Fibonacci Oil Exercises

These exercises will give more example on retracement & expansion. first exercise is to figure out the direction of the trend & then determine if Fibonacci indicator tool used is Fibonacci retracement or expansion & then figure how it is drawn then practice drawing them on a chart.

Tasks:

1. Determine the direction of the trend
2. Determine if Fibonacci is retracement or expansion
3. Figure how it is drawn
4. Practice plotting retracement or expansion on a chart.

To find a chart just Download MetaTrader 4 platform from any one of the many brokers.

After you have downloaded MT4, Navigate to the menu 'insert' at tops left corner, on the dropdown menu, click Fibonacci & choose either the option of retracement or expansion. Then draw it as explained in the previous tutorials of Expansion and retracement. Then do the following exercises:

Retracements and Expansions levels Exercise

Exercises 1:

Exercises 2:

Exercises 3:

Exercises 4:

Exercises 5:

Hint: point 1 to point 2 follows the trend direction

Hint: Retracement has points 1 & 2

Hint: Expansion has point 1, 2 & 3