Hello traders, Here I shall demonstrate you how you can use Camarilla Weekly Opening range S1 to R1 (in tradingview, otherwise Camarilla levels are marked with H1,2,3,4,5,6 (High) and L1,2,3,4,5,6 (for Low).
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If day, week or month opens and price start trending ABOVE Camarilla Opening Range you look for LONGS, targetting 1. R3 2. R4 3. R5. R5 Final target after breakout of R4, as price rarely makes it to R6 during a week / month. Usually I never target R6 - this is quite unrealistic target (though it might work in supervolatile instruments as bitcoin).
If day, week or month opens and price start trending BELOW Camarilla Opening Range you look for shorts with targets as above.
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You can use Moving averages (best static ones - multitimeframe that do change when you flip charts) to confirm entries.
This system is similiar to Mark Fisher´s Opening Range using the open instead of close (which are typically the same, as candle usually opens where it closed).
This should greatly improve your trading as you will have REALISTIC VOLATILITY BASED TARGETS based on previous close, high and low.
Good luck!
-------------------------------------------
If day, week or month opens and price start trending ABOVE Camarilla Opening Range you look for LONGS, targetting 1. R3 2. R4 3. R5. R5 Final target after breakout of R4, as price rarely makes it to R6 during a week / month. Usually I never target R6 - this is quite unrealistic target (though it might work in supervolatile instruments as bitcoin).
If day, week or month opens and price start trending BELOW Camarilla Opening Range you look for shorts with targets as above.
-------------------------------------------
You can use Moving averages (best static ones - multitimeframe that do change when you flip charts) to confirm entries.
This system is similiar to Mark Fisher´s Opening Range using the open instead of close (which are typically the same, as candle usually opens where it closed).
This should greatly improve your trading as you will have REALISTIC VOLATILITY BASED TARGETS based on previous close, high and low.
Good luck!
Comment:
I meant: static moving averages that do NOT change when you flip charts. I recommrnd to use mtf 8 ema (4hrs 8 ema, 1day 8 ema, weekly 8 ema 8 ema monthly) along with mtf 80 ema (same periods). I call it 8-80 system. Why 8-80? Price tends to move in 7 days weekly trends reversing on the 8th day. After Gann price moves 1/8 increments.
3 is reversal level
4 is roof / floor
5 is roof/floor-breakout target