Educational 3: Gold trading by Identifying the Range

OANDA:XAUUSD   Gold / US-Dollar
5713 84
As you have noticed in last 2 Educational Ideas how gold move between the Clone levels. The current reference range was identified on daily chart . It looks like we are going to trade in this range before it picks the direction.

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.

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.

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.
Kommentar: It already gave the first tp on this from 1213-1219. See how nicely that resistance at 100 level was respected and a pin has been printed with the follow up red candles. now lets wait for 75 level at 1213 to see the PA and if it breaks then next level will be 1207. ( i took both long n short trade on these levels long from 1213-1219 and then shorted from 1217 for 1207 target). Trading between levels.
Kommentar: Still its trading within the range , but if you have notice the price is mostly moving between the 75-10 level range. The more it stays in this range the more sweeter the break will be . 1220 is still the resistance ,so any weakness near that area is good RR(risk reward) trade.

Some trade opportunities that took place are marked on chart by means of arrows.
Kommentar: so as expected that pin did give short pips of 1218 to 1211 so far .Still the 1220 is the resistance
Kommentar: so it gave the 1207 level, now to watch for weakness in this area to see whether it wants to move back up or more down.
Kommentar: Do you guys still want me to keep it updating ? or shall i close this idea ?
Kommentar: Thankyou guys.

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.
Kommentar: This is not a rocket science we are just following the flow of the price.. As mentioned in the above update ,1206 was broken now on its way to 1201 ,if 1201 gives away then its 1195.
Hope you guys are learning ,practicing these Live as you Go Analysis.
Kommentar: as expected 1195 is done now ,lets see whether it gives 1190
Kommentar: on previous update, 1195 was nicely held as support , price went back and retested the broken 25level(1201) of ref range . so 1201 may act as resistance for intraday trade. Currently price is moving towards 1195 ,lets whether it breaks this time.Once thats get broken then we get to the next Clone box i.e Clone A- . Arrows on the chart are direction n Pin confirmations of trades.
Kommentar: Thank you Everyone-
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
Kommentar: As per above chart price did touch the 50 level at 1184 and reversed back and retest the 1190 level, now its back to try an break that 1184 for next target 1178

Kommentar: i closed all my short trades at 1182. I hope this Educational Live as you Go idea was helpful to you guys.

See you all on next idea.
I am a Chart Slave.Thank you TradingView and @nmike.
but how do you set your SL?
First class educational resource for those wanting to learn to trade intra day.

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.
I like your work :) What do you think about this:
What made you decide to close at 1182? Just trying to extrapolate what was your trigger. It seems at that level you might have waited for the fib level to be retraced. Nice work and appreciate your time and effort.
GcNaif lord_kinbote
@lord_kinbote, just dont wanted to leave profits at the table and to finish the week in a high note by collecting the profits.
I love this. I am learning so much thanks to you. @GcNaif @nmike
Thank you GC !!! Nice levels..I am learning from this Clone method...please keep posting the updates...we are all following.
GcNaif vinodh2u
@vinodh2u, thanks Vinod
yes, and 1.06520 for EU with clone level
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