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My Daily Fozzy Trades

  • #241
  • Jan 24, 2007 10:31am Jan 24, 2007 10:31am
willf's rules have been mentioned time and again here as well as in the main thread. BB just a few posts back has mentioned how he trades.

as to not trading sunday?
i dont remember such a rule...people trade on sundays, me included, because their brokers provide a monday candle on sunday night... and hence the sunday trades..

Quoting Ribsy
Wilf nd BB, are you guys trading on modays too then? or following fozzy rule not to trade on modays. If so do you use sundays open candle. Many Thanks.
  • #242
  • Jan 24, 2007 10:33am Jan 24, 2007 10:33am
i will sit out these three.. the trend is still strong, even though there was a strong correction today. cadjpy looks better for me.

Quoting Lamdun
Is anyone taking the AUDUSD, EURAUD, and CHFJPY crosses?
  • #243
  • Jan 24, 2007 10:36am Jan 24, 2007 10:36am
Quoting Lamdun
Is anyone taking the AUDUSD, EURAUD, and CHFJPY crosses?
AUDUSD no. Too big a move and it hasn't gone much beneath the Vegas tunnel for some time. Will wait for the move back up.

EURAUD no. Again too big a move and has already retraced back 70 pips.

CHFJPY probably but my broker has got another 3 1/2 hours left until a new candle. Don't expect it to go too far under the tunnel though. There is strong resistance at 95.57 and the trend is generally up.
  • #244
  • Jan 24, 2007 10:41am Jan 24, 2007 10:41am
Quoting willf
CHFJPY probably but my broker has got another 3 1/2 hours left until a new candle. Don't expect it to go too far under the tunnel though. There is strong resistance at 95.57 and the trend is generally up.
So I'm wondering - why take this cross when you're not taking the AUDUSD? Their moves look very similiar
  • #245
  • Jan 24, 2007 11:30am Jan 24, 2007 11:30am
Is anyone going in on the gbp/usd, usd/jpn, euro/jpn.
Dave
  • #246
  • Jan 24, 2007 12:30pm Jan 24, 2007 12:30pm
no trades for me. all signals would lead into trading against the trend & into tunnel. it is interesting though to see so many crosses at once all in a similar setup. this could elude to a broader fundemental shift in ww markets or a the general aftermath of news...lets wait.
Poek
  • #247
  • Jan 24, 2007 12:58pm Jan 24, 2007 12:58pm
well chfjpy has retracted and so has cadjpy.

will- no thts on cadjpy?

Quoting willf
AUDUSD no. Too big a move and it hasn't gone much beneath the Vegas tunnel for some time. Will wait for the move back up.

EURAUD no. Again too big a move and has already retraced back 70 pips.

CHFJPY probably but my broker has got another 3 1/2 hours left until a new candle. Don't expect it to go too far under the tunnel though. There is strong resistance at 95.57 and the trend is generally up.
  • #248
  • Jan 24, 2007 12:59pm Jan 24, 2007 12:59pm
none of these are willf fozzys yet

Quoting forexdanofsa
Is anyone going in on the gbp/usd, usd/jpn, euro/jpn.
Dave
  • #249
  • Jan 24, 2007 1:29pm Jan 24, 2007 1:29pm
Do you mean they have not crossed the 50 on the rsi?

David
  • #250
  • Jan 24, 2007 1:41pm Jan 24, 2007 1:41pm
yup

Quoting forexdanofsa
Do you mean they have not crossed the 50 on the rsi?

David
  • #251
  • Jan 24, 2007 1:53pm Jan 24, 2007 1:53pm
Thank you sir. You guys really help us understand the system better and better!!!!!
Dave
Quoting coolshades
yup
  • #252
  • Jan 24, 2007 1:57pm Jan 24, 2007 1:57pm
Quoting Lamdun
Is anyone taking the AUDUSD, EURAUD, and CHFJPY crosses?
I took the EURAUD long at 1.6436 with exits at 1.6490 / 1.6632 / 1.6605 for +419.

I only started my 2007 trades this week, having been sitting on a beach in Goa contemplating The Infinite... and of course trading .

My new addition to jjFz - my personal way of trading Fozzy - has been to splice in a new method from some other software I use, MTPredictor (don't think I'm permitted to post a link as I have <50 posts). Late last year MTP released a new module that can be used within TradeStation 8 (my charting platform) called the Decision Point. Suffice to say that this plots likely areas of support and resitance, based on EW theory. MTP users combine this with two MTP indicators, STF, a trend momentum indicator, and Reversal Bars, looking for reversal entries based on price bouncing off a DP, STF divergence + the appropriate colour reversal bar. Additiontally, I look for confluence of DPs on both higher and lower timeframes : 240min, daily and weekly.

The EURAUD trade had it all : Fozzy cross(ing) + STF divergence on 240min + DP confluence on 240min, daily and weekly charts. According to my personal rule set, this was a high probability trade.

Two other trades in the last 24 hours yielded +62 long USDCAD (+62 +0 +0) and +188 short GBPCHF (+76 +56 +56). So a good start with my first 3 trades of the year at +669.

The point of this post is to show that the Fozzy method can be successfully combined with other methods available to a trader if desired. It can be successfully traded in the original version; even better in the Beach and willf versions; and differently in this example to suit yours truly. I will be speechless with delight if I can get close to willf's winning % with my version - but I am trading my version because it fits me.

I want to comment on stops once a position goes profitable, because even though the current EURAUD price is below my final exit, I want to hold trades as long as possible to try to get the really big moves this year... I should still be short GBPCHF as well..... BUT it's nearly 11pm and I'm beginning to see double.. so will post on the main thread soon.

A presto,

J.
  • #253
  • Jan 24, 2007 2:11pm Jan 24, 2007 2:11pm
might be worth posting your refinement of the system in the main thread.

Quoting jtrade
I took the EURAUD long at 1.6436 with exits at 1.6490 / 1.6632 / 1.6605 for +419.

I only started my 2007 trades this week, having been sitting on a beach in Goa contemplating The Infinite... and of course trading .

My new addition to jjFz - my personal way of trading Fozzy - has been to splice in a new method from some other software I use, MTPredictor (don't think I'm permitted to post a link as I have <50 posts). Late last year MTP released a new module that can be used within TradeStation 8 (my charting platform) called the Decision Point. Suffice to say that this plots likely areas of support and resitance, based on EW theory. MTP users combine this with two MTP indicators, STF, a trend momentum indicator, and Reversal Bars, looking for reversal entries based on price bouncing off a DP, STF divergence + the appropriate colour reversal bar. Additiontally, I look for confluence of DPs on both higher and lower timeframes : 240min, daily and weekly.

The EURAUD trade had it all : Fozzy cross(ing) + STF divergence on 240min + DP confluence on 240min, daily and weekly charts. According to my personal rule set, this was a high probability trade.

Two other trades in the last 24 hours yielded +62 long USDCAD (+62 +0 +0) and +188 short GBPCHF (+76 +56 +56). So a good start with my first 3 trades of the year at +669.

The point of this post is to show that the Fozzy method can be successfully combined with other methods available to a trader if desired. It can be successfully traded in the original version; even better in the Beach and willf versions; and differently in this example to suit yours truly. I will be speechless with delight if I can get close to willf's winning % with my version - but I am trading my version because it fits me.

I want to comment on stops once a position goes profitable, because even though the current EURAUD price is below my final exit, I want to hold trades as long as possible to try to get the really big moves this year... I should still be short GBPCHF as well..... BUT it's nearly 11pm and I'm beginning to see double.. so will post on the main thread soon.

A presto,

J.
  • #254
  • Jan 24, 2007 5:17pm Jan 24, 2007 5:17pm
Quoting Lamdun
So I'm wondering - why take this cross when you're not taking the AUDUSD? Their moves look very similiar
I didn't in the end because the price retraced and the RSI was not under the 50 level.

I would have considered it because it has traded past the tunnel in more recent times than the other setups.
  • #255
  • Jan 24, 2007 11:59pm Jan 24, 2007 11:59pm
Quoting coolshades
might be worth posting your refinement of the system in the main thread.
yes, cool, will refer to it when I post about stops... I posted here in response to Lamdun to explain why I had taken the EURAUD trade... which of course is roaring away this morning, along with the GBPCHF short.

"Premature exit-ulation" !



J.
  • #256
  • Jan 25, 2007 12:24am Jan 25, 2007 12:24am
good for you. i stayed out of the market yesterday
  • #257
  • Jan 25, 2007 11:37am Jan 25, 2007 11:37am
these two in decreasing order of interest seem the best of todays crosses.

what say folks?
  • #258
  • Jan 25, 2007 12:05pm Jan 25, 2007 12:05pm
Cool

Short triggered yesterday (today's open), did it not?
Regards
  • #259
  • Jan 25, 2007 12:14pm Jan 25, 2007 12:14pm
CADJPY:
= weekly: trend is up, price is currently retracing & trading in tunnel, +80pips above 50EMA
= daily trend is neutral & consolidating (tunnel & 50 EMA in between 100 and 200 EMA, price is currently trapped as well)
= signal is short, recent price action 3x long tail bars
=> I think we need to see a breakout, given weekly trend & recent price action is not likely to go short. NO Trade for me.


EURUSD:
= W: trend is up, price has been making lower highs & currently retraced slightly above tunnel. Tunnel is well above 50/100/200 EMA.
= D: uptrend is weakening (lower highs) and price is retraced below tunnel, and EMA50, now testing 100EMA.
= signal is to go short
=> Maybe you could enter this trade with a sell stop below 100 EMA, but I think the odds are against us. NO trade for me.

Poek
  • #260
  • Jan 25, 2007 1:20pm Jan 25, 2007 1:20pm
good point. todays wld be 4th candle. beyond my rules. yet another quiet night..

just 2 trades this week.

Quoting howard
Cool

Short triggered yesterday (today's open), did it not?
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