61.8% XAUUSD Trading Fib Projection Level
We useFibonacci Projection levels to estimate where the trend movement will reach. There are 2 important Fibonacci Projection levels: 61.8% and 100% Fibonacci Projection Levels, these are used for profit taking.
61.8% XAUUSD Trading Fib Projection Level
61.8 XAUUSD Fib Projection Level is the most commonly used xauusd profit taking level when trading using the Fibonacci Projection Technical Indicator.
To draw Fibonacci Projection levels on 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. Fibo Projection Technical Indicator is drawn using Three chart points as illustrated and shown on the xauusd examples displayed below of how to draw the Fibonacci Projection Indicator Tool.
The Fibonacci Projection example illustrated and shown below shows the 3 Chart Points where the Fibonacci Projection 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 illustrated and shown on the Fibonacci Projection Technical Indicator example illustrated & shown below.
The First Fibonacci Projection Level is the 61.8 XAUUSD Fibonacci Projection Level shown Below Used to Set Take Profit XAUUSD Orders
Fibo Projection Level is the 61.8 XAUUSD Fibonacci Projection Level shown Below Used to Set Take Profit XAUUSD Orders
Please note where these Fibonacci Projection levels are plotted - Fibonacci Projection levels are plotted above Fibonacci technical indicator, these are the chart points where a trader will set the take profit orders using these Fibonacci Projection Levels - 61.8% Fibonacci Projection Levels.
