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The Daily Fozzy Method

  • #2,681
  • Jan 9, 2009 8:21pm Jan 9, 2009 8:21pm
Quoting PipBird
I am curious if BeachBum or wilf can offer any insight to new fozzy traders since you both have had years of experience with it in changing market conditions?...
Hard to say but one day I just took all the indicators off my chart and something clicked.

When I was trading Fozzy I would see price action moves before the fozzy indicator would react, by the time fozzy reacted very often the major part of the move was gone.

Anyway, it's not my intention to come here and say fozzy doesn't work. A lot of people have spent a lot of time refining it. But you need to take any system and break it down, find out why things work, why some things don't work and make it your own system.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 10 KB
  • #2,682
  • Jan 10, 2009 12:23am Jan 10, 2009 12:23am
Quoting willf
Hard to say but one day I just took all the indicators off my chart and something clicked.

When I was trading Fozzy I would see price action moves before the fozzy indicator would react, by the time fozzy reacted very often the major part of the move was gone.

Anyway, it's not my intention to come here and say fozzy doesn't work. A lot of people have spent a lot of time refining it. But you need to take any system and break it down, find out why things work, why some things don't work and make it your own system.
Good advice.........

Also: take a look at Fozzy on a 4H chart.
  • #2,683
  • Feb 7, 2009 11:05am Feb 7, 2009 11:05am
Quoting fozzy
I only look at the charts once per day, just before 0.00 GMT.
I am in Europe, GMT +1 zone , and at that time its one hour after midnight.

Can I still follow this system?

Or is it only suitable for Australian/ US traders?
  • #2,684
  • Feb 9, 2009 8:26am Feb 9, 2009 8:26am
This system is not based on where you live, but rather it is based on the close and open of a new Daily candle/bar on your chart. Most MT4 brokers close/open between 5PM EST and 8PM EST. This issue was discussed at length earlier in this thread.

Kennard.......my concern at this time is that by asking this question it appears you do not have the necessary understanding of how this method is traded. More reading and comprehending seems to be in order.


Quoting Kennard
I am in Europe, GMT +1 zone , and at that time its one hour after midnight.

Can I still follow this system?

Or is it only suitable for Australian/ US traders?
  • #2,685
  • Feb 9, 2009 10:10am Feb 9, 2009 10:10am
Thanks for your reply BeachBum,

The reason why I asked this question was that Fozzy in his first post mentioned :

" I only look at the charts once per day, just before 0.00 GMT."

How I understand this is that trader needs to check his chart before 00:00 GMT to see whether there will be cross at the beginning of new daily candle.
As I live in Europe (frankfurt time) when there is 00:00 GMT I have 01:00 a.m. on my watch.

My broker (ODL) opens new daily candle @GMT -1 which means if I want to look at my charts and possibly enter trades I need to wait till one hour after midnight.

As it is very late I thought I will ask people who trade this system how to solve this problem.

Shall I find another broker which opens new daily candle at different hours ?
  • #2,686
  • Feb 9, 2009 11:08am Feb 9, 2009 11:08am
It's not a problem.......it's how this strategy works; it's an EOD method of trading. As I wrote before; this issue has been discussed before at length. The earliest you can get a new Daily candle will be with FXDD at 5PM EST which is 11PM CET. An alternative is to trade the 4 Hour Fozzy.

Quoting Kennard
Thanks for your reply BeachBum,

The reason why I asked this question was that Fozzy in his first post mentioned :

" I only look at the charts once per day, just before 0.00 GMT."

How I understand this is that trader needs to check his chart before 00:00 GMT to see whether there will be cross at the beginning of new daily candle.
As I live in Europe (frankfurt time) when there is 00:00 GMT I have 01:00 a.m. on my watch.

My broker (ODL) opens new daily candle @GMT -1 which means if I want to look at my charts and possibly enter trades I...
  • #2,687
  • Feb 9, 2009 1:22pm Feb 9, 2009 1:22pm
Ok,thanks again.

I think I will finish reading remaining 130 pages of this thread ( manage to read only first 50 pages so far) and will also try FXDD.
  • #2,688
  • Feb 9, 2009 2:45pm Feb 9, 2009 2:45pm
Quoting Kennard
Ok,thanks again.

I think I will finish reading remaining 130 pages of this thread ( manage to read only first 50 pages so far) and will also try FXDD.
After that you can procede to the other Fozzy threads, more good things to read!

Forex37
  • #2,689
  • Edited 7:04am Feb 18, 2009 6:28am | Edited 7:04am
Hi guys & gals,

Not sure whether this has been resolved yet...if so sorry...I have not gone through the whole thread yet.

I have seen that there was a problem with the Dynamic RSI indicator that was posted. The signal generated by it was one bar later than the standard RSI and MA. (See post #166 onwards)

The problem is in the code. There are two lines in the code where MODE_PRICE is used instead of CLOSE_PRICE. I changed this and attach the indicator here. Crossovers are now the same as for the standard RSI & MA.

Not sure who the developer was and who posted it but thanks. It works like a charm.

To Fozzy, thanks for a great strategy, I have been doing well with it like a lot of others on this thread.

Regards

Mike
Attached File(s)
File Type: mq4 Dynamic RSI.mq4   4 KB | 655 downloads
  • #2,690
  • Feb 20, 2009 1:54pm Feb 20, 2009 1:54pm
Hi traders

1. Are friday fozzy crosses a trap or are they tradable?

2. What day would one enter on a friday cross if tradable?

Thanks
$$$ Richrichie $$$
  • #2,691
  • Feb 20, 2009 2:25pm Feb 20, 2009 2:25pm
To everybody who so willing contributed to this thread a big thank you and especially so to the seniors here i.e. Fozzy, BB and the others who basically carried this thread to where it has come today.

The Fozzy system is very powerful and the best I have ever applied. It has turned my trading around from average to consistent and more than decent profits.

To anyone new to this thread, do yourself a favor and read it from post 1 right through. That is the only way you will be able to really get 'inside' this system.

And before you ask how I trade the Fozzy....follow BB's wise words....you have to make this system your own, if you don't it won't work for you. But if you go that extra mile I can assure you that you will not regret it.

Once again thanks to Fozzy for bringing this strategy to FF and to BB and the other guys for all the valuable comments and inputs and for so generously helping others.

(Sorry for not mentioning everybody by name, just finished this whole thread about an hour ago so my mind is still buzzing...)

Cheers
  • #2,692
  • Feb 20, 2009 2:51pm Feb 20, 2009 2:51pm
Doesn't post #1 explain the daily fozzy method in entirety?
TRO
  • #2,693
  • Feb 20, 2009 3:09pm Feb 20, 2009 3:09pm
Yes - The basics stay the same and can be traded as is

No - The inputs provided by others will help you in understanding how others interpret the system and also give you some insight into what they have done to make the system fit their style of trading more i.e. the ATR stop as used by BB.

So in short, the basics will do but I believe that if you are seriously wanting to make this system work that you read through the thread. What you may do to shorten this exercise is look at the posts from BB, he always had some very valuable info to offer.

Not saying others did not contribute just as much - I personally just found BB's post very informative.

Hope this helps

Quoting Money4Nothing
Doesn't post #1 explain the daily fozzy method in entirety?
  • #2,694
  • Feb 20, 2009 11:38pm Feb 20, 2009 11:38pm
Mike.............I'm very happy to learn that this method has been good for you!

Fozzy-style trading is powerful when properly used; congratulations on making it your own. And thanks very much for the complements.

Anyone who is serious about trading the Daily charts (or perhaps the 4H) should consider this method; it really works.


Quoting mike_85
The Fozzy system is very powerful and the best I have ever applied. It has turned my trading around from average to consistent and more than decent profits.

To anyone new to this thread, do yourself a favor and read it from post 1 right through. That is the only way you will be able to really get 'inside' this system.

And before you ask how I trade the Fozzy....follow BB's wise words....you have to make this system your own, if you don't it won't work for you. But if you go that extra mile I can assure you that you will...
  • #2,695
  • Feb 21, 2009 4:27am Feb 21, 2009 4:27am
Beach...Could not agree more. Fozzy is definitely powerful yet so simple that it is the ideal system for beginners. Don't know why I had to bump my head with all the other systems during the years. Fozzy will give any trader 'trading freedom'....no more staring at the charts for hours on end.

In your one post you mentioned the Eagle breakout....I've had a look at it and combined it with the Big Dog break out i.e. Eagle 4-7 GMT and Big Dog 12-14 GMT. Personally I have found Fozzy to work very well with the Eagle in the mornings before the UK open. The BigDog BE is a bit of a 50/50 for me at this stage.

I have attached 2 indicators here adapted from the one provided by the guy who started the Eagle thread. The times currently in the settings are GMT and must be adjusted accordingly.

I'm lucky in that I'm in the GMT+2 timezone meaning that I get a bit of all three sessions i.e. Asian market closed my 8am, UK opens 10am, US opens at 3pm.

Edit: Forgot to mention - I trade the Fozzy on the daily as per strategy on the 4 majors but additional to this I do intra-day trading on gbp/usd down to 15min charts. I use Fozzy together with PA on the lower time frames. Trades taken are usually more scalping even though some last for up to 2-3 hours and most of the times net over 50 pips. This short-term trading has been scaled down considrably since starting to use Fozzy and I now only look for the A-grade trades if I'm infront of the charts for the day.

Quoting BeachBum
Mike.............I'm very happy to learn that this method has been good for you!

Fozzy-style trading is powerful .......
Attached File(s)
File Type: mq4 ! Eagle Breakout - UK.mq4   7 KB | 632 downloads
File Type: mq4 ! BigDog Breakout - USA.mq4   7 KB | 653 downloads
  • #2,696
  • Feb 21, 2009 4:51am Feb 21, 2009 4:51am
Mike and BB,

Trading Fozzy here as well (D and H4) but on GLD! A real pleasure.

All the best

Forex37
  • #2,697
  • Feb 21, 2009 5:04am Feb 21, 2009 5:04am
Hi 37...

I love Gold . My live account is with IBFX. Spoke to them yesterday about their metals. Will be looking into this early next week. Currently the only Gold trading I do is in the form of gold shares on the local stock exchange. Bought quite a bit back when gold was at 8.20...Saw we were around 9.90 last night.

I'm sure Fozzy should work well there, as you clearly state. So far Fozzy has worked on almost anything where I tried it. A real KISS system. As mentioned earlier I combined Fozzy with the breakouts, PA as well as a simple EA cross for confirmation as well as to filter entries a bit. Using a 3/8 EMA combo.

The MA crosses does not line up with Fozzy but it does help to a certain extend to keep me in a trade a bit longer or to postpone my entry with a day or two. For me it is all about probabilities.....

Quoting Forex37
Trading Fozzy here as well (D and H4) but on GLD! A real pleasure....
Forex37
  • #2,698
  • Feb 21, 2009 5:54am Feb 21, 2009 5:54am
hi
what tp and SL , you use with gold ?
thanks

Quoting Forex37
Mike and BB,

Trading Fozzy here as well (D and H4) but on GLD! A real pleasure.

All the best

Forex37
  • #2,699
  • Feb 21, 2009 6:36am Feb 21, 2009 6:36am
Thanks for providing these indicators; I'll take a look at each of them next week. I'm sure you're comments will encourage others to use this method as well.

Quoting mike_85
Beach...Could not agree more. Fozzy is definitely powerful yet so simple that it is the ideal system for beginners. Don't know why I had to bump my head with all the other systems during the years. Fozzy will give any trader 'trading freedom'....no more staring at the charts for hours on end.

In your one post you mentioned the Eagle breakout....I've had a look at it and combined it with the Big Dog break out i.e. Eagle 4-7 GMT and Big Dog 12-14 GMT. Personally I have found Fozzy to work very well with the Eagle in the mornings before...
  • #2,700
  • Feb 21, 2009 6:37am Feb 21, 2009 6:37am
....................

Quoting Forex37
Mike and BB,

Trading Fozzy here as well (D and H4) but on GLD! A real pleasure.

All the best

Forex37
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