61.8% XAUUSD Trading Fib Extension Level
We useFibonacci Extension Levels to estimate where the trend movement will reach. There are 2 important Fibonacci Extension levels; 61.8% and 100% Fibonacci Extension Levels, 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 Fibonacci Extension Indicator.
To draw Fibonacci Extension levels on the gold chart we wait until the xauusd trading price retracement is complete and the xauusd trading price starts to move in the original direction of the Gold trend. Where the xauusd trading price retracement reaches is used as chart point 3. Fibonacci Extension Indicator is drawn using three chart points as shown on the xauusd trading example illustrated and explained below of how to draw the Fibonacci Extension Indicator Tool.
The Fibonacci Extension example illustrated and explained below shows the 3 Chart Points where the Fibonacci Extension 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 and Chart point 3 is where the gold retracement reached as shown on the Fibonacci Extension Indicator Tool example illustrated and explained below.
The First Fibonacci Extension Level is the 61.8 Gold Trading Fib Extension Level shown Below Used to Set Take Profit Gold Orders
Fibonacci Extension Level is the 61.8 Gold Trading Fib Extension Level shown Below Used to Set Take Profit Gold Orders
Please note where these Fibonacci Extension levels are drawn - Fibonacci Extension levels are drawn above the Fibonacci indicator, these are the chart points where a trader will set the take profit orders using these Fibonacci Extension Levels - 61.8% Fibonacci Extension Levels.
