61.8% XAUUSD Trading Fib Expansion Level
We useFibo expansion levels to estimate where the market trend movement will reach. There are Two important Fibonacci expansion levels: 61.8% and 100% Fibo Expansion Areas, these are used for taking profit.
61.8% XAUUSD Trading Fib Expansion Level
61.8 XAUUSD Fib Expansion Level is the most commonly used xauusd profit taking level when trading using the Fibo Expansion Technical Indicator.
To draw Fibonacci Expansion levels on the gold chart we wait until the gold price retracement is complete & the price starts to move in original direction of the XAUUSD trend. Where the gold price retracement reaches is used as chart point 3. Fibonacci Expansion Technical Indicator is drawn using 3 chart points as shown on the xauusd examples displayed below of how to draw the Fib Expansion Technical Indicator Tool.
The Fibonacci expansion example illustrated and shown below shows the 3 Chart Points where the Fibonacci expansion technical indicator is plotted, marked as Chart point 1, Chart point 2 & Chart point 3.
Chart point 1 is where the xauusd trend started, Chart point 2 is where the xauusd trend pulled back and retraced & Chart point 3 is where the xauusd retracement reached as shown on the Fibonacci Expansion Indicator Tool example shown below.
The First Fibo Expansion Level is the 61.8 XAUUSD Fibonacci Expansion Level illustrated Below Used to Set Take Profit XAUUSD Orders
Fibonacci Expansion Level is the 61.8 XAUUSD Fibonacci Expansion Level illustrated Below Used to Set Take Profit XAUUSD Orders
Please note where these Fib Expansion zones are drawn - Fibo Expansion zones are plotted above the Fib technical indicator, these are the chart points where a trader will set the take profit orders using these Fibonacci Expansion Levels - 61.8% Fibo Expansion Areas.
