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Fibonacci Drawing on XAUUSD Trading Charts Exercises

These exercises will give more examples on trading and drawing Fibonacci retracement levels and Fibonacci expansion levels. The first exercise is to figure out the direction of the Gold price trend and then determine if the Fibonacci tool used is Fibonacci retracement or Fibonacci expansion and then figure how it is drawn then practice drawing them on a Gold trading chart using a practice demo account.


Tasks:


Figure out the direction of the Gold price trend


Determine if the Fibonacci is retracement or expansion


Figure how it is drawn


Practice drawing retracement or expansion on a Gold price chart.


To find Gold trading charts just download MetaTrader 4 Gold trading platform from any one of the many online brokers and select the financial instrument - Gold.


After you have downloaded the MetaTrader 4 platform, Go to the menu "insert" at the top left corner, on the drop down menu, click Fibonacci and select either the option of retracement or expansion. Then draw it as explained in the previous lessons of Fibonacci Expansion and Fibonacci Retracement. Then do the following exercises:


Fibonacci Retracement Levels and Fibonacci Expansion Levels Exercise



Exercises 1:

Gold Trading Fibonacci Drawing on XAUUSD Trading Charts Exercises - Fibonacci Drawing on XAUUSD Trading Charts Examples



Exercises 2:

Gold Trading Fibonacci Retracement Drawing on XAUUSD Trading Charts Exercises - Fibonacci Retracement Levels Drawing on Gold Charts Examples



Exercises 3:

Fibonacci Retracement Levels Gold Trading Tools Drawing on XAUUSD Charts Exercises - Fibonacci Retracement Levels Trading on Gold Charts Example



Exercises 4:

Gold Trading Fibonacci Expansion Levels Drawing on XAUUSD Charts Exercises - Fibonacci Expansion Levels Drawing on XAUUSD Chart


Hint: point 1 to point 2 follows the trend direction


Hint: Retracement has points 1 and 2


Hint: Expansion has point 1, 2 and 3