How to Draw Commodity Fibonacci Expansion on Up Commodity Trend

How Do You Draw Commodity Trading Fibonacci Expansion for Commodity Trading Uptrend?

We use Commodity Trading Fib Expansion levels to estimate where the trend movement will reach. There are 2 commonly used Commodity Trading Fib Expansion areas: 61.80% Commodity Trading Fib Expansion Level & 100% Commodity Trading Fib Expansion Level, these Commodity Fibo Expansion Levels are used for setting take profit areas.

On the Commodity Trading Fib Expansion indicator example illustrated and shown below you can see that the Commodity Fibo Expansion tool is drawn along the direction of the trend, since the trend is up - the Commodity Trading Fib Expansion indicator is drawn upward.

These Commodity Fibo Expansion areas are displayed as horizontal lines above the Commodity Trading Fib Expansion technical indicator, showing the profit taking areas. In the commodities trading example illustrated and shown below if as a trader you had used of 100.0% Commodity Trading Fib Expansion level you would have made a nice profit from the trade setup.

How to Draw Commodity Fibonacci Expansion on Up Commodity Trading Trend

From the above Commodity Trading Fibonacci Expansion indicator tool example, the upward trend continued & both 61.80% & 100.00% Commodity Trading Fibonacci Expansion levels were all hit after which the commodity price retraced again after getting to the 100.0% Commodity Trading Fibo Expansion level.

From the Commodity Trading Fib Expansion indicator tool example above, after drawing this Commodity Trading Fib Expansion tool there are 2 levels that are used to show profit taking areas, these 2 Commodity Trading Fib Expansion zones are drawn represented as horizontal lines across the commodity chart marked as 61.8% Commodity Trading Fib Expansion Level & 100% Commodity Trading Fib Expansion Level.

Explanation of How to Draw Commodity Fibo Expansion Levels on Commodity Trading Charts

We use Commodity Trading Fib Expansion levels to estimate where the trend movement will reach. There are Two important Commodity Trading Fib Expansion areas: 61.8% & 100% Commodity Fibo Expansion Areas, these are used for taking profit.

To draw Commodity Trading Fib Expansion 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. Commodity Trading Fib Expansion Technical Indicator is drawn using 3 chart points as shown on the commodities trading example illustrated and shown below of how to draw the Commodity Trading Fib Expansion Technical Indicator.

The Commodity Trading Fib Expansion example illustrated and shown below shows 3 Chart Points where the Commodity Fibo Expansion 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 Commodity Fibo Expansion Indicator example illustrated & shown below.

How to Draw Commodity Trading Fib Expansion Indicator on Upwards Commodity Trading Trend

Please note where these Commodity Trading Fib Expansion zones are drawn - Commodity Trading Fib Expansion zones are drawn above Fibo indicator, these are the chart points where one will place takeprofit orders using these Commodity Trading Fib Expansion Levels - 61.8% & 100.0% Commodity Fibo Expansion Areas.