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FOZZY Method CROSSES

  • #121
  • Apr 10, 2007 5:44pm Apr 10, 2007 5:44pm
I have been reading this post for a while and I do like the fozzy crosses. But looking at what happened yesterday around 10 pm ET when the EURUSD rocketed up makes me just shake my head. I mean can someone exlpain to me what happened exactly?the nf news were supposed to boost the usd, the asia market is usd biased. checked the forex factoy calendar and there was BOJ news with "tentative' beside it. but tsomething was telling me not go short. so I didnt. but still was amazed at how the market changed. I just googled now and found out BOJ is keeping interest rates without change. now was that move fundimental or technical? and how do u act since there are news everyday?
I know that I have many questions, but I really want to learn. I was on demofor more than a year. went live since last month. blew up 30% of my account ( it was small acount though) I still want to learn, I read many books and articles to learn, but htink I still have a long way to . Need advice please
  • #122
  • Apr 10, 2007 6:17pm Apr 10, 2007 6:17pm
Quoting Forexoxo
I have been reading this post for a while and I do like the fozzy crosses. But looking at what happened yesterday around 10 pm ET when the EURUSD rocketed up makes me just shake my head. I mean can someone exlpain to me what happened exactly?the nf news were supposed to boost the usd, the asia market is usd biased.
Well I don't really follow fundamentals but I would say that after NFP the USD pairs had a good move. Then there was an Easter break during which the US announced it was pissed with China and filed complaints with the world trade organiszation. This sparked a big move in Asia, hence the sudden reversal of the USD.

Quoting Forexoxo
Checked the forex factoy calendar and there was BOJ news with "tentative' beside it. but tsomething was telling me not go short. so I didnt. but still was amazed at how the market changed. I just googled now and found out BOJ is keeping interest rates without change. now was that move fundimental or technical? and how do u act since there are news everyday?
The BOJ news was as expected and just reinforced peoples expectations that YEN carry trade would continue as it did. I don't think the BOJ decision had any real affect on the dollar overall.

Quoting Forexoxo
I know that I have many questions, but I really want to learn. I was on demofor more than a year. went live since last month. blew up 30% of my account ( it was small acount though) I still want to learn, I read many books and articles to learn, but htink I still have a long way to . Need advice please
Personally I don't pay much attention to fundamentals. I look at my chart and decide from that. Sometimes trades workout, sometimes they don't. It's that simple. Fozzy (or any system) just gives you an edge.

Have you seriously backtested your system. I found this an excellent way of confirming that my setup works. You will be surprised at how many times your 'edge' is correct and you beat the market without considering fundamental news.

I don't know what books youv'e read but one I would highly recommend is 'Trading In The Zone' by Mark Douglas.
  • #123
  • Apr 10, 2007 7:01pm Apr 10, 2007 7:01pm
It would appear that there is a very nice cross today on the Eur/Chf pair. I have sold at 1.6346. Hope it works out!

Any thoughts by others here would give me more confidence (I hope- depends on the comment! Ha) . It's been a little tough lately. I've attached my chart.

Shotshell
Attached Image
  • #124
  • Apr 11, 2007 6:56am Apr 11, 2007 6:56am
Quoting willf
Well I don't really follow fundamentals but I would say that after NFP the USD pairs had a good move. Then there was an Easter break during which the US announced it was pissed with China and filed complaints with the world trade organiszation. This sparked a big move in Asia, hence the sudden reversal of the USD.



The BOJ news was as expected and just reinforced peoples expectations that YEN carry trade would continue as it did. I don't think the BOJ decision had any real affect on the dollar overall.



Personally I don't pay much attention to fundamentals. I look at my chart and decide from that. Sometimes trades workout, sometimes they don't. It's that simple. Fozzy (or any system) just gives you an edge.

Have you seriously backtested your system. I found this an excellent way of confirming that my setup works. You will be surprised at how many times your 'edge' is correct and you beat the market without considering fundamental news.

I don't know what books youv'e read but one I would highly recommend is 'Trading In The Zone' by Mark Douglas.
Thanks willf, I read good review about 'Trading In The Zone' by Mark Douglas and this is going to be my next read soon
  • #125
  • Apr 11, 2007 9:13am Apr 11, 2007 9:13am
Hello Forexoxo.......

I agree with willf: a "technical" system is just that, it's technical and can sometimes give a signal that does NOT generate a profit. But the good thing about the Fozzy method is that in it's purest form, it IS profitable. Good MM and RR along with a conservative approach will get you good results.

Personally the ONLY news I pay any attention to is NFP and the day afterwards. Otherwise, for me, it's "technical" Fozzy, day in and day out.

Quoting Forexoxo
I have been reading this post for a while and I do like the fozzy crosses. But looking at what happened yesterday around 10 pm ET when the EURUSD rocketed up makes me just shake my head. I mean can someone exlpain to me what happened exactly?the nf news were supposed to boost the usd, the asia market is usd biased. checked the forex factoy calendar and there was BOJ news with "tentative' beside it. but tsomething was telling me not go short. so I didnt. but still was amazed at how the market changed. I just googled now and found out BOJ is keeping interest rates without change. now was that move fundimental or technical? and how do u act since there are news everyday?
I know that I have many questions, but I really want to learn. I was on demofor more than a year. went live since last month. blew up 30% of my account ( it was small acount though) I still want to learn, I read many books and articles to learn, but htink I still have a long way to . Need advice please
  • #126
  • Apr 11, 2007 8:54pm Apr 11, 2007 8:54pm
Got stopped out on EUR/GBP too Pretty bad week for fozzy unfortunately
  • #127
  • Apr 16, 2007 8:20am Apr 16, 2007 8:20am
if no one took this trade yesterday, may i know reasons
  • #128
  • Apr 16, 2007 12:47pm Apr 16, 2007 12:47pm
Quoting coolshades
if no one took this trade yesterday, may i know reasons
I took it, and lost. Looked a good setup. Good cross, above the 50 and with the trend.

Came within 4 pips of my TP and reversed.
  • #129
  • Apr 16, 2007 5:16pm Apr 16, 2007 5:16pm
Willf,

Are you using a % of ATR as TP, and do you two or more lots and scale out or just one?

MikeC
Taking Life One Pip At A Time I officially have my own opinion.
  • #130
  • Apr 16, 2007 5:44pm Apr 16, 2007 5:44pm
Quoting MikeC
Willf,

Are you using a % of ATR as TP, and do you two or more lots and scale out or just one?

MikeC
I use the vegas daily fibs as TP levels. I place two trades. Once the first one is hit the trade is moved to breakeven and the second lot left to hit the second TP.

I initially set my SL with 70% of an ATR(20). Assuming the trade goes my way and exceeds my breakeven I trail my position with the ATR stop adjusting daily.
  • #131
  • Apr 16, 2007 7:17pm Apr 16, 2007 7:17pm
anyone game enough to short the AUD today? Fozzy alert! might be good for about 20 pips!!
  • #132
  • Apr 16, 2007 9:52pm Apr 16, 2007 9:52pm
Hey Trump,

I dont have a vaild cross yet, are you trading the original fozzy?
  • #133
  • Apr 16, 2007 10:10pm Apr 16, 2007 10:10pm
Keep an eye on EUR/AUD for tomorrow. Presently, their is a cross, however a small drop will negate this, but if the Euro presses on strong and the AUD has small correction then you may get some pips out of this pair.
  • #134
  • Edited 11:43pm Apr 16, 2007 10:15pm | Edited 11:43pm
Hi Jese, I'm using IBFX, after yesterday's BEB, my daily fozzy indicator gave me a signal to sell on today's open. I entered using original Fozzy. Demo trade, reward:risk not so high as trade is counter to the trend. Maybe a pullback to the 6EMA.
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  • #135
  • Apr 17, 2007 12:36am Apr 17, 2007 12:36am
Hi Trump,

Im trading with MT4 and i didnt get the cross. Im not to sure why not.
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  • #136
  • Apr 17, 2007 11:58am Apr 17, 2007 11:58am
I did not get that cross either.

What settings are you using?
  • #137
  • Apr 18, 2007 7:18am Apr 18, 2007 7:18am
hmm I'm using the Fozzy indicator that was posted on here somewhere, maybe it was wrong?
  • #138
  • Apr 18, 2007 3:34pm Apr 18, 2007 3:34pm
anyone?
  • #139
  • Apr 18, 2007 4:14pm Apr 18, 2007 4:14pm
Did anyone take AUD/JPY cross... It looks interesting I took it but i dont know what should i put as stop loss since the previous candle high is not very far and it can take me out in matter of minutes if i put that SL. Can anyone suggest what should appropriate SL should be in this case. Also did anyone else take this short?
  • #140
  • Apr 18, 2007 4:21pm Apr 18, 2007 4:21pm
Quoting coolshades
anyone?

Yes I took the GBPCHF. Unusual for me, not the usual willf fozzy setup.

Lets see what happens
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