How to Draw Metals Trading Fib Expansion on Upward Metals Trading Trend
Drawing Metal Trading Fibonacci Expansion Levels Metal Technical Indicator on an Upward Metal Trend
We use Metals Fibo Expansion levels to estimate where the metals trend movement will reach. There are 2 oftenly used Metals Trading Fibonacci Expansion areas: 61.8% Metals Fibonacci Expansion Level & 100% Metals Trading Fibonacci Expansion Level, these Metals Fibo Expansion Levels are used for setting take profit areas.
On the Metals Trading Fibonacci Expansion indicator example illustrated and explained below you can see that the Metals Fibo Expansion tool is drawn along the direction of the metals trend, since the metals trend is up - the Metals Trading Fibonacci Expansion indicator is drawn upwards.
These Metals Trading Fibo Expansion areas are displayed as horizontal lines above the Metals Trading Fibo Expansion indicator, showing the profit taking areas. In the metal examples illustrated & described below if you had used 100.0% Metals Trading Fibo Expansion level you would have made a nice profit from the trade setup.
How to Draw Metals Trading Fib Expansion on Upward Metals Trading Trend
From the above Metals Trading Fibonacci Expansion indicator tool example, the upward metals trend continued & both 61.80% & 100.0% Metals Trading Fibonacci Expansion levels were all hit after which the metals price retraced again after getting to the 100.0% Metals Fibo Expansion level.
From the Metals Trading Fibo Expansion tool examples above, after drawing this Metals Trading Fibonacci Expansion tool there are 2 levels which are used to explain the profit taking areas, these 2 Metals Trading Fibonacci Expansion levels are drawn represented as horizontal lines across the metals chart marked as 61.8% Metals Fibonacci Expansion Level & 100% Metals Fibo Expansion Level.
Explanation of How to Draw Metal Trading Fibonacci Expansion Levels Metals Technical Indicator on Metal Charts
We use Metals Fibo Expansion levels to estimate where the metals trend movement will reach. There are Two important Metals Trading Fibo Expansion areas: 61.80% & 100% Metals Trading Fibo Expansion Areas, these are used for taking profit.
To draw Metals Trading Fibonacci Expansion levels on metals chart we wait until the metals price retracement is complete & the metals price starts to move in the original direction of the Metals trend. Where the metals price retracement reaches is used as chart point 3. Metals Trading Fibonacci Expansion Technical Indicator is drawn using 3 chart points as shown on the metal examples illustrated & described below of how to draw the Metals Fibonacci Expansion Technical Indicator.
The Metals Fibo Expansion examples illustrated and described below shows the 3 Chart Points where the Metals Trading Fibonacci Expansion indicator is plotted, 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 & retraced & Chart point 3 is where the metals retracement reached as shown on the Metals Fibo Expansion Technical Indicator Tool examples illustrated & described below.
How to Draw Metals Trading Fibonacci Expansion Metals Technical Indicator on Upwards Metals Trading Trend
Please note where these Metals Trading Fib Expansion levels are drawn - Metals Trading Fibo Expansion levels are plotted above the Fibonacci indicator, these are the chart points where a trader will place the take-profit orders using these Metals Fibo Expansion Levels - 61.8% and 100.0% Metals Fib Expansion Areas.
