Clip envelope automation gives us lots of flexibility by adding automation specific to individual clips. Instead of being stuck using automation on an entire track (which affects all the clips on that track), we can create automation within individual clips themselves. This is extremely valuable not only for creative production in the studio, but also telling clips what to do while DJing or performing live in Session view.
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Shortcuts to remember:
Pencil Tool = CMD + B
Snap Loop Bracket = Highlight background grid + CMD + L