How Do You Draw Gold Trading Fib Retracement Levels on a Downwards Trend?
How Do I Draw Fibo Retracement Levels on a Downwards Trend?
Traders use Gold Trading Fibo retracement tool to determine where to place a sell trade in a down-wards trend.
How Do You Draw Fibo Retracement on Downward Trend?
To Draw the Trading Fibo retracement indicator the first thing to know is that this Fibo Retracement indicator is always drawn in the direction of the trend.
If the trend is downwards - Fibo Retracement technical indicator tool is drawn downwards.
How Do I Draw Fibo Retracement in a Down-ward Trend?
In the examples illustrated and described below of how to draw the Trading Fibo Retracement tool, the trend is heading down between chart point 1 & chart point 2, & then after chart point two the price then retraces up to 38.2% Gold Trading Fib retracement level then it continues moving downwards in original downwards trend. Note that this Trading Fibo retracement indicator is plotted from chart point 1 to chart point two in direction of the Trend (Down-ward Direction).
How Do You Draw Gold Trading Fibo Retracement on Downwards Trend
Analysis of How Do I Draw Gold Trading Fib Retracement in a Downwards Trend?
The above Gold Fibo Retracement technical analysis example setup is a Trading Fibo Retracement setup where the price retraces immediately after getting to the 38.2% Chart Fibo Retracement Level.
In this Fibo Retracement trading analysis example the price retracement of the price reached 38.2% Gold Trading Fib retracement level and did not get to 50.00% Gold Trading Fib retracement level. It's always good for traders to use the 38.2% Gold Trading Fibo retracement level because most times the price retracement does not always get to 50.0% Gold Trading Fibo retracement area.
This 38.2% Gold Trading Fibo Retracement level provided a lot of resistance for the price retracement, this was the best place for one to set a sell limit pending order as a trend quickly headed down after retracing to this price retracement region.
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Interpret and Draw Gold Trading Fib Retracement Levels on a Downwards Trend?
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