How to Draw Crude Oil Trading Fib Retracement on Upward Crude Oil Trend
How Do You Use Crude Oil Fibo Retracement Indicator on Upward Oil Trend?
Traders use Oil Fibonacci retracement tool to determine where to place a buy oil trade in a oil upward trend.
How to Draw Oil Trading Fib Retracement on Upwards Oil Trend
To Draw the Oil Fibo retracement 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 downwards – Crude Oil Fibonacci Retracement indicator is drawn downwards.
How to Draw Crude Oil Fibo Retracement in an Upward Crude Oil Trend
In the oil technical analysis example shown below of how to draw Oil Fibo Retracement indicator crude crude oil trading price is moving up between chart point 1 & chart point 2 & then after chart point 2 crude crude oil trading price retraces down to 50.0% Oil Fibo retracement level then it continues moving upwards in the original oil upwards trend. Note that this Oil Trading Fib Retracement indicator tool is drawn from chart point 1 to chart point 2 in the direction of the oil trend (Upward Direction).
How to Draw Oil Trading Fib Retracement on Upwards Oil Trend
Technical Analysis of How to Draw Crude Oil Fibonacci Retracement in an Up Crude Oil Trend
Once the crude crude oil trading price got to the 50.0% Oil Fibo retracement level, this Oil Trading Fib retracement level provided a lot of support for crude oil trading price, & afterwards crude crude oil trading price then resumed the original up oil trend and continued to move upward.
For this Fibonacci retracement technical analysis example of how to draw Oil Trading Fib Retracement indicator on an upward oil trend, the crude crude oil trading price retracement reached the 50.0% Oil Fibonacci retracement level, but most of the time the oil market will retrace up to 38.2% Oil Trading Fib retracement level & therefore most of the time oil traders set their buy limit oil orders at the 38.2% Oil Trading Fib retracement level, while at the same time placing a stop loss oil order just below 61.8% Oil Trading Fib retracement level.
Guide of How to Draw Fibo Crude Oil Indicator Tool on Oil Trading Charts
Guide of How to Draw Fibo Oil Indicator Tool on Oil Trading Charts
