Commodity Trading Fib Extension Explained
We use Commodity Trading Fib Extension Areas to estimate where the trend movement will reach. There are 2 important Commodity Trading Fib Extension areas: 61.8% & 100% Commodity Trading Fib Extension Areas, these are used for taking profit.
To draw Commodity Trading Fib Extension levels on the MT4 commodities chart we wait until the commodity price retracement is complete & the price starts to move in the original direction of the Commodity Trading trend. Where the commodity price retracement reaches is used as chart point 3. Commodity Fib Extension MetaTrader 4 Commodity Trading Technical Indicator is plotted using 3 chart points as shown on the commodities trading example illustrated and shown below of how to plot the Commodity Trading Fib Extension Trading Indicator MetaTrader 4 Tool.
The Commodity Trading Fibo Extension MetaTrader 4 Commodity Trading Indicator example illustrated and shown below shows 3 Chart Points where the Commodity Trading Fibo Extension MetaTrader 4 commodity trading technical indicator is plotted, marked as Chart point 1, Chart point 2 and Chart point 3.
Chart point 1 is where the commodity trend started, Chart point 2 is where the commodity trend pulled back & retraced and Chart point 3 is where the commodity retracement reached as displayed on the Commodity Trading Fibo Extension MetaTrader 4 Commodities Trading Indicator examples illustrated and shown below.
How to Use Commodity Fibo Extension Levels
How to Use Commodities Fibonacci Extension Levels - Commodities Trading Fib Extension Explained
Please note where these Commodity Trading Fib Extension areas are plotted - Commodity Trading Fib Extension levels are drawn above the MT4 Fib technical indicator, these are chart points where one will place the take-profit orders using these Commodity Trading Fib Extension Levels - 61.8% & 100.0% Commodity Trading Fib Extension Areas.
Upward Commodity Trend - How to Use Commodity Fib Extension in Commodity Lesson - How to Use Commodity Trading Fibonacci Extension Levels - Commodity Trading Fib Extension Explained
We use Commodity Trading Fib Extension Areas to estimate where the trend movement will reach. There are 2 important Commodity Trading Fib Extension areas: 61.8% Commodities Trading Fib Extension Level & 100% Commodity Trading Fib Extension Level, these Commodity Trading Fib Extension Areas are used for taking profit.
On the Commodity Trading Fibo Extension MetaTrader 4 indicator example illustrated and shown below you can see that the Commodity Trading Fib Extension MetaTrader 4 tool is drawn along the direction of the trend, since the trend is upward - the MT4 Commodity Fibo Extension technical indicator is plotted upwards.
These Commodity Fibo Extension levels are shown as horizontal lines above the Commodity Trading Fibo Extension MetaTrader 4 commodity trading technical 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 Extension level you would have made a good profit from the trade set-up.
How to Use Commodity Fib Extension in Commodity Lesson - How to Use Commodity Fibo Extension Levels
How to Use Commodities Fibonacci Extension Levels - Commodities Trading Fib Extension Discussed
From the above Commodity Trading Fibo Extension MetaTrader 4 indicator example, the upward trend continued and both 61.8% & 100.0% Commodity Trading Fib Extension levels were all hit after which commodity price retraced again after getting to the 100.00% Commodity Fibonacci Extension level.
How to Use Commodity Trading Fib Extension Levels
Since we use the Commodity Trading Fib Extension MetaTrader 4 indicator tool to estimate taking profit levels, how do we draw MetaTrader 4 Commodity Trading Fib Extension in a downwards Commodity Trading trend?
We draw the Commodity Trading Fib Extension MetaTrader 4 tool from chart point 1 to chart point 2 to chart point Three as shown on the commodities trading example illustrated below. Remember we always draw this Commodity Trading Fib Extension MetaTrader 4 technical indicator tool in direction of the trend. In the Commodity Trading Fib Extension example illustrated and shown below, can you figure what is direction that we have drawn it? That's right - downwards direction.
Try & spot difference between how we have drawn Commodity Trading Fib Extension technical indicator above and how Commodity Trading Fib Extension technical indicator is plotted below. This time you would also have used Commodity Trading Fib Extension level 100.0%, just where the price reached as illustrated on the commodities trading example shown below. That would have been a good level for profit taking.
How to Use Commodity Fib Extension in Commodity Lesson - How to Use Commodity Fibo Extension Levels
How to Use Commodities Trading Fibonacci Extension Levels - Commodity Trading Fib Extension Discussed
From the Commodity Trading Fibo Extension MetaTrader 4 indicator examples above, after plotting this MetaTrader 4 Commodity Trading Fib Extension tool there are 2 levels that are used to show profit taking areas, these 2 Commodity Trading Fib Extension areas are plotted represented as horizontal lines across the commodity price chart marked as 61.8% Commodity Trading Fib Extension Level & 100% Commodity Fibo Extension Level.
