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The Daily Fozzy Method

  • #1,781
  • Mar 12, 2007 5:35pm Mar 12, 2007 5:35pm
I'm still stirrng up trouble but it's all in good fun BB

Quoting BeachBum
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!
T
  • #1,782
  • Mar 12, 2007 6:36pm Mar 12, 2007 6:36pm
G'day Toothman,

Quoting Toothman
- SL ATR (10)
-TP 2 lots @40 pips, set SL to BE on a third lot and let run.
I never thought of doing that. Through my forward testing the first TP point is often reached (don't have the stats handy) so it would be a good test to open 3 lots and close 2 at TP1. I was too busy working on 3 TP levels. I'll have to look into this. Thanks for the heads up, Toothman.

Cheers,
Art...
  • #1,783
  • Mar 12, 2007 6:47pm Mar 12, 2007 6:47pm
Thanks for the welcome. Yes I'm using b.bands. I guess you could say I'm not trading pure Fozzy though because I don't enter trade automatically after the cross and the beginning of the new candle. I wait for price to break the high (if I'm buying) of the previous days candle or the low if I'm selling. I'll keep you posted on how this works out. Don't forget to floss!http://www.forexfactory.com/images/icons/icon7.gif
  • #1,784
  • Mar 12, 2007 6:58pm Mar 12, 2007 6:58pm
Keep up the good work Mr. Pinbar........I mean Joker........

Quoting JokersWild
I'm still stirrng up trouble but it's all in good fun BB
  • #1,785
  • Mar 12, 2007 7:04pm Mar 12, 2007 7:04pm
Thanks for the response. My thinking is that price will more often hit my first TP so I double up on that one, bank the pips and I'm not too upset if 3rd lot retraces to BE. I'm hoping the ocassional run on the 3rd lot will balance my risk but I should do some heavy duty backtesting on scaling in and out as you suggested. Thanks again and good trading.
  • #1,786
  • Mar 12, 2007 7:13pm Mar 12, 2007 7:13pm
Here's a PM I received today:

"Hi BB,

I was trying to find a thread/post/doc that explains Vegas Daily Method but no success. I found some stuff on hourly and 4Hr but nothing on daily.

Also I am reading the Fozzy Daily thread and so far finished 64 pages but the only thing I saw was some posts by you mentioning Vegas Daily. Could you please help me on this as I have been playing with Fozzy for quite a while now I wanted to give Vegas a shot for TP.

I know you mentioned that you are very busy trading for living so I don't want to cause any distraction. If it is too much work simply ignore this pm"

The question is a good one because Vegas 1 hour and 4 hour information is relatively easy to find at FF, but not so Vegas Daily. And the author of this PM tells me he has read 64 pages of this thread and appears to be absorbing the Daily Fozzy method strategy with a view to learning and trading. So why not answer the question as well as explain how to find information like this at FF. Learning how to "Search" here can sometimes be an art, sometimes a science, but always a valuable skill to possess.

First go the "Trading Systems" sub-forum. Next stop: "Vegas Wealth Builder" forum. In the upper right hand corner is a tab: "Search this Forum". In the box type: "daily", click on "Show Threads" and then click "Go". One of the results was this one: "Which is the Vegas Daily Method?"..........here:

http://www.forexfactory.com/showthre...ighlight=daily

Voila!

Personally I don't think I could live without the "Search" function at FF. HTH!
  • #1,787
  • Mar 12, 2007 7:16pm Mar 12, 2007 7:16pm
Your quite welcome. I'm thinking that first TP are the "easy" pips so get as many of those up front as you can. I may be proven wrong though with some backtesting. Good luck and thanks for the response.
  • #1,788
  • Mar 13, 2007 1:28am Mar 13, 2007 1:28am
Quoting BeachBum
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!
He is back
Regards
  • #1,789
  • Mar 13, 2007 9:03pm Mar 13, 2007 9:03pm
BB, thanks for your polite answer few pages back. You were right: I did a bunch of testing, and maybe even found somethng that works for me. Of course, this is only as far as I can trust backtesting. Let's see what the future holds.
  • #1,790
  • Mar 14, 2007 5:35am Mar 14, 2007 5:35am
Your welcome zzz; but I am especially pleased to learn you have done some homework with a view to making this great trading method "your own". IMO the only thing that stands in the way of a trader being successful with this system, is the trader him(her)self. I suggest you forward test as much as possible until you can trade live on a micro-account. You won't be disappointed!

Quoting zzz
BB, thanks for your polite answer few pages back. You were right: I did a bunch of testing, and maybe even found somethng that works for me. Of course, this is only as far as I can trust backtesting. Let's see what the future holds.
  • #1,791
  • Mar 14, 2007 6:23am Mar 14, 2007 6:23am
http://www.forexfactory.com/showthread.php?t=21404
  • #1,792
  • Mar 15, 2007 8:08am Mar 15, 2007 8:08am
This morning I received the following notice from North Finance.

quote:
Please be informed, that starting from the date 18 of March 2007 all markets (FOREX and CFD) shall be available in our trading system since Sunday 22.00 Central European Time (CET) on a constant basis. The closing time will be changed as well, starting from 23.03.2007 the trading will be stopped at 23.00 every Friday Central European Time (CET).

The “Client Agreement” will be respectively amended.

end quote.

Does this mean they will begin using a "Sunday" bar on their charts??
I know it has been stated that for the Fozzy method it is importaint NOT to have the Sunday bar and I have compaired the two & seen there is a difference as to when signals are generated.

I guess I can find another broker if need be,,,
  • #1,793
  • Mar 15, 2007 8:35am Mar 15, 2007 8:35am
BookerT.......

If I understand this correctly, there will still be 5 daily candles each week. Only the open and close times will be different, beginning on Sundays at 4 PM EDT and ending on Fridays 5 PM EDT. This should not affect your Fozzy trading.

Quoting BookerT
This morning I received the following notice from North Finance.

quote:
Please be informed, that starting from the date 18 of March 2007 all markets (FOREX and CFD) shall be available in our trading system since Sunday 22.00 Central European Time (CET) on a constant basis. The closing time will be changed as well, starting from 23.03.2007 the trading will be stopped at 23.00 every Friday Central European Time (CET).

The “Client Agreement” will be respectively amended.

end quote.

Does this mean they will begin using a "Sunday" bar on their charts??
I know it has been stated that for the Fozzy method it is importaint NOT to have the Sunday bar and I have compaired the two & seen there is a difference as to when signals are generated.

I guess I can find another broker if need be,,,
  • #1,794
  • Mar 15, 2007 10:56pm Mar 15, 2007 10:56pm
i think it is no worth to trade eur/gbp pair in fozzy, this pair really with no significant value since two strong and relatively stable currency are eur and cable, they bring us some changes with no reasonable. i guess most of player are forcing on eur/usd and eur/gbp, based on this reason, changes might be little with eur/gbp. However, if some adjustments can be done by changing parameter such as take first profit from 20-30. i am considering to change the target price level. or ..totally forget about the pair.
  • #1,795
  • Mar 16, 2007 7:54am Mar 16, 2007 7:54am
This is a pair that can be traded with the Daily Fozzy method, but it requires different parameters and a different application of the trading strategy. IMO the only way to correctly determine this, is to look back at the history of this pair for at least a year to see how it "behaves" when compared to Fozzy indicators. Then, and only then, can a trader develop a way to successfully and profitably trade the EUR/GBP. But at almost $2 USD a pip, why not?

Quoting feeder2000
i think it is no worth to trade eur/gbp pair in fozzy, this pair really with no significant value since two strong and relatively stable currency are eur and cable, they bring us some changes with no reasonable. i guess most of player are forcing on eur/usd and eur/gbp, based on this reason, changes might be little with eur/gbp. However, if some adjustments can be done by changing parameter such as take first profit from 20-30. i am considering to change the target price level. or ..totally forget about the pair.
  • #1,796
  • Mar 16, 2007 8:38am Mar 16, 2007 8:38am
Quoting BeachBum
This is a pair that can be traded with the Daily Fozzy method, but it requires different parameters and a different application of the trading strategy. IMO the only way to correctly determine this, is to look back at the history of this pair for at least a year to see how it "behaves" when compared to Fozzy indicators. Then, and only then, can a trader develop a way to successfully and profitably trade the EUR/GBP. But at almost $2 USD a pip, why not?
you are right BB, almost $2 per pip is the only reason i don't want to give it up... >_<
  • #1,797
  • Mar 17, 2007 3:09am Mar 17, 2007 3:09am
Quoting feeder2000
you are right BB, almost $2 per pip is the only reason i don't want to give it up... >_<

Losses are also at $20 per pip, it is almost like trading 2 lots on other pairs.
Regards
  • #1,798
  • Mar 18, 2007 3:50pm Mar 18, 2007 3:50pm
Quoting BeachBum
BookerT.......

If I understand this correctly, there will still be 5 daily candles each week. Only the open and close times will be different, beginning on Sundays at 4 PM EDT and ending on Fridays 5 PM EDT. This should not affect your Fozzy trading.
No. It does make a Sunday bar. Very annoying indeed
  • #1,799
  • Mar 18, 2007 4:14pm Mar 18, 2007 4:14pm
Yes it does indeed.. Darn I just opened that demo just for the fozzy...
  • #1,800
  • Mar 18, 2007 5:27pm Mar 18, 2007 5:27pm
Quoting BookerT
Yes it does indeed.. Darn I just opened that demo just for the fozzy...
It seems you get the bar for 1 hour. If you get a signal on that bar I would ignore it. Or wait and see what the next full bar does.

I can see it being a pain in the ass though.
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