Gold Draw Fibo Projection Zones on Upward Gold Trend
How Do I Draw Fibonacci Projection Zones on Upward XAUUSD Trend?
We use Fibonacci Projection levels to estimate where the trend movement will reach. There are 2 commonly used Fibonacci Projection levels: 61.8%Fibonacci Projection Level and 100% Fibonacci Projection Level, these Fibonacci Projection Levels are used for setting gold take profit levels.
On the Fibo Projection trading gold indicator example illustrated and explained below you can see that the Fibonacci Projection trading technical indicator is drawn along the direction of the trend, since the trend is up - the Fibo Projection trading gold indicator is drawn upward.
These Fib Projection levels are displayed as horizontal lines above the Fibo Projection trading xauusd trading technical indicator, showing gold profit taking areas. In the trading gold example illustrated & explained below if you had used 100.0% Fibonacci Projection level you would have made nice profit from using this setup.
Gold Draw Fibo Projection Zones on Upward Gold Trend
From above Fibo Projection trading indicator tool example, the upward trend continued & both 61.80% and 100.00% Fibonacci Projection levels were all hit after which the xauusd price retraced again after getting to the 100.00% Fibo Projection level.
From Fibonacci Projection trading indicator tool example above, after drawing this Fibonacci Projection tool there are 2 levels that are used to show the gold profit taking areas, these two Fibonacci Projection levels are plotted as horizontal lines across the trading gold chart marked as 61.8%Fibo Projection Level and 100% Fibonacci Projection Level.
Explanation of Trading XAUUSD Draw Fibonacci Projection Zones on XAUUSD Charts
We use Fibonacci Projection levels to estimate where the market trend movement will reach. There are Two important Fib Projection levels: 61.80% & 100% Fibonacci Projection Levels, these are used for profit taking.
To plot Fibonacci Projection zones on the xauusd chart we wait until the xauusd price retracement is complete & the price starts to move in original direction of the Gold trend. Where the xauusd price retracement reaches is used as chart point 3. Fibo Projection Trading XAUUSD Indicator is drawn using Three chart points as shown and illustrated on Fibonacci projection trading gold example illustrated and explained below of how to draw the Fibonacci Projection Trading XAUUSD Indicator Tool.
The Fibo Projection examples illustrated & explained below shows the Three XAUUSD Chart Points where the Fib Projection trading xauusd technical indicator is drawn, marked as XAUUSD Chart point 1, XAUUSD Chart point 2 and XAUUSD Chart point 3.
XAUUSD Chart point 1 is where the gold trend started, XAUUSD Chart point 2 is where the gold trend pulled back & retraced & XAUUSD Chart point 3 is where the gold retracement reached as shown and illustrated on the Fibonacci Projection Trading XAUUSD Indicator Tool example illustrated and explained below.
Interpret and Draw Fibonacci Projection Zones on Upward Gold Trend?
Please note where these Fibonacci Projection levels are plotted - Fibo Projection zones are plotted above the Fibonacci trading gold technical indicator, these are the chart points where a trader will set xauusd take profit orders using these fibonacci Projection Levels - 61.8% and 100.0% Fibonacci Projection Levels.
Draw Fibonacci Projection Zones on Upwards Gold Trend
