Are Camarilla & Pivot points useful?

This is a discussion on Are Camarilla & Pivot points useful? within the Discretionary Trading forums, part of the Methods category; Hi, I have been testing out new strategies, spread betting the DOW and FTSE and forex trading (Eur/USD & GBP/USD). ...

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Old Oct 3, 2006, 6:05pm   #1
Joined Apr 2006
Are Camarilla & Pivot points useful?

Hi,
I have been testing out new strategies, spread betting the DOW and FTSE and forex trading (Eur/USD & GBP/USD). I mainly day-trade using a few Moving Averages, Fibonacci and wait for signals on the 5 minute and 15/30 minute charts.

I have read abit about Camarilla Levels and Pivot Points. Are these affective? Does anyone still use these? Are they useless? or can they be implemented in trading with good results? Any comments would be appreciated.

Thanks
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Old Oct 3, 2006, 6:57pm   #2
 
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Hi Si55,

I read for the first time about cams after buying the mechanical discretion ebook by Jetheat. I generally put the levels on each days chart to see how the price behaves around them. Some days they bounce really well off these levels some days not so well. I suppose it depends if there is any news coming too.

I also put pivot levels on there to and much the same results as above.

Hope this is helpful, some others may have better feedback than mine.

All I suggest is put them into your strategy for a little while and see if they work for you or not.
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Old Oct 3, 2006, 7:09pm   #3
 
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no better or worse than standard floor pivot calculations. I had a friend who was quite into S&R calculations and he did some work with the camarilla numbers to see if there was anything in them - they are just a derived extrapolation of OHLC data - nothing special.

If you can trade off pivot lines then you'll probably be able to trade off Cam numbers, but dont put any credence in their profit & loss figures shown on their website - they calculate those based on the maximum possible move through one of their levels - that'd be great if you could know when the maximum possible move was completed - if you knew that, you wouldnt even need the Cam levels! so their PnL numbers are a load of deceptive b0llocks basically.

Certainly not worth paying for - with a bit of googling I'm sure the camarilla formula has been disclosed on here and Elite Trader at various stages in the past.
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Old Oct 3, 2006, 7:10pm   #4
Joined Apr 2006
Trader1UK started this thread Hi Priceman,
I also read the ebook `Mechanical Discretion` by Jet Heat and found it interesting. I guess you just need to plot the lines & pivots and see how price action reacts to them.
I tried testing using Cams and Pivots months ago but stopped due to me getting more used to Moving Averages and the fact that they are always calculated for you on the charts whereas the Cams and Pivots you have to plot on yourself.

I guess ill need to test Cams and Pivots for awhile .....

Anyone recommend anything else?

Thanks
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Old Oct 3, 2006, 7:15pm   #5
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Trader1UK started this thread Thanks Arbitraguer,

I guess ill just have to test using standard pivot points and see how things go.... Someone out there must have tested and come to a conclusion whether they are useless or worh plotting on charts.

Thanks
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Old Oct 3, 2006, 7:20pm   #6
 
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Well I have been reading a great deal over the last year or so on different techniques and I have made something that I am comfortable with. A mix of everyone's knowledge put together for me. So in effect my strategy.

Read wasps journal and you'll see that he has his way now that works for him. Then just carry on playing around until something clicks into place for you. Everyone will tell you loads of different things that work for them, but it's not the full picture they are giving you of their trading plan/ strat.

Good luck, I can send you links if you like of useful sites that I use but you may have millions already. There's certainly information overload for ages that's for certain.
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Old Oct 3, 2006, 7:44pm   #7
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Trader1UK started this thread Thanks for the advice priceman, really appreciated.
Yes i have been learning, trading, testing, demoing, reading and trying different things for the last year and a half and still there is lots and lots out there. I guess its a non stop learning process.
After good results in my demo trading last year, i decided to trade using real money so I funded my account with about £1000 and guess what i blew about 80% of that in 1 month. I guess i got greddy and overtraded, so i stopped and started learning again. I guess its all part of the learning curve.
I have most days free where i just sit and sit and watch the charts trying to gain a few points but i guess i need to stick with it and imporve on that. There is alot out there to get you confused.

I would really appreciate if you could send me or PM me links on anything useful that i can read and learn off.

Appreciate your feedback.
Thanks
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