Hi fellow traders
I am posting my system up for anyone is interested in trying it out. Trading requires hard work just like any other decent profession. This system requires concentration, patience and discipline. If you have these three and follow the system then you will succeed. Not every trade is successful but with money management and the hourly updates, you will trade with price direction.
So…
This is a day trading system, which will require you to stay in front of the computer during your chosen trading hours.
Im in London so normally trade from 07.00 - 16.00 (UK time).
I only trade the EUR/USD with this, im pretty confident it will work on other currency pairs aswell. But due to the concentration required Ive only traded one pair and also bearing in mind my trading hours, it makes sense to trade EUR/USD
Camarilla Pivots Formula:
The H5 and L5 pivot is not part of the standard formula but will be required
H5 = (High/Low) x Close
H4 = Close + RANGE * 1.1/2
H3 = Close + RANGE * 1.1/4
H2 = Close + RANGE * 1.1/6
H1 = Close + RANGE * 1.1/12
L1 = Close - RANGE * 1.1/12
L2 = Close - RANGE * 1.1/6
L3 = Close - RANGE * 1.1/4
L4 = Close - RANGE * 1.1/2
L5 = Close - (H5-Close)
We wont be using the standard method of trading camarilla pivots, and we also wont require H1, L1, H3 and L3
[U]The method[/U]
I use MT4 platform
Use the hourly chart to calculate camarilla pivot levels for the next hour
Trade off the 1 min chart
Enter 2 positions on the first breakout (a breakout is defined as price [U]closing[/U] outside the line) of H2 or L2. Ignore any breakouts after this. You split the position size in 2:1 ratio. E.G 2 lots for the first position and 1 Lot for the second position.
Stoploss is L5 for Long and H5 for short for both positions
Target 1 is H4 for Long and L4 for short. i.e the bigger position
Target 2 is H5 for Long and L5 for short i.e the smaller postion
Never manually exit trades even when the hour has finished, the only way a trade is exited is by hitting the target or stop loss. (sometimes trades are held overnight)
You keep doing this for every hour until your trading session is finished, and by the end you will have a decent amount of pips
Regards