61.8% XAUUSD Trading Fib Expansion Level
We useFibonacci expansion levels to estimate where the trend movement will reach. There are 2 important Fibonacci expansion levels: 61.8% & 100% Fibonacci Expansion Levels, these are used for taking profit.
61.8% XAUUSD Trading Fib Expansion Level
61.8 Gold Trading Fib Expansion Level is the most commonly used gold profit taking level when trading using the Fibo Expansion Technical Indicator.
To draw Fibo Expansion levels on the gold chart we wait until the xauusd price retracement is complete & the price starts to move in original direction of the Gold trend. Where the xauusd price retracement reaches is used as chart point 3. Fibo Expansion Technical Indicator is drawn using three chart points as displayed on the xauusd examples illustrated & explained below of how to draw the Fibonacci Expansion Technical Indicator Tool.
The Fibonacci expansion examples illustrated & explained below shows the 3 Chart Points where the Fib expansion technical indicator is drawn, marked as Chart point 1, Chart point 2 & Chart point 3.
Chart point 1 is where the gold trend started, Chart point 2 is where the gold trend pulled back & retraced and Chart point 3 is where the gold retracement reached as illustrated on the Fibonacci Expansion Indicator Tool examples illustrated and described below.
The First Fibonacci Expansion Level is the 61.8 Gold Trading Fibonacci Expansion Level illustrated Below Used to Set Take Profit Gold Orders
Fibonacci Expansion Level is the 61.8 Gold Trading Fibonacci Expansion Level illustrated Below Used to Set Take Profit Gold Orders
Please note where these Fibonacci Expansion zones are drawn - Fibonacci Expansion zones are plotted above the Fibonacci technical indicator, these are chart points where a trader will place take profit orders using these Fibonacci Expansion Levels - 61.8% Fibo Expansion Levels.
