How Do I Calculate Metals Fibonacci Extension Levels?
To Calculate Metals Fibonacci Extension levels on metals charts we use the metals trading Metals Fibonacci Extension Indicator
What are the Metals Fibonacci Extension Levels?
- 61.8%Metals Fibonacci Extension Level
- 100% Metals Fibonacci Extension Level
We use Fibo expansion levels to estimate where the metals price movement will reach. There are 2 important fibonacci expansion levels: 61.8% and 100% Metals Fibonacci Extension levels, these levels are used by traders for taking profit.
To draw Fibo expansion we use three chart points.
To draw Fibonacci extension levels we wait until the metals price retracement is complete and metals price starts to move in original direction of the Metals trend. Where the retracement reaches is used as point 3.
The example illustrated and explained below shows the 3 Chart Points where the Fibonacci extension indicator is drawn, marked as chart point 1, 2 and 3. Chart point 1 is where the metals price metals trend started, Chart point 2 is where the metals price metals trend retraced and chart point 3 is where the metals price retracement reached as shown on the metal examples illustrated & described below.
How Do I Calculate Metals Fibonacci Extension Levels on Metals Charts?
The two Fibo extension levels 61.8% and 100% Metals Fibonacci Extension levels were then drawn above the Metals Fibonacci Extension Indicator as shown on the metal trading example above.
