The Daily Fozzy Method

Quoting CombustionRed

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G'Day. . .

Great reading! (nice work BB) As a newbie I'm up to page 42 of this thread, I just wanted to quickly ask what platform people are using (or recommend)? I'm currently trading with GTS and FX AccuCharts. I want to practice as I read this thread and thought someone could save me many hours/days/weeks/ or liver. . .

Thanks in advance. . .

Dave,
Gold Coast.

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Quoting BeachBum

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Hello everyone.....

I received a PM the other day from a fellow FF member who has struggled of late with the Daily Fozzy method. I told him I would address some of his concerns (anonymously) in this thread in case there are others who might benefit from my observations and comments.

First, I want to go on record by stately unequivocally that when properly applied, The Daily Fozzy Method IS profitable. To what extent will depend on the individual trader. Having said that, this method is like any other; there will be times when it works splendidly and you can book a boatload of pips. BUT, there will be times when it is a struggle to cover your losses. Recently it HAS been more difficult to show a profit. That's no reason to quit and go looking for another trading system because the same cycle can easily be repeated with another method.

What's the answer? TRUST the system and trade it "faithfully", in good times and in bad. And if you're not sure about HOW the system works; go back to post #1 and do what Fozzy explained in the beginning. Backtest THAT method so as to prove to yourself that it really does work. Trade it until you are very comfortable.....and then, and only then, should you consider tweeking it (like some of us have done) to suit your own trading "style and personality". I try to stick with a well defined set of rules, but I find myself being more and more discretionary as I become more comfortable with the way this method works. But hey, that's just me. Every trader needs to cultivate their own style "AFTER" they have faithfully traded a system that works for them. And if "that system" begins to stumble, it's time to go back to the basics.

One last observation: too many would-be traders give up on a good system when the "going gets tough". They look for a new one, get real excited about that method for a while until "it" falters.......and the cycle is repeated endlessly. IMO it's better to get a system in place that works well.....then while it's making you a profit, spend some time looking for another one to use along with the first. What's wrong with having two or three excellent trading systems working for you at the same time? That way while one is in a temporary slump, the others are making you a profit. The cumulative result will be very positive both financially and emotionally. You'll really feel god about life as a Forex trader!

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Quoting milan47

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Hey, BB I just got off the phone with your agent. We did sign you for a motivational speaking tour starting this May in Carnegie Hall and ending up in late December in Darfur. Don't worry about trading during this period. Your compensation will have zero drawdown and you can leave the Solar wind at home. Everything will be taking care of.
Great post. After reading it I have flushed all my cocaine inventory and my wife got some Valium to cut down my excitement.

Thanks again and please add my AMEN to your collection.

Frank

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Quoting BeachBum

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Hello CombustionRed...

Most (all?) of the screenshots in this thread show the use of MT4 with the Fozzy method, and the plug-ins/indicators are also MT based. I may be nieve, but why would you want to use another charting platform when the custom Fozzy indicators are for use in MT4 and the service is "free"?

((Gold Coast as in "Down Under"?))

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Quoting CombustionRed

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Howdy BeachBum. . .

AccuCharts was highly recommended to me and that's what I've been using. Thank you, you answered my question. I may as well make the switch now and become familiar with MT4 as I continue to read. . .

Yeah, Down Under buddy! - BTW fantastic input on this thread!

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Quoting cisco

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I have a question concerning the ATR. I use the ATR for stop loss and TP calculations, but yesterday I ran into an ATR that didn't make sense. When I looked at the chf/jpy around 5:30 est the ATR read 2.8150. I couldn't figure out what that meant, so I manually calculated the ATR and it was around 66. Now today the ATR is reading 65. Can someone explain what is going on?

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Quoting cisco

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I have a question concerning the ATR. I use the ATR for stop loss and TP calculations, but yesterday I ran into an ATR that didn't make sense. When I looked at the chf/jpy around 5:30 est the ATR read 2.8150. I couldn't figure out what that meant, so I manually calculated the ATR and it was around 66. Now today the ATR is reading 65. Can someone explain what is going on?

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Quoting Trumpcard

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Currently on the Swissy daily, there appears to be a lot of Fozzy whipsaw. How do you guys combat this? I scaled down to the 4H and identified a lot of good trades. Anyone found the 4H gives clearer signals for certain currencies? Is this because of different market conditions or because some currencies are more volatile than others?

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Quoting handlep

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Phew! Made it ....... 129 pages, 1932 posts, but I read the whole lot! :-)

Fozzy, my hat is off to you sir for two reasons, first for coming up with this system, and second for having the magnamity to share it with others - well done.

And also thanks to BeachBum, Willf, and everyone else who has contributed to the thread, and the system, in order to help others - your input has proved very useful.

Now I'm going to go back to all the pages I bookmarked, to look again at the salient points, and also look at the other threads under the sub-forum.

Good luck to everyone with their trading.

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Quoting BeachBum

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Well done handlep.............welcome to Fozzy trading!

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Quoting ademac

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2 Weeks, 130 page and my own Fozzy variant later, would like to say thanks to Fozzy for starting it all, BB for all his hard work and everyone else for there suggestions.

I have completed my back testing and after 1 year, by just trading 4 selected currencies i have a 200% return. Now I have begun my forward testing. Am looking forward to seeing how my model and myself perform with a live feed.

Also i would like to return something to the thread. In one post by BB he alluded to doing a study of price movement. Now i am not going to give you it but i will tell you how to make one quite easily. Go read the Vegas Wealth Builder2 file.

http://www.forexfactory.com/showthread.php?t=4365


Pages 8 & 9 are the ones to read it tells you how to put together an average ranges spreadsheet that will tell you some interesting things about Price movement.

Enjoy Ademac

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Quoting Tulkas

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Hey Folks,

Anyone know how to turn OFF the FX Sniper Erdogic CCI and Signal alert? I love the indicator but the noise is incessant and useless for my purposes.

Program attached...

Thanks!

Steve

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