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The Daily Fozzy Method

  • #1,501
  • Jan 7, 2007 8:22am Jan 7, 2007 8:22am
Quoting willf
Actually 20 pips was my minimum for the first TP level. If it was less then yes, I used the next fib line.
Willf,

If a trade is entered between the tunnel and the first fib level, and the trade is toward the tunnel, do you ever consider the tunnel for first T/P level?

Bill
  • #1,502
  • Jan 7, 2007 9:20am Jan 7, 2007 9:20am
Quoting TraderBill
Willf,

If a trade is entered between the tunnel and the first fib level, and the trade is toward the tunnel, do you ever consider the tunnel for first T/P level?

Bill
Yes, I consider the tunnel to be a TP level.
  • #1,503
  • Jan 8, 2007 1:43pm Jan 8, 2007 1:43pm
i am wondering if the fozzy journals such as the one bhoy is maintaining can be rolled under the daily fozzy umbrella.. so that all things fozzy are in a central repository..
  • #1,504
  • Jan 8, 2007 3:20pm Jan 8, 2007 3:20pm
Quoting coolshades
i am wondering if the fozzy journals such as the one bhoy is maintaining can be rolled under the daily fozzy umbrella.. so that all things fozzy are in a central repository..
Good call Cool - I agree and whilst we're at it, why don't we have a sticky thread with the basic Fozzy method outlined. This would save newbies to the thread having to go through the whole thing to find out the main Fozzy theory and also Willf's and Miscon777 additions.
  • #1,505
  • Jan 8, 2007 6:36pm Jan 8, 2007 6:36pm
Hi fellow traders!

I have read the whole tread and have been following every new post with great interest. I am currently trading the Fozzy System without MetaTrader4, using normal fibs, support and resistance as well as pivot points to determine exits. I have been successful with what I have but from willf's backtesting results, I realize it would make my life easier if I could use one specific indicator to determine exits and the Vegas fibs seem to be a successful one.

I would therefore be interested to get myself organised with MetaTrader 4 to have access to the Vegas Tunnel fibs. I remember having read something on how to get started on MetatTrader4 but can't find it anymore. Would one of you be kind enough to indicate how I can set it up? Just the first few steps to get it up and running, with datafeed from a broker which daily candles close at GMT-5??? Any suggestions or leads will be much appreciated!

Marie
  • #1,506
  • Jan 8, 2007 10:00pm Jan 8, 2007 10:00pm
try this site out download Meta Trader 4, it is with FXDD 1 which a lot of us are using.

http://www.fxdd.com/meta_trader.html


Bill
"When there is no peril in the fight there is no glory in the triumph."
  • #1,507
  • Jan 8, 2007 10:08pm Jan 8, 2007 10:08pm
Good call cool. I was actually thinking the same thing. I recall Merlin a while back mentioning something along these lines and giving Fozzy "mod" priveledges or something. I would be good to have it all in one place.

Mike.
Taking Life One Pip At A Time I officially have my own opinion.
  • #1,508
  • Jan 9, 2007 8:38am Jan 9, 2007 8:38am
hello to all!

i just want to start ussing this method. i just wonder if anyone still ussing the main fozzy method that he posted on the first post. is still giving good results?

and one more thing: how can i place vegas fibs on my metatrader chart ?

thank you.
  • #1,509
  • Jan 9, 2007 9:08am Jan 9, 2007 9:08am
Thanks Bill,

That was helpful. Metatrader is now up and running! I just need to put in the indicators and I will be all sorted. Thanks again!



Quoting williamk
try this site out download Meta Trader 4, it is with FXDD 1 which a lot of us are using.

http://www.fxdd.com/meta_trader.html


Bill
  • #1,510
  • Jan 9, 2007 9:16am Jan 9, 2007 9:16am
i opened also an account with FXDD 3 hours ago...and i have all indicators set up excet Vegas tunnel fibs...maybe some one can help me how can i put it in my chart. thanks.
  • #1,511
  • Jan 9, 2007 9:16am Jan 9, 2007 9:16am
Hi thank you for posting this interesting strategy

For the purpose of backtesting i tried to program the FOZZy strategy into Tradestation but don't get any of the mentioned good results when i backtest
Can somebody read through the code and tell me if it is near Fozzy's original idea ? Thank you very much.

inputs:
Price( Close ), Displace (0),
Length1( 8 ), Length2( 20 ), NumDevsUp( 2 ), NumDevsDn( -2 ) ,RSIMA(8);

variables: Avg( 0 ), SDev( 0 ), LowerBand( 0 ), UpperBand( 0 ) ;

Avg = AverageFC( RSI (Price, Length1), Length2 ) ;
SDev = StdDev( RSI(Price,Length1), Length2) ;
UpperBand = Avg + NumDevsUp * SDev ;
LowerBand = Avg + NumDevsDn * SDev ;


If RSI( Price, Length1 ) < Avg then begin
if RSI( Price, Length1 ) crosses over Average(RSI( Price, Length1 ),RSIMA) then Buy Next Bar Open;
end;

If Marketposition = 1 then Exitlong Low[1] stop;

If RSI( Price, Length1 ) > Avg then begin
if RSI( Price, Length1 ) crosses under Average(RSI( Price, Length1 ),RSIMA) then Sell Next Bar Open;
end;

If Marketposition = -1 then Exitshort next bar High[1] stop;
{
  • #1,512
  • Jan 9, 2007 12:05pm Jan 9, 2007 12:05pm
Having been outside the US and away from FF for almost three weeks, it felt good to get back today and catch-up on my reading of all the great new posts about the 'Daily Fozzy Method' !

willf.............in particular I have enjoyed your posts and the information you have shared with us about your own variations of fozzy trading. I took a quick look at your backtest; very impressive. I will be spending some additional time this week looking closer and deeper at what you have done. Thanks again for sharing!
  • #1,513
  • Jan 9, 2007 12:09pm Jan 9, 2007 12:09pm
Quoting BeachBum
Having been outside the US and away from FF for almost three weeks, it felt good to get back today and catch-up on my reading of all the great new posts about the 'Daily Fozzy Method' !
Welcome back
  • #1,514
  • Jan 9, 2007 2:28pm Jan 9, 2007 2:28pm
Thank you...................



Quoting willf
Welcome back
  • #1,515
  • Jan 9, 2007 9:35pm Jan 9, 2007 9:35pm
Hi!

I now have Metatrader up and running , thanks to williamk. I am now struggling to get the Vegas Daily Indicator. I have saved the Vegas_Currency_Daily posted by Beach Bum earlier in the thread and the Vegas_Daily more recently posted by willf but can't figure out how to get them to appear in MT. I have looked at MT Tutorial and followed the process step by step but I can't seem to get the indicator to show in my Navigator anywhere despite many efforts. Would anybody be able to help? Many thanks!

Marie
  • #1,516
  • Jan 9, 2007 9:52pm Jan 9, 2007 9:52pm
Hi,

Thanks to all contributors, I've been backtesting the method that willf uses and must have misunderstood something as my results are quite different.

I've gone thru the eurusd pair from Jan06 till end of Nov06 and end up with a total of -31 pips whereas willf ends up with 1553.

The rules used are:

1. rsi crosses up thru ma and is above 50 within 3 bars for longs
OR
rsi crosses down thru ma and is below 50 within 3 bars for shorts
2. initial stop set at prior high or low and remains there until target 1 is met or stopped out.
3. Only look at charts and update positions once a day.
4. enter with two positions
5. target 1 is set at nearest vegas fib that is 20 or more pips away from entry
6. when target 1 is met position two is moved to break even unless price has moved back below/above break even point then just close out postion two.

I used alpari demo account and only traded/updated positions once the daily bar has closed.

Attached is trade list.

Can you have a look and see where I've gone wrong?

Thanks
Attached File(s)
File Type: zip Willf_Trade_Test.zip   8 KB | 667 downloads
  • #1,517
  • Jan 9, 2007 10:04pm Jan 9, 2007 10:04pm
riveria - You go long with the RSI is BELOW the 50 and short when it is ABOVE
  • #1,518
  • Jan 9, 2007 10:45pm Jan 9, 2007 10:45pm
Quoting msblanchet
Hi!

I now have Metatrader up and running , thanks to williamk. I am now struggling to get the Vegas Daily Indicator. I have saved the Vegas_Currency_Daily posted by Beach Bum earlier in the thread and the Vegas_Daily more recently posted by willf but can't figure out how to get them to appear in MT. I have looked at MT Tutorial and followed the process step by step but I can't seem to get the indicator to show in my Navigator anywhere despite many efforts. Would anybody be able to help? Many thanks!

Marie
Close your metatrader.
Save or copy/paste the Vegas Currency Daily indicator into the following folder: Program Files/Metatrader 4/experts/indicators. Reopen metatrader. Under the View menu, select Navigator. If you scroll down the Navigator window and open "Custom Indicators" you should see Vegas Currency Daily. Double click the indicator or click and drag it onto your chart.
Cheers
  • #1,519
  • Jan 10, 2007 12:19am Jan 10, 2007 12:19am
Quoting Lamdun
riveria - You go long with the RSI is BELOW the 50 and short when it is ABOVE
Hi Lamdun,

I think you misunderstand. My question is in regards to the willf way of trading fozzy.

In post 1462 willf says

Quote
If the RSI crossed above the MA and the RSI was above the 50 level I went long.

If the RSI crossed below the MA and the RSI was below the 50 level I went short

I also used the vegas daily as per willf's instructions.

Thanks
  • #1,520
  • Jan 10, 2007 1:50am Jan 10, 2007 1:50am
oh oops. I guess i misunderstood the rules. sorry
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