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The Daily Fozzy Method

  • #1,761
  • Mar 9, 2007 7:29am Mar 9, 2007 7:29am
Hello feeder 2000

Because you refer to me in this question; I will respond by suggesting you search my posts (click on my username and then "Find all posts by BeachBum"). You will then be able to read firsthand everything I have posted about the Fozzy Daily Method. There is probably only 100 or so posts to read and it will give you the opprotunity to do some of your own research. All the best.....

Quoting feeder2000
hi everyone,
I am a newone come to this FOZZY method, i don't understand what is "BeachBum's ATR method"? Is that different with original one? can anyone explain it to me? thank you very much...
  • #1,762
  • Mar 9, 2007 6:07pm Mar 9, 2007 6:07pm
To be fair I don't think it took you the full 1800 posts to get up to speed did it? Somewhere earlier in the thread you had enuf to trade on. But to those who are new here, there are summary posts throughout the thread. Just scan for them.The first few pages are still great basics that everyone here still trades from. It's just been tweaked to fit individual preferences for confirmations and the like. -JMHO

If I thought that would really put a stop to repetitive questions, I would write a "Fozzy" synopsis in PDF form and post it. But I have been here at FF long enough and read enough posts to believe it won't really make a difference. One of the major reasons we have people successfully trading the Fozzy method is because we "put in the time" to read, learn and work the system to make it our own. There is NO substitute for that. If someone is not willing to look through this thread of almost 1800 posts to learn about a profitable trading system, then IMO they are not serious about Forex trading. They are looking for a "quick fix." (That is a malady of today's society, particularly here in America. Why do you think McDonald's has sold more than 100 zillion burgers?)[/quote]
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #1,763
  • Mar 9, 2007 6:19pm Mar 9, 2007 6:19pm
If it helps , here is a cut and paste(below) I had in a file I keep on the Fozzy. Add this to the basic crossover method as explained in Fozzy's original posts and it'll get a newbie going. DEMO it FIRST for a few months! Profit taking at Fib levels for multiple contracts, RSI, Bollinger (or not), and other indicators of choice can be added at your own discretion. Also, remember that some of us have success trading the Fozzy on 30min and/or hourly charts. It may suit your style as it will let you trade with smaller risk amount but smaller profits as well. Following the daily opportunity but trading that direction on a smaller time frame can give you the best of both worlds if a strong move kicks in and you jump over and manage the trade from the daily method.

Fozzy Steps (Daily Charts)
1. Study chart at end of day and realize a signal has occured.
2. New candle forms.
3. Enter two Trades.
4. Set first trade with a stop loss at previous days high or low. And set a take profit level at the first fib line.
5. Set second trade with a stop loss at previous days high or low. And set take profit level at the second fib line.
6. Turn off PC and go away for 24 hours.
7. Return next day. Study trade.
8. Did either trade 1 or trade 2 hit their take profit levels?
9. If both hit. Nothing more to do. Profit was automatically taken and trades closed.
10. Did both trades get stopped out? If so, too bad, try again.
11. Did trade 1 hit it's profit level. If so it will have automatically closed itself. Now adjust second trade to break even.
12. Did neither trade hit it's profit level? Leave trade alone until next day and repeat process.
13. If the second trade is in loss after trade 1 closed at profit level, close out the second trade for a loss.In general the second losing trade never ate much into the profit of the first trade and still resulted in the whole trade being profitable.
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #1,764
  • Mar 9, 2007 6:39pm Mar 9, 2007 6:39pm
...Or you could set 1 trade and use an EA to manage it for you. Stockwet has written a really good one that I have been using on the Daily Fozzy with much success. Here is a link. Like everything you will need to learn it and practice using with some mini lots.

http://www.forexfactory.com/showthread.php?t=9553


Quoting Gee Seven
If it helps , here is a cut and paste(below) I had in a file I keep on the Fozzy. Add this to the basic crossover method as explained in Fozzy's original posts and it'll get a newbie going. DEMO it FIRST for a few months! Profit taking at Fib levels for multiple contracts, RSI, Bollinger (or not), and other indicators of choice can be added at your own discretion. Also, remember that some of us have success trading the Fozzy on 30min and/or hourly charts. It may suit your style as it will let you trade with smaller risk amount but smaller profits as well. Following the daily opportunity but trading that direction on a smaller time frame can give you the best of both worlds if a strong move kicks in and you jump over and manage the trade from the daily method.

Fozzy Steps (Daily Charts)
1. Study chart at end of day and realize a signal has occured.
2. New candle forms.
3. Enter two Trades.
4. Set first trade with a stop loss at previous days high or low. And set a take profit level at the first fib line.
5. Set second trade with a stop loss at previous days high or low. And set take profit level at the second fib line.
6. Turn off PC and go away for 24 hours.
7. Return next day. Study trade.
8. Did either trade 1 or trade 2 hit their take profit levels?
9. If both hit. Nothing more to do. Profit was automatically taken and trades closed.
10. Did both trades get stopped out? If so, too bad, try again.
11. Did trade 1 hit it's profit level. If so it will have automatically closed itself. Now adjust second trade to break even.
12. Did neither trade hit it's profit level? Leave trade alone until next day and repeat process.
13. If the second trade is in loss after trade 1 closed at profit level, close out the second trade for a loss.In general the second losing trade never ate much into the profit of the first trade and still resulted in the whole trade being profitable.
T
  • #1,765
  • Mar 9, 2007 6:55pm Mar 9, 2007 6:55pm
Posted below is my ideal Fozzy set up. I took the trade last night with a stop order below the previous day's low and set a profit target right above the ATR Level. I wish they all worked this well. Study long enough and take only the good ones. My charts are busy but I prefer them that way
Attached Image
T
  • #1,766
  • Mar 10, 2007 9:22am Mar 10, 2007 9:22am
In terms of summary, 102 pages into this thread Fresian did an outstanding job of summarizing everything about the Fozzy Method and saved it in a word document. If it doesn't appear here go to Post#1526.

Mike.

Quoting fresian
Hi,

I read through this thread before Christmas, and having a memory like a goldfish, I have just finished reading back through it to make sure I understood everything and missed nothing. Knowing I would forget things even after the second time I made a "very" brief summary of points that were key and of interest to me. I have attached for people to use if they so wish.

Please note that this is just "my summary", it's more of a cheatsheet, it is not a "Fozzy System summary" so it does not capture everything. You really need to read the whole thread to get a true appreciation of the system and its variations. A lot of generous people have provided a lot of valuable information so you should take the time to take it all in. All this summary will do is guide you to key points (I never included links, just post numbers as the doc would have blown out in size), and what I consider to be relevant maybe different to the next person. Hopefully I haven't misquoted anyone and everything is in order, apologies in advance for any errors you may find.

I have a few questions to follow but I will save that for a separate post. Thanks to everyone for sharing so much great info!

Cheers..
Taking Life One Pip At A Time I officially have my own opinion.
  • #1,767
  • Mar 10, 2007 10:04am Mar 10, 2007 10:04am
Agreed (thanks MikeC) ............I had not looked at this for a long time; but Fresbian DID a great job (incidentally, this post has had 263 views). From now on when a newbie asks about this system, let's point them to this excellent document!

I attached it:


Quoting MikeC
In terms of summary, 102 pages into this thread Fresian did an outstanding job of summarizing everything about the Fozzy Method and saved it in a word document. If it doesn't appear here go to Post#1526.

Mike.
Attached File(s)
File Type: doc Fozzy Summary.doc   37 KB | 1,812 downloads
  • #1,768
  • Mar 10, 2007 3:07pm Mar 10, 2007 3:07pm
Thanks for the summary. This looks like something to look seriously into to supplement my intraday trading.
  • #1,769
  • Mar 11, 2007 11:24am Mar 11, 2007 11:24am
Wow, what a great summary. Thank you! This will save BB and others lots of time answering the same over and over questions.
  • #1,770
  • Mar 11, 2007 12:07pm Mar 11, 2007 12:07pm
Here, here..................Toothman

Quoting Toothman
Wow, what a great summary. Thank you! This will save BB and others lots of time answering the same over and over questions.
  • #1,771
  • Mar 11, 2007 3:12pm Mar 11, 2007 3:12pm
Hello,

New to forex, sorry question is off topic, but I continually hear the term "move stop loss to BE", what does BE mean?

Thanks,

Cigarguy
Keep It Simple
  • #1,772
  • Mar 11, 2007 3:14pm Mar 11, 2007 3:14pm
break even
Quoting cigarguy
Hello,

New to forex, sorry question is off topic, but I continually hear the term "move stop loss to BE", what does BE mean?

Thanks,

Cigarguy
  • #1,773
  • Mar 11, 2007 3:32pm Mar 11, 2007 3:32pm
Thought that, but seemed to obvious, was trying to make it technical and difficult not KISS.

Thanks,
Cigarguy
Keep It Simple
  • #1,774
  • Mar 12, 2007 1:09am Mar 12, 2007 1:09am
Nice to see the document getting some use!

The document is a handy guide but if you really want to learn the Fozzy method be true to yourself and make sure you read the entire thread and ALL posts as others have suggested. You will be rewarded!

The Fozzy is an excellent consistent earner of pips....once again a huge thanks to Fozzy, Beach and willf who have contributed so much!
  • #1,775
  • Edited 6:44am Mar 12, 2007 6:41am | Edited 6:44am
Finally finished the whole thread over the weekend. This system really suits my lifestyle with a job (dental lab owner) that has me working sometimes 100 hrs. a week. I,ve tried several other strategies which seem to only do well if you're by the computer all the time or trying to get up in the middle of the night to catch a trend. I'm trading the original Fozzy as follows:

- SL ATR (10)
-TP 2 lots @40 pips, set SL to BE on a third lot and let run. I adjust SL for third lot to high(if I'm selling) or low(if I'm buying) of previous days candle once trade has moved in my favor for a couple of days. This can keep you in some really nice moves.

Here are my trades since thursday:
-NZD/USD +80,+63 still running
-EUR/JPY +80,+91 still running
-USD/JPY +80,+39 still running
-Aud?USD +80,+41 still running
-GBP/USD +80, +60 still running

-thanks to Fozzy, BB and to all who have contributed to this thread.
  • #1,776
  • Mar 12, 2007 10:56am Mar 12, 2007 10:56am
Quoting fresian
Nice to see the document getting some use!

The document is a handy guide but if you really want to learn the Fozzy method be true to yourself and make sure you read the entire thread and ALL posts as others have suggested. You will be rewarded!

The Fozzy is an excellent consistent earner of pips....once again a huge thanks to Fozzy, Beach and willf who have contributed so much!

Agreed and thanks to all. I am obviously a latecomer to the party. So excuse me for asking :
1. Re using fozzy on 4hr or 1 hr : Any final judgement yet?
2. Re using fozzy on commodities or indices : Anybody tried?

Thanks for kind replies
  • #1,777
  • Mar 12, 2007 11:48am Mar 12, 2007 11:48am
hi tooth, welcome to fozzy.. we probably wld have guessed your profession frm your nick .. glad to see you dont keep popping off to see the computer in between patients.. reminds me of a comedy series we have here in the uk around a dentist..

i take it you are trading the original fozzy with Bollinger bands..



Quoting Toothman
Finally finished the whole thread over the weekend. This system really suits my lifestyle with a job (dental lab owner) that has me working sometimes 100 hrs. a week. I,ve tried several other strategies which seem to only do well if you're by the computer all the time or trying to get up in the middle of the night to catch a trend. I'm trading the original Fozzy as follows:

- SL ATR (10)
-TP 2 lots @40 pips, set SL to BE on a third lot and let run. I adjust SL for third lot to high(if I'm selling) or low(if I'm buying) of previous days candle once trade has moved in my favor for a couple of days. This can keep you in some really nice moves.

Here are my trades since thursday:
-NZD/USD +80,+63 still running
-EUR/JPY +80,+91 still running
-USD/JPY +80,+39 still running
-Aud?USD +80,+41 still running
-GBP/USD +80, +60 still running

-thanks to Fozzy, BB and to all who have contributed to this thread.
  • #1,778
  • Mar 12, 2007 1:09pm Mar 12, 2007 1:09pm
Quoting Forex37
Agreed and thanks to all. I am obviously a latecomer to the party. So excuse me for asking :
1. Re using fozzy on 4hr or 1 hr : Any final judgement yet?
2. Re using fozzy on commodities or indices : Anybody tried?

Thanks for kind replies
I have played with the 1hour but there is too many whipshaws for my liking. I know Beachbum has been playing with the 4hour but not sure what results he was getting.

On a daily chart fozzy looks good on most charts. I particularly like gold and the s&p 500, although I haven't traded them as yet.
  • #1,779
  • Mar 12, 2007 3:31pm Mar 12, 2007 3:31pm
Hi Forex37...........and welcome!

I ONLY use "Fozzy" on daily charts, and ONLY for the Forex market.

Very early on, I looked at using this method on the four hour charts but did not really like what I saw. It's just too easy and profitable to stick with the dailies. I do think there are some traders that use this system successfully on smaller time frames, but I would have to believe they do it when the volatility is relatively low (during the Asian session?). Earlier in this thread (maybe 2 months ago?) there was a trader who posted charts showing how he used Fozzy on the 30 minute charts and did quite well. Unfortunately, he had a nasty habit of stirring up trouble (on other threads, not this one) and has since been banned from FF. HTH!

Quoting Forex37
Agreed and thanks to all. I am obviously a latecomer to the party. So excuse me for asking :
1. Re using fozzy on 4hr or 1 hr : Any final judgement yet?
2. Re using fozzy on commodities or indices : Anybody tried?

Thanks for kind replies
  • #1,780
  • Mar 12, 2007 3:34pm Mar 12, 2007 3:34pm
Nice work Tooth.....

I know some traders who also trade three (even four lots) and scale ALL of them. That might be something for you to consider; better R/R.

(This post also supports something I ((and others)) have been preaching for a long time: it's really NOT THAT big of a deal to read the WHOLE thread to learn how to profitably trade with this method.)


Quoting Toothman
Finally finished the whole thread over the weekend. This system really suits my lifestyle with a job (dental lab owner) that has me working sometimes 100 hrs. a week. I,ve tried several other strategies which seem to only do well if you're by the computer all the time or trying to get up in the middle of the night to catch a trend. I'm trading the original Fozzy as follows:

- SL ATR (10)
-TP 2 lots @40 pips, set SL to BE on a third lot and let run. I adjust SL for third lot to high(if I'm selling) or low(if I'm buying) of previous days candle once trade has moved in my favor for a couple of days. This can keep you in some really nice moves.

Here are my trades since thursday:
-NZD/USD +80,+63 still running
-EUR/JPY +80,+91 still running
-USD/JPY +80,+39 still running
-Aud?USD +80,+41 still running
-GBP/USD +80, +60 still running

-thanks to Fozzy, BB and to all who have contributed to this thread.
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