How Do I Calculate Commodity Trading Fibonacci Expansion Levels Commodity Technical Indicator on Commodity Trading Charts?
To Calculate Commodity Trading Fibonacci Expansion levels on commodities charts we use the commodity Fibonacci Expansion Indicator
What are the Commodity Trading Fibonacci Expansion Levels?
- 61.8%Commodity Trading Fibonacci Expansion Level
- 100% Commodity Trading Fibonacci Expansion Level
We use Fibonacci expansion levels to estimate where the commodities price movement will reach. There are 2 important fibonacci expansion levels; 61.8% and 100% Commodity Trading Fibonacci Expansion levels, these level are used for taking profit.
To draw Fibonacci expansion we use 3 chart points.
To draw Fibonacci expansion levels we wait until the commodities price retracement is complete and the commodity instrument starts to move in the original direction of the Commodities trend. Where the retracement reaches is used as point 3.
The example illustrated and explained below shows the 3 Chart Points where the Fibonacci expansion indicator is drawn, marked as chart point 1, 2 and 3. Chart point 1 is where the commodities price commodity trend started, Chart point 2 is where the commodities price commodity trend retraced and chart point 3 is where the commodities price retracement reached as shown on the commodity example illustrated and explained below.
How Do I Calculate Commodity Trading Fibonacci Expansion Levels Indicator on Commodity Trading Charts? - Commodity Trading Fibonacci Expansion Indicator Explained
The two Fibonacci expansion levels 61.8% and 100% Commodity Trading Fibonacci Expansion levels were then drawn above the Commodity Trading Fibonacci Expansion Indicator as shown on the commodity example above.
