Fozzy method of Trading
Just for information:
- Original thread is here http://www.forexfactory.com/showthread.php?t=7984&page=1&pp=15 (FF forum).
And there are some EAs as well on this FF thread. It is good system.
- indicator created by Igorad for this system (attached).
- some EA created by Igorad (version #3) together with backtesting and forward testing results: elite section of our forum.
bbrsi or fozzy alert
need message and sound alert when rsi touches upper bolinger and lower bolinger.Alert should signal only once (on contact point not beyond )and if possible not when rsi crosses upper bb from above or lower bb from below.An arrow on closed bar would be useful too .The bbrsi v.2 already has already an email alert.
Alternatively a modification of fozzy would do.Alert conditions are the same and not when fast rsi crosses slow rsi.
Does anyone in here had already tried it? maybe you could share some flaws or a future source of dispute in the system?
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Found this on another forum
Rules & Settings
1. Place an 8 period RSI. Place an 8 period MA of the RSI and Bollinger Bands with a 20 period setting, also on the RSI.
2. When RSI is below the middle Bollinger Band. Go long on the open of the next bar after the MA has crossed above the RSI.
When RSI is above the middle Bollinger Band. Go short when MA crosses below RSI.
3. Stop loss is the low/high of the previous bar.
4. When profit is +40 pips or more, move SL to break even.
5. Use trailing stops of 25 pips afterwards. For testing purposes we will not use that. Instead we will use 50 pips TS changed on daily basis.
4. Look at the charts once per day, just before 0.00 GMT. This way you know which pairs are approaching the set-up.
5. Wait for complete close of bar to make sure that the cross is real, then place the trades. So, when there is a start of a cross, you have to wait for next day 00.00 GMT to make sure the cross has stabilized. Then you enter the market. It is a daily method.
Tips for placing indicators:
First set RSI as usual, then drag MA from navigator window into the window of the RSI. Then select apply to first indicators data.
Repeat for bollinger bands
For live results and photos on setup visit http://www.myfxreport.com/fozzy.htm