61.8% XAUUSD Trading Fib Extension Level
We useFibonacci Extension Levels to estimate where the trend movement will reach. There are 2 important Fib Extension levels: 61.80% and 100% Fibonacci Extension Areas, these are used for taking profit.
61.8% XAUUSD Trading Fib Extension Level
61.8 Gold Trading Fib Extension Level is the most commonly used gold profit-taking level when trading using the Fib Extension Technical Indicator.
To draw Fibonacci Extension levels 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. Fibonacci Extension Indicator is plotted using 3 chart points as illustrated on the xauusd trading examples illustrated and described below of how to plot the Fib Extension Technical Indicator Tool.
The Fibonacci Extension example explained below shows the 3 Chart Points where the Fibonacci Extension 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 and retraced & Chart point 3 is where the gold retracement reached as displayed on the Fibonacci Extension Technical Indicator Tool examples illustrated and described below.
The First Fibonacci Extension Level is the 61.8 Gold Trading Fib Extension Level displayed Below Used to Set Take Profit Gold Orders
Fibonacci Extension Level is the 61.8 Gold Trading Fib Extension Level displayed Below Used to Set Take Profit Gold Orders
Please note where these Fibo Extension areas are drawn - Fibonacci Extension zones are drawn above the Fibo technical indicator, these are chart points where a trader will set take profit orders using these Fibonacci Extension Levels - 61.8% Fibo Extension Areas.
