a. identied range on daily (1195.xx-1219. xx )
b. Wait for range breakout Up/Down (till it breaks out of range ,scalp between levels of Reference range)
c. Cloned the identified range and added one at top(Clone A+) and one at bottom(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 step d and go with the flow of the price.
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.
Note: this is not a trade advise ,it is just for educational purposes. I will keep updating as the price moves.
Happy Trading with lots of green pips.
Some trade opportunities that took place are marked on chart by means of arrows.
If you have noticed the importance of that 50% levels.How nicely price is getting rejected from that level.so that shows that we could consider this as good support for now.
So now we have a mini range between 1206.xx-1210.How to make use of it and convert it to a trade opportunity.
Buy: Wait for the breakout of 1210 and target it for 1213 and may be 1219.
Short:If 1206.xx gets broken then we could get a short at that break and target it for 1201 and maybe more.
Hope you guys are learning ,practicing these Live as you Go Analysis.
So as analyzed we got 1195 then 1190 and almost close to 1184. watch price action near 1184 to see the weakness in this down move. if it breaks that then we are in for next level i.e 1178
See you all on next idea.
You mention zooming in to smaller timescales to get a better entry position. Do you just use the clone system again in these smaller timeframes?
Thanks again and if you have the time I for one would love to follow your trading ideas as they progress using this system.