Fibonacci XAUUSD Exercises

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

Tasks:

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

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

After you've downloaded MetaTrader 4, Go to the menu 'insert' at tops left corner, on the drop down menu, click Fibonacci and choose either the option of retracement or expansion. Then draw it as described in the previous tutorials of Expansion & retracement. Then do the following exercises:

Retracements and Expansions Exercise

Exercises 1:

Exercises 2:

Exercises 3:

Exercises 4:

Exercises 5:

Hint: point 1 to point 2 follows the xauusd trend direction

Hint: Retracement has points 1 & 2

Hint: Expansion has point 1, 2 & 3