Fibonacci Stock Indices Exercises
These exercises will give more examples on retracement and expansion. first exercise is to figure out direction of the trend & then determine if Fibonacci tool used is Fib retracement or expansion & then figure how it is drawn then practice drawing them on a chart.
Tasks:
- Determine the direction of the trend
- Determine if Fib is retracement or expansion
- Figure how it is drawn
- Practice drawing retracement or expansion on a chart.
To find a chart just Download MetaTrader 4 trading software from any one of the many brokers.
After you have downloaded MT4, Navigate to the menu 'insert' at the top left corner, on the drop-down menu, click Fibonacci & choose either the option of retracement or expansion. Then plot it as described in the previous lessons 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: Retracement has points 1 & 2
Hint: Expansion has point 1, 2 and 3