The Daily Fozzy Method | Page 83 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The 4 Hour Fozzy Method 233 replies

FOZZY Method CROSSES 808 replies

Fozzy Alt... one more approach to the Daily Fozzy Method 40 replies

My Daily Fozzy Trades 337 replies

Monthly Fozzy Method 9 replies

Attachments: The Daily Fozzy Method
Exit Attachments

The Daily Fozzy Method

  • #1,641
  • Feb 8, 2007 10:08am Feb 8, 2007 10:08am

Quoting willf
ATR is set at 10

Quoting willf

At the moment I am using 100%. Need to do some more testing to see what kind of results 70% would bring.

I have had success with all pairs. Here's what I trade :

EURUSD
USDCHF
GBPUSD
USDJPY
AUDUSD
USDCAD
NZDUSD
EURAUD
EURCAD
EURCHF
EURGBP
EURJPY
GBPCHF
GBPJPY
GBPAUD
GBPCAD
CHFJPY
AUDCAD
AUDJPY
CADJPY

Fozzy looks good with most currencies even exotics. Gold, silver, CFD's futures & indexes look viable as well. But for the moment I am looking at sticking with pairs above.


u using atr at the daily chart right??
what about TP?..are u usnig 1:1 ratios?? or u riding the bull n bear till it end??

recently gbpusd seems to 'burn' fozzy...or what do u c??
"Analysis Is Hard But Trade Is Easy"
  • #1,642
  • Feb 8, 2007 12:25pm Feb 8, 2007 12:25pm
Quoting Se[V]eN
[left]



u using atr at the daily chart right??
what about TP?..are u usnig 1:1 ratios?? or u riding the bull n bear till it end??

recently gbpusd seems to 'burn' fozzy...or what do u c??
Well I entered 2x lots on 2nd Feb. First lot made 74 pips. Second lot was stopped out at -11.

I only went with that trade because of the fozzy signal and the pin bar on the 31st Jan. Since then I have stayed out because it's ranging and needs to break higher than 1.9746 or lower than 1.9480.

All my TP's are based on the Vegas daily fibs which are explained in this thread.
Attached Image
  • #1,643
  • Feb 8, 2007 12:40pm Feb 8, 2007 12:40pm
this was a good trade for me too. i wld have made 170 pips, if my second lot hadnt been messed up by oanda.

the system is good. its us traders who suffer burnout!


Quoting willf
Well I entered 2x lots on 2nd Feb. First lot made 74 pips. Second lot was stopped out at -11.

I only went with that trade because of the fozzy signal and the pin bar on the 31st Jan. Since then I have stayed out because it's ranging and needs to break higher than 1.9746 or lower than 1.9480.

All my TP's are based on the Vegas daily fibs which are explained in this thread.
  • #1,644
  • Feb 8, 2007 4:16pm Feb 8, 2007 4:16pm
HI

I have been looking at the Fozzy method and reasonably impressed by the simplicity of the system.

I have noticed that if you were to apply a Parabolic SAR as a stop you tend to stay in the trending moves.

Intead of trading 2 lots , maybe trade 3 with 1st target 1 ATR , 2nd Target 2 ATR and 3rd Target determined by parabolic SAR +/- x no. pips.

This third lot is taken to breakeven once the first target is met and trails the parabolic SAR until stop is hit.

All signals against the direction of the 3rd trade are ignored and if a signal is given in the same direction as the 3rd trade then add another 2 lots.



I have noticed that this seems to work well on daily and 4 hr time frames. but was wondering how difficult it would be to add to the FOZZY 2.2 EA?

Thoughts, comments appreciated

Cheers

T
  • #1,645
  • Feb 8, 2007 5:04pm Feb 8, 2007 5:04pm
Quoting mikhaildgreat
Richy so you use ATR for TP as well? what percent to you use? 70% for first TP and 140% for second TP? how about trailing stop, do you use trailing stop? and do you also use ATR for determining your Trailing Stop value?

Sorry for all the questions I'm quite new to this method...

Regards,
Mikhail
i've been using ATR(8) for TP and SL. Enter 3 lots, one at market price and the others at 0.5 ATR and 1 ATR. TPs will be at 0.6 ATR and 1.35 ATR.

but now i'm experimenting with a slight difference, that is to set TPs at 0.5, 1 ATR and let the rest ride the trend. However big trends do not usually happen so i am not too sure whether this is a good change.
  • #1,646
  • Feb 8, 2007 6:44pm Feb 8, 2007 6:44pm

Quoting willf
Well I entered 2x lots on 2nd Feb. First lot made 74 pips. Second lot was stopped out at -11.

Quoting willf

I only went with that trade because of the fozzy signal and the pin bar on the 31st Jan. Since then I have stayed out because it's ranging and needs to break higher than 1.9746 or lower than 1.9480.

All my TP's are based on the Vegas daily fibs which are explained in this thread.



are u adjusting your TP&SL day by day based on ATR on daily chart?
"Analysis Is Hard But Trade Is Easy"
  • #1,647
  • Feb 8, 2007 7:13pm Feb 8, 2007 7:13pm
Quoting richy
i've been using ATR(8) for TP and SL. Enter 3 lots, one at market price and the others at 0.5 ATR and 1 ATR. TPs will be at 0.6 ATR and 1.35 ATR.

but now i'm experimenting with a slight difference, that is to set TPs at 0.5, 1 ATR and let the rest ride the trend. However big trends do not usually happen so i am not too sure whether this is a good change.
Thanks for the quick reply. I Will experiment with this approach.

Regards,
Mikhail
  • #1,648
  • Feb 8, 2007 7:18pm Feb 8, 2007 7:18pm
Quoting Se[V]eN
[left]




are u adjusting your TP&SL day by day based on ATR on daily chart?
Stops are moved to BE once the first TP is hit, not before.

TP is based on vegas daily fibs as I said in my last post.
  • #1,649
  • Feb 13, 2007 7:48pm Feb 13, 2007 7:48pm
I'm at the grade school level of comprehending forex....but would someone pls explain how to use the ATR indicator as a S/L? I am using the numerical value of ATR(10). At the USD/CAD MT4 chart the number is .0023; how do you set up the S/L using this value?
Thnx, Sid
  • #1,650
  • Feb 13, 2007 8:53pm Feb 13, 2007 8:53pm
Quoting yendis70
I'm at the grade school level of comprehending forex....but would someone pls explain how to use the ATR indicator as a S/L? I am using the numerical value of ATR(10). At the USD/CAD MT4 chart the number is .0023; how do you set up the S/L using this value?
Thnx, Sid
Hi Sid,
To use the ATR as a S/L simply take the ATR value and set your S/L accordingly. So in your example of USD/CAD your stop loss would be 23 pips.

Cheers

Fozzy
  • #1,651
  • Feb 14, 2007 12:17am Feb 14, 2007 12:17am
Thnx, Fozzy, for the quick answer---&thnx for your strat.

Sid
  • #1,652
  • Feb 14, 2007 12:54am Feb 14, 2007 12:54am
Quoting yendis70
I'm at the grade school level of comprehending forex....but would someone pls explain how to use the ATR indicator as a S/L? I am using the numerical value of ATR(10). At the USD/CAD MT4 chart the number is .0023; how do you set up the S/L using this value?
Thnx, Sid
.0023 is too small for the daily chart. You are probably looking at the 4 hour chart.
  • #1,653
  • Feb 14, 2007 1:42am Feb 14, 2007 1:42am
will have u moved to atr for sl and vegas fibs for tps?what atr? i am experimenting with atr 20 currently..



Quoting willf
.0023 is too small for the daily chart. You are probably looking at the 4 hour chart.
  • #1,654
  • Feb 14, 2007 2:45am Feb 14, 2007 2:45am
USDCAD ATR (20) on the daily chart is about 70pips this morning, so 70% of that plus 5 pip spread would make a 54 pip stop.

Just for comparison - and hoping not to confuse - my ATR stop indicator on the 4hr USDCAD chart is presently 53 pips away from the current price. Somewhere above I have posted a reference to a similar indicator in MT4.

HTH.

J.
  • #1,655
  • Feb 14, 2007 3:21am Feb 14, 2007 3:21am
Hello
i try to follow the Fozzy method which seems to be a great system. Could someone post a chart or a statistic e.g. with his/her signals in EURUSD or another pair. The signals that i get with my datafeed come in a false way or come one day after the signals that are mentioned here in this threat. Or I am applying the method in a wrong way.

Thanks Till
  • #1,656
  • Edited 4:16am Feb 14, 2007 4:05am | Edited 4:16am
@willf

First let me thank you for giving us insight into your fozzy method.
I'm a little puzzled what vegas risk levels for what pair to use.
I've noticed it makes a huge difference in choosing the level.
Can you please let us know what risklevels for what pair you use?

Best regards
Colbru
  • #1,657
  • Feb 14, 2007 4:09am Feb 14, 2007 4:09am
Quoting yendis70
I'm at the grade school level of comprehending forex....but would someone pls explain how to use the ATR indicator as a S/L? I am using the numerical value of ATR(10). At the USD/CAD MT4 chart the number is .0023; how do you set up the S/L using this value?
Thnx, Sid
Your reading of ATR does not seem to be correct, it should read around 70 pips
Regards
  • #1,658
  • Feb 14, 2007 12:05pm Feb 14, 2007 12:05pm
Quoting coolshades
will have u moved to atr for sl and vegas fibs for tps?what atr? i am experimenting with atr 20 currently..
Yes. I am now using ATR for my stop wit a setting of 10. I always used the vegas fibs for TP.
  • #1,659
  • Feb 14, 2007 12:06pm Feb 14, 2007 12:06pm
Quoting colbru
@willf

First let me thank you for giving us insight into your fozzy method.
I'm a little puzzled what vegas risk levels for what pair to use.
I've noticed it makes a huge difference in choosing the level.
Can you please let us know what risklevels for what pair you use?

Best regards
Colbru
If you look back a few pages I have already posted this.
  • #1,660
  • Feb 14, 2007 12:19pm Feb 14, 2007 12:19pm
That is what I've found...
willf:
All pairs are set up as model 1&3 with the exception of EURCHF & EURGBP.

Mhh... sorry for my ignorance but I do not understand 1&3...
do you mean I have to apply the indicator 2 times? once with model 1 and once with model 3...?
14 traders viewing now