There are many theories on how to trade pivots and camarillas. You might want to feel like you want to check whether they work or not. That is exactly what I have been doing with the content that I put out in the 3rd revision of the Level Master.
The Tool itself is quite self contained . What I mean is that you can probably outrank some analytical talkers on TV that sound very smart by just analyzing what the levels show you and how price reacts when it comes near them.
You can just pop the Level Master into Wealth Lab and sit back looking what is price doing in respect to pivots or camarillas on various timeframes. That is not just some PR talk, that is what I do when someone asks me “What do you think the Brent price will be tomorrow?”.
What does that mean?
It means you can use it for long term position trading. However, this is not what Wealth Lab is all about is it? So, I coded two algorithmic systems. There is always this situation when you code a breakthrough system and the bounce system comes up as well. All you have to do is simply inverse the breakthrough one.
But which one will work better?
Well, you can code to and try one then try the other. I started going the other way recently. I code both options into one system and optimize it. I don’t have to compare them now, the optimization results show me which one works better at the moment.
In the third revision, the Level Master turned into the Level Pack because it now comes with two systems and full video code walkthrough. I did the video on the code of the Level Master and fixed a few bugs the previous release had. It is good practice to get accustomed to this code if you like to pump up your C# a little bit and get to know how to use components for wealth lab.
Components are classes compiled into DLL’s that you can simply put into Wealth Lab folder and later address the DLL from your strategy calling the required methods instead of writing them out. It is very useful especially when we need to work with something like level calculations or candle stick patterns.
Finally, this time I’m willing to go further. In the last video on the strategy code I will give a few hints on how to code one more awesome strategy based on the Level Master concepts. You can code that system and send it to me for revision. Put it inside the current double type system framework and make it a triple system framework or code it separately doesn’t matter.
Overall I think that I will stop on the 3rd revision and this is the final version now. There might me more stuff on Pivots though because I really want to put out the research I have on dynamic pivots and a whole bunch of systems you can build using them so watch out on the blog. Cheers!