Gold usually does its moves in range before the breakout.
a. identify the range after breakout ( Pink Previous range which was between 1123-1145) b. Clone the identified range which will be your current range ,in this case its 1145-1166 c. Look at left and see whether its matching any previous ranges (as marked on chart ) ( in this case the current range/Clone range is same as the one that happened before, and the top(1166.xx) of the Clone range is also matching one of the Clone levels and there is also a great reaction area on left where the 1166 area acted as nice support in that past. that gives us indication that that could be good resistance level to trade the range.)
Once it break's out ,repeat the steps a,b,c and go with the flow of the price.
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See how price moved to the next Clone. Added one more Clone at top . This is how go with the flow trades work.
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All the updates i m posting are for educational purpose only. . so far the total move from base range break is around 35+ dollar . (1145 to 118x) . Now if it breaks 1188 we will Clone n add one more box at top .
Let me know if you guys want me to keep updating this chart?
This is how it ended the day
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guys if you are in long trades, then secure your profits and lets re analyze after nfp
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guys let me know if you want to see one more similar one, if interested then i will publish and then we can go with live trading example, like how we did for this one.
this looks like great approach , and I like also information about necessity of confirmation. Looking forward to next education, and live trading examples. Thanks for great job.
GcNaif
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@JiriMarek, Thanks Jira ,i did a new one similar to this one but a new trade opportunity