area of optimizing profits. This thread is just great . The system seems to follow sentiment which lasts for days and keeps us safe from the volatility of intraday reactions to news/data/whatever!! We don't need to be glued to the monitor for hours of no movement followed by split second jumps which can easily be missed!! We also have time to respond to a basket of pairs which spreads the risk..great again.

A constructive contribution (I hope) ....One idea I've been considering is to proportion the stake on a pair in relation to it's ATR. ie. to make the pip value in money terms higher on the slow moving EUR/GBP type pairs than the the fast moving GBP/JPY type pairs. Easier with Oanda with it's units system than most other brokers (unless u have a huge account).

Anyway it's 17:12 in Greenwich, 19:12 in Russia and 02:12 here so I'm crashing !!!

Cheers.
  • #1,368
  • Dec 16, 2006 12:12pm Dec 16, 2006 12:12pm
Thanks!

Quoting willf
I mainly the Vegas Daily fib levels for exit points. Sometimes though I may cut a trade short if at the end of the day it has reached a support or resistance level and has started to move in the opposite direction.

Taking profits at the exact fib level is not written in stone for me. If I think the pair has reached as far as it's going to I close it down and take my money.

With my trade on GBPCHF I took the first lot of profit at the first fib and the second at the resistance point (the red dots). On this ocassion the pair carried on but I was happy with the trade. 235 pips for one trade over two days is more than some make after a month of scalping.
  • #1,369
  • Dec 17, 2006 5:25am Dec 17, 2006 5:25am
Hi willf,

Can I ask which version do you use? fozzy 2.2 / 2.1 / or 2.1.1 ?

thanks.
  • #1,370
  • Dec 17, 2006 5:31am Dec 17, 2006 5:31am
Quoting pimentor
Hi willf,

Can I ask which version do you use? fozzy 2.2 / 2.1 / or 2.1.1 ?

thanks.
Are you talking about the EA ?

If so neither. I trade manually.
  • #1,371
  • Dec 17, 2006 8:20am Dec 17, 2006 8:20am
Quoting xavier050463
I tried the fozzy method and appears

ERROR <orden send=""> 130

someone can let me know how can i solv the problem

Thanks in advance
If you are asking about the EA, please address your questions in the EA Thread. Just want ot keep things separate.
</orden>
  • #1,372
  • Dec 17, 2006 11:47am Dec 17, 2006 11:47am
My tweaks to the Fozzy system would only be that the inclusion of the FXSniper's LSMA is used for precise entry. The way I modified the AOFS is the signal occurs at 100 when the cross happens below the midline and stays at 100 until the RSI crosses the MA. Same for the 0 side except above the midline. I haven't had the time to modify the Fozzy 2.2 EA to incorparate these two iCustom variables yet, but plan to do so, unless somebody beats me to it... I am trying to modify the FXSniper's LSMA to include a value[] variable. I am hoping that these two mods to the indicators will simplify the modification to Fozzy2.2...
Attached Image
Attached File(s)
File Type: mq4 AO_FozzySignal2.mq4   3 KB | 742 downloads
File Type: mq4 FX_Sniper's_LSMA2.mq4   3 KB | 652 downloads
  • #1,373
  • Dec 17, 2006 11:50am Dec 17, 2006 11:50am
I am also thinking that a possible exit would be when the AOFS drops/climbs to 50.

Don
  • #1,374
  • Dec 17, 2006 1:00pm Dec 17, 2006 1:00pm
Look @ FXDD



Quoting aeu97137
Hi Willf,

I too am in the UK and have been looking for a broker whose daily candles close at 10pm UK time. GMT +2 would mean your candles form at 2am in the UK.

Do you mean north finance candles are based on GMT -2?

If so this would be great news, staying up until midnight is what puts me off the fantastic fozzy system!

Thanks
Jason
  • #1,375
  • Dec 17, 2006 1:27pm Dec 17, 2006 1:27pm
|ERROR 130 is "Invalid Stops". Your EA is trying to put the stops to close to the current price.



Quoting et_phonehome_2
If you are asking about the EA, please address your questions in the EA Thread. Just want ot keep things separate.
</ORDEN>
  • #1,376
  • Dec 19, 2006 2:56pm Dec 19, 2006 2:56pm
hey fozzy, i am setting up some new Trading Systems sub-forums soon. would you like me to make one for your method? that way you could have multiple threads under one roof, and i can make you a mod of the forum so you have better controls over your files etc. if interested just email me with site form.
Relax and be happy.
  • #1,377
  • Dec 19, 2006 3:06pm Dec 19, 2006 3:06pm
Quoting merlin
hey fozzy, i am setting up some new Trading Systems sub-forums soon. would you like me to make one for your method? that way you could have multiple threads under one roof, and i can make you a mod of the forum so you have better controls over your files etc. if interested just email me with site form.
Great idea. Upto Fozzy though. It's his baby
  • #1,378
  • Dec 19, 2006 4:14pm Dec 19, 2006 4:14pm
Quoting merlin
hey fozzy, i am setting up some new Trading Systems sub-forums soon. would you like me to make one for your method? that way you could have multiple threads under one roof, and i can make you a mod of the forum so you have better controls over your files etc. if interested just email me with site form.
Hi Merlin,

I would be honoured. Many thanks.

Fozzy
  • #1,379
  • Dec 19, 2006 6:36pm Dec 19, 2006 6:36pm
I'll second that............



Quoting fozzy
Hi Merlin,

I would be honoured. Many thanks.

Fozzy
  • #1,380
  • Dec 20, 2006 12:44pm Dec 20, 2006 12:44pm
Fozzy, BB, other experts,
What are your views on recent trade in GPDUSD. See the file I have attached. Clean entry with the trend ...70% ATR...not hit at this moment though -55pip loss open...

My concerns:
= entry candle was large bullish candle
= followed by a retracement candle and countertrend signal....
= the candle of today may end doji potentially hinting on reversal down to fib / tunnel

Should I stay or should I go?

Thanks for your wisdom

Poekmeister
Attached Image
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