Fibonacci Gold Exercises

These exercises will give more examples on retracement and expansion. The first exercise is to figure-out the direction of the trend and then determine if the Fibo tool used is Fib retracement or expansion & then figure how it's drawn then practice drawing them on a chart.

Tasks:

1. Determine the direction of the trend
2. Determine if Fib is retracement or expansion
3. Figure out how it is drawn
4. Practice drawing retracement or expansion on a chart.

To find a chart just Download MT4 software from any one of the many trading brokers.

After you've downloaded MetaTrader 4, Navigate to the menu "insert" at tops left corner, on the dropdown menu, click Fibo and choose either the option of Fibonacci retracement or expansion. Then plot it as explained in the previous guides of Expansion and retracement. Then do the following exercises:

Retracements & Expansions levels Exercise

Exercises 1:

Exercises 2:

Exercises 3:

Exercises 4:

Exercises 5:

Hint: point 1 up to point 2 follows trend direction

Hint: Fib Retracement has points 1 & 2

Hint: Fibonacci Expansion has point 1, 2 and 3