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Fibonacci Gold Exercises

These practices will provide more examples about retracement and expansion. The first practice is to determine the trend's direction and then see if the Fibo tool used is Fibonacci retracement or expansion, figure out how it is drawn, and then try drawing them on a trading chart.

Tasks:

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

To find a chart, simply download the MetaTrader 4 software from any of the numerous online brokers.

After you've downloaded MT4, Navigate to the menu "insert" at tops left corner, on the dropdown menu, click Fibo and choose either the choice/option of Fibonacci retracement or expansion. Then plot & draw it as expounded in the previous guides of Expansion and retracement. Then do the following exercises:

Retracements & Extensions levels Exercise

Exercises 1:

Leveraging XAUUSD Fibonacci Expansion Levels for Trading Strategies

Exercises 2:

Comparative Exercise: Fibonacci Expansion Levels Versus Fibonacci Retracement Levels on Charts

Exercises 3:

Fibonacci Expansion vs Retracement Levels - Chart Level Exercises Comparison

Exercises 4:

Chart Exercise: Contrasting Fibonacci Expansion Levels with Fibonacci Retracement Levels

Exercises 5:

Fibonacci Expansion on Charts - Trade Fibo Expansion in MT5 - Use Expansion Tool on MetaTrader 5

Hint: point 1 up to point 2 follows trend direction

Hint: Fibonacci Retracement has points 1 & 2

Hint: Fibonacci Extension has point 1, 2 & 3

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