Well, this is my approach to a "BIG" problem - smooth camera movement.
Instead practice, human always want to solve problem with gadgets.
I use an already old  principle of stabilizing object ... known on the ships, from centuries.
And here it is..... gyroscope.

Step 1: Idea, material, tools, cut and try...

I choose plexiglas for this. Easy to work with.  I own a camera and according this dimensions i choose the diameter of rings.
First i drill on opposite sides a hole for a small axe from both sides (1,5 mm) deep enough to match two rings. Then I cut on turning machine first ring out. 
You can cut this with simple thin hand model saw...but on cost longer time and need to be after carefully finished. 

Step 2: First assembling

After first ring is cut out, the same procedure is for the second ring. Drill two 1,5 mm holes which are rectangular to the first holes, about 20 mm deep, on half thickness of material and then cut the second ring out. Insert a metal steel shifts and try to see movements.
Then  find out a 4 small washers as distances between the rings and re-assemble again. Drop oil also helps.
Now you have Gyro-gadget. For the others ask gravity.

Step 3: Handle

I ad a simple tube as future handle. glued on outer ring, I choose to be parallel to first shifts. You can choose opposite.
The plexy for rings was 8 mm thick, and it was enough strong to hold future weight.

Step 4: Testing

I insert/screw the mesing bar 8mm about  30 cm long to see how all work.
And It work.

Step 5: My camera

I need to made a holder for my camera, because I do not  like to use original housing (which is by the way perfect) with protected glass.
So I construct my own housing - especially for this steady cam. 
And here it is.
I put the 8 mm rod with weights on end to test movements. 

It's steady! Thanks to old gravity.

Step 6: Experiments

Trying to find out the best form of counterweight, I experiment with different forms of this 8mm screw rods. On each end a additional weight can be added and tested. 
On the end I insert a small bearing (from rollers) in the middle plate to get smoother turning, diameter is 15 shaft 6mm thickness 5 mm  and glued it with two small plexi rings. To have smooth panorama.

Step 7: Steady cam "KPgyro" final

And now I have this. To shoot  panoramas smoothly.
I grab the weight with two fingers and rotate.   
To walk among people and do  not  swing  horizon (to much)...:) 

The rod and weight are about 350gr total.

Note: Best result you can get, when the all shift between rings are watchmakers perfect made. 
          Distance between rings should be thinner as can be.
          Rotation of rings  should be friction free.  
It works for me. 
You can improve this. Up to split-hairs standards.

Sincerely Yours,

Gyro-gadget: also known as a gimbal
What you have built is not a gyroscope, but a gimbal with a counterweight. You did a really nice job. Making the gimbal is usually the big challenge for steady cam type projects.
You are correct, it is also called gimbal.
Beautiful work! This something I need!
Can we see some video footage of the results?

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