61.8% XAUUSD Trading Fib Projection Level
We useFibonacci Projection levels to estimate where the trend movement will reach. There are Two important Fibonacci Projection levels: 61.8% and 100% Fibonacci Projection Levels, these are used for profit taking.
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 Fib Projection Technical Indicator.
To plot Fibonacci Projection zones 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. Fibonacci Projection Technical Indicator is drawn using Three chart points as shown and illustrated on the xauusd examples illustrated and described below of how to draw the Fibonacci Projection Indicator Tool.
The Fibonacci Projection example described below shows the Three Chart Points where the Fibonacci Projection 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 displayed on the Fibonacci Projection Technical Indicator Tool example illustrated & explained below.
The First Fib Projection Level is the 61.8 Gold Fibo Projection Level shown Below Used to Set Take Profit Gold Orders
Fibonacci Projection Level is the 61.8 Gold Fibo Projection Level shown Below Used to Set Take Profit Gold Orders
Please note where these Fibonacci Projection levels are plotted - Fibonacci Projection levels are plotted above Fibonacci technical indicator, these are chart points where a trader will place take profit orders using these Fibonacci Projection Levels - 61.8% Fibonacci Projection Levels.
