How to Draw Metals Fibonacci Expansion on Downwards Metals Trading Trend
Drawing Metals Trading Fib Expansion Levels Metals Trading Indicator on a Downwards Metals Trend
We draw the Metals Trading Fibonacci Expansion tool from chart point 1 to chart point 2 to chart point Three as shown on the metal trading examples illustrated and described below. Remember we always draw this Metals Fibo Expansion tool in the direction of the metal trend. In the Metals Trading Fibonacci Expansion example illustrated and explained below, can you figure what is direction that we have drawn it? That's right - downwards direction.
As a trader you would also have used Metals Trading Fibonacci Expansion level 100.0%, just where the metals price reached as illustrated on the Metals Trading Fibonacci Expansion example illustrated and explained below. That would have been a good take profit area.
How to Draw Metals Fibonacci Expansion on Downwards Metals Trading Trend
From the Metals Trading Fibonacci Expansion tool example above, after drawing this Metals Trading Fibonacci Expansion indicator tool there are 2 levels that are used to show the profit taking levels, these two Metals Trading Fibonacci Expansion zones are drawn represented as horizontal lines across the metals chart marked as 61.8% Metals Fibonacci Expansion Level & 100% Metals Fibonacci Expansion Level.
Explanation of How to Draw Metal Fib Expansion Zones Technical Indicator on Metal Charts
We use Metals Trading Fibo Expansion levels to estimate where the metals trend movement will reach. There are 2 oftenly used Metals Trading Fibonacci Expansion levels: 61.8% Metals Trading Fibonacci Expansion Level and 100% Metals Fibonacci Expansion Levels, these are used for setting taking profit areas.
To draw Metals Trading Fibonacci Expansion levels on the metals chart we wait until the metals price retracement is complete and the metals price starts to move in original direction of the Metals trend. Where the metals price retracement reaches is used as chart point 3. Metals Trading Fibonacci Expansion Indicator tool is drawn using three chart points as shown on the metal trading example illustrated & explained below of how to draw the Metals Trading Fibonacci Expansion Technical Indicator.
The Metals Fibonacci Expansion examples illustrated and explained below shows the Three Chart Points where the Metals Trading Fibonacci Expansion indicator is drawn, marked as Chart point 1, Chart point 2 & Chart point 3.
Chart point 1 is where the metals trend started, Chart point 2 is where the metals trend pulled back and retraced & Chart point 3 is where the metals retracement reached as displayed on the Metals Fibonacci Expansion Indicator Tool examples illustrated and described below.
How to Draw Metals Trading Fibonacci Expansion Metals Technical Indicator on Downwards Metals Trading Trend
Please note where these Metals Trading Fib Expansion zones are drawn - Metals Trading Fibo Expansion zones are plotted above the Fib indicator, these are the chart points where a trader will place the take-profit orders using these Metals Fibo Expansion Levels - 61.8% Metals Trading Fibonacci Expansion Level and 100.0% Metals Fibonacci Expansion Level.
