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 Fib retracement or expansion & then figure how it's drawn then practice drawing them on a chart.
Tasks:
- Determine the direction of the XAUUSD trend
- Determine if Fib is retracement or expansion
- Figure out how it is drawn
- 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've downloaded MetaTrader 4, Go to the menu 'insert' at tops left corner, on the drop-down menu, click Fib and choose either the option of Fibonacci retracement or expansion. Then draw it as described in the previous tutorials of Expansion & 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: Fibonacci Retracement has points 1 & 2
Hint: Expansion has point 1, 2 & 3