61.8 Commodities Trading Fib Extension Level
We useCommodity Trading Fibo Extension Levels to estimate where the commodity trend movement will reach. There are Two important Commodity Trading Fib Extension areas: 61.8% and 100% Commodity Trading Fib Extension Levels, these are used for profit taking.
61.8 Commodities Trading Fib Extension Level
61.8 Commodity Trading Fib Extension Level is the most commonly used commodity profit-taking level when trading using the Commodity Fibonacci Extension Technical Indicator.
To draw Commodity Trading Fib Extension levels on commodities chart we wait until the commodities trading price retracement is complete and commodities trading price starts to move in original direction of the Commodities trend. Where the commodities trading price retracement reaches is used as chart point 3. Commodity Trading Fib Extension Trading Indicator is plotted using three chart points as shown and illustrated on the commodity example illustrated and explained below of how to plot the Commodity Trading Fib Extension Trading Indicator Tool.
The Commodity Trading Fib Extension example illustrated & described below shows the Three Chart Points where the Commodity Fibonacci Extension technical indicator is plotted, marked as Chart point 1, Chart point 2 & Chart point 3.
Chart point 1 is where the commodity trend started, Chart point 2 is where the commodity trend pulled back & retraced and Chart point 3 is where the commodity retracement reached as displayed on the Commodity Fibo Extension Technical Indicator Tool example illustrated & explained below.
The First Commodity Trading Fib Extension Level is 61.8 Commodity Fibo Extension Level shown Below Used to Set Take Profit Commodity Trading Orders
Commodity Trading Fib Extension Level is 61.8 Commodity Fibo Extension Level shown Below Used to Set Take Profit Commodity Trading Orders
Please note where these Commodity Trading Fib Extension areas are plotted - Commodity Trading Fib Extension levels are drawn above the Fibonacci indicator, these are the chart points where a trader will set the takeprofit orders using these Commodity Fibonacci Extension Levels - 61.8% Commodity Trading Fib Extension Areas.
