Fibonacci Drawing on Gold Trading Charts Exercises
These exercises will give more examples on trading and drawing Fibonacci retracement levels and Fibonacci expansion levels. The first exercise is to figure out the direction of the Gold price trend and then determine if the Fibonacci tool used is Fibonacci retracement or Fibonacci expansion and then figure how it is drawn then practice drawing them on a Gold trading chart using a practice demo account.
Figure out the direction of the Gold price trend
Determine if the Fibonacci is retracement or expansion
Figure how it is drawn
Practice drawing retracement or expansion on a XAUUSD Gold price chart.
To find XAUUSD gold trading charts just download MetaTrader 4 Gold trading platform from any one of the many online brokers and select the financial instrument - XAUUSD.
After you have downloaded the MetaTrader 4 platform, Go to the menu "insert" at the top left corner, on the drop down menu, click Fibonacci and select either the option of retracement or expansion. Then draw it as explained in the previous lessons of Fibonacci Expansion and Fibonacci Retracement. Then do the following exercises:
Fibonacci Retracement Levels and Fibonacci Expansion Levels Exercise
Hint: point 1 to point 2 follows the trend direction
Hint: Retracement has points 1 and 2
Hint: Expansion has point 1, 2 and 3