Fibonacci Oil Exercises

These exercises will give more example on retracement & expansion. first exercise is to figure out the direction of the Oil trend & then determine if Fibonacci tool used is retracement or expansion & then figure how it is drawn then practice drawing them on a crude oil chart.

Tasks:

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

To find a oil chart just Download MetaTrader 4 platform from any one of the many oil brokers.

After you have downloaded MT4, Navigate to the menu "insert" at the top left corner, on the drop down menu, click Fibonacci & choose either the option of retracement or expansion. Then draw it as explained in the previous tutorials of Expansion and retracement. Then do the following exercises:

Retracements and Expansions Exercise

Exercises 1:

Exercises 2:

Exercises 3:

Exercises 4:

Exercises 5:

Hint: point 1 to point 2 follows the oil trend direction

Hint: Retracement has points 1 & 2

Hint: Expansion has point 1, 2 & 3