100.0% Fibonacci Projection Gold Trading Level
We useFibonacci expansion areas to estimate where the trend movement will reach. There are 2 important Fibonacci expansion areas: 61.8% & 100.0% Fibo Projection Areas, these are used for taking profit.
100.0% XAUUSD Trading Fib Projection Level
100.0 Gold Trading Fib Projection Level is not commonly used to set gold profit-taking orders when trading using the Fibo Projection Technical Indicator.
Most gold traders will use the 61.8% Fib Projection level.
To plot Fibonacci Projection zones on the gold chart we wait until the xauusd price retracement is complete & the xauusd price starts to move in original direction of the Gold trend. Where the xauusd trading price retracement reaches is used as chart point 3. Fib Projection Technical Indicator is plotted using Three chart points as shown and illustrated on the example illustrated & explained below of how to plot the Fibonacci Projection Technical Indicator Tool.
The Fibonacci expansion example illustrated and described below shows the 3 Chart Points where the Fib expansion technical indicator is drawn, marked as Chart point 1, Chart point 2 and Chart point 3.
Chart point 1 is where the gold trend started, Chart point 2 is where the gold trend pulled back and retraced & Chart point 3 is where the gold retracement reached as displayed on the Fibonacci Projection Technical Indicator Tool examples illustrated and described below.
The First Fib Projection Level is the 61.80% Gold Trading Fib Projection Level & the second is 100.0 Gold Trading Fib Projection Level shown Below - These Fibonacci Projection Levels are Used by Gold Traders to Set Take Profit Gold Orders
Fibonacci Projection Level - 61.8% Gold Trading Fib Projection & 100.0% Gold Trading Fib Projection Level Used to Set Take Profit Gold Orders
Please note where these Fibonacci Projection areas are plotted - Fib Projection zones are drawn above the Fibonacci technical indicator, these are chart points where a trader will set take profit orders using these Fibonacci Projection Levels - 100.0% Fibonacci Projection Level is the second Fibonacci Level.
