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