Crude Oil Fib Retracement & Extension Oil Trading Strategies
Oil Trading Tutorials
Crude Oil Fibo Retracement Levels
Crude Oil Trading Fib Expansion Levels
Introduction to Crude Oil Trading Fib Retracement Levels
Fib retracement is drawn between 2 chart points but Fibo extension is drawn using Three chart points.
Crude Oil Trading Fib Retracement Level example shown and illustrated below where the oil trend is heading downwards between Chart point 1 & Chart point 2, then after Chart point 2 the crude crude oil trading price retraces then it continues moving upwards in the original upwards crude oil trend. Note that this Crude Oil Trading Fib Retracement Levels indicator is drawn from Chart point 1 to Chart point 2 in direction of the crude oil trend.
Crude Oil Trading Fib Retracement Levels – How to Draw Oil Fibo Retracement Levels
Introduction to Oil Trading Fib Extension Levels
Fib retracement is drawn between 2 chart points but Fibo extension is drawn using Three chart points.
To draw these Oil Trading Fib Extension levels we wait until the crude crude oil price retracement is complete and the crude crude oil trading price starts to move in original direction of the Oil trend. Where the retracement reaches is used as chart point 3 for Fibo extension.
The Oil Fibo Extension example shown and illustrated below shows the 3 chart Points where the Oil Trading Fib Extension indicator is drawn, marked as chart point 1, 2 & 3. Chart point 1 is where the oil trend started, Chart point 2 is where the oil trend pulled back & retraced & Chart point 3 is where the retracement reached as shown and illustrated on Oil Fibo Extension example illustrated below.
Oil Trading Fib Extension Levels – How to Draw Oil Fibo Extension Levels
Please note where these Oil Trading Fib Extension levels are drawn – Oil Trading Fib Extension levels are drawn above the Oil Trading Fib Extension indicator, these are the points where a oil trader will set the take profit orders.
