How to Draw Crude Oil Trading Fibonacci Retracement on a Downward Crude Oil Trend
How Do You Use Crude Oil Trading Fibo Retracement Indicator on Downward Oil Trend?
Traders use Oil Trading Fib retracement tool to determine where to place a sell oil trade in a crude oil trading downward trading trend.
How to Draw Crude Oil Trading Fibonacci Retracement on a Downward Crude Oil Trend
To Draw the Oil Trading Fib retracement indicator tool the first thing to know is that this Crude Oil Trading Fibonacci Retracement indicator tool is always drawn in the direction of the crude oil trend.
If the oil trend is downward - Crude Oil Trading Fibonacci Retracement tool is drawn downwards.
How to Draw Oil Trading Fib Retracement in a Downwards Oil Trend
In the oil example displayed below of how to draw the Oil Trading Fib Retracement tool, the oil market oil trend is moving down between chart point 1 & chart point 2, and then after chart point 2 the crude crude oil price then retraces up to 38.2% Oil Trading Fib retracement level then it continues moving downwards in the original downward crude oil trend. Note that this Oil Trading Fib retracement indicator is drawn from chart point 1 to chart point 2 in direction of the Oil Trend (Downward Direction).
How to Draw Crude Oil Trading Fibonacci Retracement on a Downward Crude Oil Trend
Technical Analysis of How to Draw Oil Fibonacci Retracement in a Downwards Oil Trend
The above Oil Trading Fib Retracement technical analysis example oil setup is a Oil Trading Fib Retracement setup where the crude crude oil price retraces immediately after getting to the 38.2% Crude Oil Trading Fibo Retracement Level.
In this Oil Trading Fib Retracement technical analysis example the retracement of the crude crude oil price reached 38.2% Oil Trading Fib retracement level & did not get to 50.0% Oil Fib retracement level. It is always good for crude oil traders to use the 38.2% Oil Fibonacci retracement level because most times the crude crude oil price retracement does not always get to 50.0% Oil Trading Fib retracement level.
This 38.2% Oil Trading Fib Retracement level provided a lot of resistance for crude crude oil price retracement, this was the best place for a oil trader to place a sell limit oil order as the oil market oil trend quickly moved down after retracing to this crude crude oil price retracement level.
Guide of How to Draw Fibo Oil Technical Indicator Tool on Oil Trading Charts
Guide of How to Draw Fibo Crude Oil Technical Indicator Tool on Oil Trading Charts
