Educational 2: Trading by Identifying the Range and Cloning it.

As you have noticed in first Educational Idea how gold broke the range and gave two Clone boxes of the reference range as profit. In this example we now got the reference range. now we have to wait for the breakout and gives us the direction.

a. identify the range. We named it as Reference Range ( 1170-1186)
b. Wait for range breakout Up/Down (till it breaks out of range ,scalp between levels of Reference range)
c. Clone the identified range and put one box up (Clone A+) and box down (Clone A-) of reference range
d. Keep adding the Clone as it moves in the direction

Once it break's out of each box ,repeat the steps d and go with the flow of the price.

Confirmation techniques:
a. one of the simple ones is , i look for Pin bars at levels (some marked on chart as arrows)
b. Once level is broken(candle close) ,always wait for the level to be retested and take the trade once it gets back in to the direction of the trade you are looking for.

Commentaire:

not much going on it,to explain, if u r planning to long then i will wait for 1190 break

Commentaire:

Updated Chart: did you guys noticed the reference range 50% level was so important. Price reversed right from there. Lets see how price moves now and if needed we can add one more Clone above at top of Clone A+