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