The Daily Fozzy Forex Trading System Setup

Forex Trading System

Before I discuss how to trade the daily Fozzy method I will first show how to setup the indicators we need. This is my own personal setup and differs slightly from the original. You can of course use the original settings and get good results but this is what I found works for me.

Firstly you need a forex broker who has a good range of pairs to trade, uses Metatrader and preferably has no Sunday bar as this can skew our results. I recommend FXDD because they fit all the criteria. You can download Metatrader for free and get a demo account setup here.

First thing to do is setup our Fozzy forex template. Firstly choose a pair to start with. Lets go with EURUSD. From the top toolbar make sure the time period is set to daily. Now click the navigator button. This will bring a panel up on the left side. From the indicator section (not custom indicators) select 'Relative Strength Index' and double click it. Change the period to 8 and make sure the 'apply to' box says close.

You should now have a new indicator in the bottom of our EURUSD window. Next go back to the navigator panel and select 'Moving Average'. Instead of double clicking this time drag the indicator to the RSI box at the bottom of EURUSD. A box will appear. Put these settings into the box. Period 8, MA Method Simple, Apply to must be set to 'First Indicators Data'. Click ok.

You should now have a screen that looks like this :

One we have this screen setup we now need to save it as a template. From the top toolbar select the templates button and choose save. Put in the name Fozzy and save. We can now set this template across all the pairs. Open up all the pairs you want to trade and on each pair load the fozzy template by clicking on the template toolbar.

In my next post I will show how we use the Fozzy forex system to select good trades.

Forex Trading System