How to Use Commodity Fibonacci Extension in Commodity Trading PDF
We use Commodity 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.
To draw Commodity Trading Fib Extension levels in MetaTrader 4 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 Fibo Extension MetaTrader 4 Technical Indicator is plotted using three chart points as shown and illustrated on commodity example illustrated and explained below of how to plot the Commodity Fibo Extension Indicator MetaTrader 4 Tool.
The Commodity Fibo Extension MT4 Indicator example illustrated and explained below shows the 3 Chart Points where the Commodity Fibo Extension MT4 technical indicator is plotted, marked as Chart point 1, Chart point 2 and 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 MT4 Indicator Tool example illustrated and explained below.
How to Use Commodity Fibonacci Extension in Commodity Trading PDF
How to Use Commodity Fibonacci Extension in Commodity Tutorial - How to Use Commodity Fib Extension Levels - Commodity Trading Fib Extension Guide
Please note where these Commodity Trading Fib Extension areas are plotted - Commodity Trading Fib Extension levels are drawn above the MT4 Fibonacci indicator, these are the chart points where a trader will set the takeprofit orders using these Commodity Trading Fib Extension Levels - 61.8% and 100.0% Commodity Trading Fib Extension Areas.
Upward Commodities Trend - How to Use Commodity Fibonacci Extension in Commodity Tutorial - How to Use Commodity Fib Extension Levels - Commodity Trading Fib Extension Tutorial
We use Commodity Trading Fibo Extension Levels to estimate where the commodity trend movement will reach. There are Two important Commodity Trading Fib Extension areas: 61.8%Commodity Trading Fib Extension Level and 100% Commodity Trading Fib Extension Level, these Commodity Trading Fib Extension Levels are used for profit taking.
On the Commodity Fibo Extension MT4 indicator example illustrated and explained below you can see that the Commodity Fibo Extension MT4 technical indicator tool is plotted along the direction of the commodity trend, since the commodity trend is upwards - MT4 Commodity Trading Fib Extension technical indicator is plotted upwards.
These Commodity Trading Fib Extension levels are shown as horizontal lines above the Commodity Fibo Extension MT4 commodities technical technical indicator, showing the profit-taking areas. In the commodity example illustrated and explained below if you had used of 100.0% Commodity Fibo Extension level you would have made good profit from the trade set up.
Upwards Commodities Trend - How to Use Commodity Fibonacci Extension in Commodity Trading PDF
How to Use Commodity Fibonacci Extension in Commodity Tutorial - How to Use Commodity Trading Fib Extension Levels
From the above Commodity Fibo Extension MT4 indicator example, the upward commodity trend continued & both 61.80% and 100.00% Commodity Trading Fib Extension levels were all hit after which commodities trading price retraced again after getting to the 100.00% Commodity Trading Fibo Extension level.
Downwards Commodity Trend
Since we use the Commodity Fibo Extension MT4 commodity tool to estimate take profit levels, how do we draw MT4 Commodity Fibonacci Extension in a downwards Commodities trend?
We draw the Commodity Fibo Extension MT4 indicator tool from chart point 1 to chart point 2 to chart point 3 as illustrated on the commodity example illustrated and explained below. Remember we always plot this Commodity Fibo Extension MT4 commodity tool in direction of the commodities trend. In the Commodity Trading Fib Extension example illustrated and explained below, can you figure what is the direction we have drawn it? That is right - downwards direction.
Try and identify the difference between how we have plotted Commodity Trading Fib Extension technical indicator above and how Commodity Trading Fib Extension technical indicator is plotted below. This time you would also have used Commodity Trading Fib Extension level 100.0%, just where the commodities trading price reached as shown on the commodity example illustrated and explained below. That would have been a good level for take profit.
Downwards Commodities Trend - How to Use Commodity Fibonacci Extension in Commodity Trading PDF
How to Use Commodities Trading Fib Extension in Commodities Guide - How to Use Commodities Trading Fib Extension Levels
From the Commodity Fibo Extension MT4 indicator examples above, after plotting this MetaTrader 4 Commodity Trading Fib Extension tool there are two levels which are used to show profit taking areas, these two Commodity Trading Fib Extension areas are plotted represented as horizontal lines across the commodities trading price chart marked as 61.8%Commodity Trading Fib Extension Level and 100% Commodity Fibo Extension Level.
